News & Analysis as of

Credit Reports Consumer Financial Protection Bureau Fair Credit Reporting Act

Credit Reporting Remains a High Priority for the CFPB

The CFPB confirmed credit reporting remains a high priority for the agency by issuing a special Supervisory Highlights devoted to credit reporting earlier this month. The report was generally complimentary of the strides...more

Student Loan Servicers Still Looking for Clarification on Reporting Obligations

There is surprisingly little guidance for student loan servicers when it comes to credit reporting. The only recent guidance directed at loan servicers came by way of an announcement from the U.S. Departments of Education and...more

CFPB May Focus on Credit Reporting as an Enforcement Priority

by Goodwin on

On February 28, 2017, the CFPB issued its monthly complaint report spotlighting credit reporting complaints (the Spotlight). Two days later, the Bureau issued a Special Edition of its Supervisory Highlights Report, which also...more

After the FACTA: A Judgment Creditor Must Establish a “Credit” Transaction to Get a Credit Report

by Dorsey & Whitney LLP on

On July 25, 2016, the United States District Court for the Western District of Washington held that before obtaining a consumer’s credit report, a third party judgment creditor must establish that the transaction at issue is...more

CFPB Tackles Checking Accounts With Compliance Bulletin, Letter to Banks

Why it matters - Taking a deep dive into the area of checking accounts, the Consumer Financial Protection Bureau (CFPB) sent a letter to 25 of the largest retail banks "encouraging them to make available and widely...more

CFPB Takes Action Against Subprime Credit Reporting Company Clarity Services, Inc.

On December 3, 2015, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against subprime credit reporting company Clarity Services, Inc. (Clarity), and its owner, Timothy Ranney (Ranney), for...more

CFPB Supervisory Highlights 2012-2015

by Reed Smith on

As an early “holiday gift,” to help you more easily search for a particular piece of guidance from the CFPB, we’ve put together two CFPB guidance documents for your review. The first is a compilation of all nine issues of the...more

Supervisory Haiku-lights, Summer 2015

by MoFo Reenforcement on

Break out the short shorts everybody: it’s summer! We know you could use a palate cleanser between the 50 Shades novels and Game of Thrones wikis you’re reading on the beach. Supervisory Haiku-lights to the rescue! The Summer...more

State AG – Credit Bureaus Settlement: What Furnishers Need to Know - More than 30 state attorneys general reached a settlement...

by Ballard Spahr LLP on

Last week, Ohio Attorney General Mike DeWine issued a press release announcing the results of a multi-state investigation into the three national credit reporting agencies (CRAs) - Equifax Information Services LLC, Experian...more

CFPB Releases Supervisory Report Highlighting “Risky Practices” of Nonbanks

by Goodwin on

The CFPB released a report regarding certain actions the CFPB discovered during its supervision of the payday, debt collection, and consumer reporting industries. The report, which covers the CFPB’s supervision of those...more

CFPB Releases Report and Guidance Bulletin on Credit Reporting

by Goodwin on

The CFPB released a report on the findings of its first major study on credit reporting principally resulting from thousands of complaints received between July 21, 2011 and February 1, 2014. ...more

CFPB files amicus brief in FCRA case

by Ballard Spahr LLP on

The CFPB recently filed its first amicus brief in a Fair Credit Reporting Act (FCRA) case. This brief, like the amicus brief the CFPB filed in August 2013 in the Seventh Circuit in a Fair Debt Collection Practices Act case,...more

’60 Minutes’ Show Gets Facts All Wrong in Report on Credit Reporting Agencies

by Ifrah PLLC on

The credit reporting industry – dominated by Experian, Equifax and Transunion – maintains a precarious balance of obligations: On the one hand, these companies bear a responsibility to banks and other businesses at large to...more

Employers Should Use Revised FCRA Disclosure for Employees and Job Applicants

Employers who use consumer reports as part of their decision-making process in the hiring, promotion or firing of employees should note the attached “A Summary of Your Rights under the Fair Credit Reporting Act” issued by the...more

New Federal Agency Rings In The New Year With New FCRA Background Check Forms

by Pierce Atwood LLP on

Employers that use third parties to perform background checks on applicants or employees must start using new Fair Credit Reporting Act (FCRA) forms immediately. The new Consumer Financial Protection Bureau, which is...more

Background Checks: Updated “Summary of Consumer Rights” Required Under Fair Credit Reporting Act

by Thompson Coburn LLP on

Start the new year out right by using the updated “Summary of Consumer Rights” form, required as of January 1, 2013, to comply with the Fair Credit Reporting Act (“FCRA”). Even if you updated your form earlier in 2012, you...more

Modified Fair Credit Reporting Act Notices Will Be Required Effective January 1, 2013

by Franczek Radelet P.C. on

The following is an important message for all employers that use credit reporting agencies to perform pre-employment background checks or other related investigations...more

Legal Alert: Employers Must Be Prepared To Use Revised FCRA Forms Beginning January 1, 2013

by FordHarrison on

Beginning January 1, 2013, employers must use the revised forms issued by the Consumer Financial Protection Bureau (CFPB) in November 2012 to conduct background checks under the Fair Credit Reporting Act (FCRA). ...more

Is Your Company Using the Right Form for Background Checks?

by Foley & Lardner LLP on

The Consumer Financial Protection Bureau (the “Bureau”) has taken over rulemaking and enforcement responsibilities for the Fair Credit Reporting Act (“FCRA”) and has updated an important FCRA form that employers must use when...more

CFPB Warning and Bulletin for Nationwide Specialty CRAs

by Morrison & Foerster LLP on

The Consumer Financial Protection Bureau (“CFPB”) has sent warning letters to several nationwide specialty consumer reporting agencies (“CRAs”), notifying the CRAs that the CFPB believes that the CRAs are not complying with...more

eTrends - By January 1, 2013, FCRA Forms Must be Updated

by Smith Anderson on

By January 1, 2013, employers and consumer reporting agencies must use revised, updated forms for certain notices required by the Fair Credit Reporting Act (FCRA). The revisions indicate that the recently created Consumer...more

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