Credit Reports Credit Reporting Agencies

News & Analysis as of

Advertising Law - May 2015 #3

U.S. Supreme Court Could Decide Future of Privacy Law Class Actions - The future of consumer class actions alleging privacy violations may be in the hands of the U.S. Supreme Court now that the justices have granted...more

CFPB Study: Over 26 Million Consumers Are “Credit Invisible”

On May 5, the CFPB released the results of its latest analysis of the credit reporting industry, finding that more than 26 million consumers are categorized as “credit invisible” (i.e., consumers without credit histories with...more

New York City Law Restricts Employers' Use of Employee or Applicant Consumer Credit Checks

Action Item: New York City employers should evaluate their application and employment policies to ensure compliance with a new law regarding the request and use of applicant and employee consumer credit history that will go...more

CFPB: The “Credit Invisibles” and Alternative Data

On May 5, 2015, the CFPB published a report, Data Point: Credit Invisibles, finding that 26 million Americans (as of December 2010, and out of 189 million Americans with scorable credit records), or one in every ten, do not...more

CFPB Issues Study on Credit Reports; Next Steps are Unknown

The CFPB recently released a report that documents the results of a research project undertaken by the CFPB’s Office of Research to better understand the demographic characteristics of consumers without traditional credit...more

NY Attorney General Enters into Far-Reaching Settlement with Largest Credit Reporting Agencies

New York Attorney General Eric Schneiderman recently announced that his office reached a landmark settlement with the nation’s three leading credit reporting agencies (CRAs) that will require them to significantly reform,...more

New York AG Announces Settlement with Three National Credit Reporting Agencies

On March 9, New York AG Eric Schneiderman announced a settlement agreement with three national credit reporting agencies. Schneiderman noted that inaccuracies in credit reports, such as the collection of debts not owed,...more

New York Attorney General and Credit Bureaus Reach Deal Affecting Furnishers of Information to Credit Bureaus

The New York Attorney General announced a settlement with credit bureaus Equifax, Experian and TransUnion regarding credit reporting policies and practices, including methods of addressing inaccuracies identified by...more

Illinois Federal Court Allows FCRA Lawsuit Against Credit Reporting Company to Move Forward

On February 5, the U.S. District Court for the Northern District of Illinois denied a credit reporting company’s motion to compel arbitration in a putative class action which alleged that the company sold credit scores to...more

An Opportunity to Collaborate? The CFPB’s credit report study

On February 19, 2015, the CFPB released its credit report study, entitled “Consumer voices on credit reports and scores.” After conducting focus groups with 308 consumers in four major metropolitan areas, the study concludes...more

FTC continues to press concerns about credit report accuracy in follow-up report

A follow-up report on credit report accuracy issued this week by the Federal Trade Commission is likely to be cited by the CFPB as additional support for the CFPB’s concerns about inaccurate credit reporting. In December...more

The Bankruptcy Discharge, Debt Buyers, and Credit Reporting: Recent Developments

Recent news stories by The New York Times and NPR have brought much attention to a question that many creditors likely face on a regular basis: When a debt is sold to a debt buyer prior to the debtor entering bankruptcy, what...more

CFPB Addresses Medical Debt Collection, Requires Consumer Reporting Agencies To Provide Accuracy Reports

On December 11, the CFPB held a field hearing on medical debt collection and how it affects consumer credit reports. In his prepared remarks, Director Cordray announced the release of a white paper focused on the specific...more

New CFPB Procedure: Credit Reporting Agencies Must Report and Take Action On Furnishers

On December 11, 2014, the CFPB announced a major change related to its monitoring of furnishers involved in credit reporting. The CFPB introduced a new requirement that “major credit reporting companies,” as part of ongoing...more

CFPB requires credit bureaus to identify furnishers and industries with highest dispute rates and issues study of collections...

In conjunction with its field hearing today on medical debt collection, the CFPB released a study that “describes characteristics of the medical and non-medical collections tradelines on consumers’ credit reports and the...more

California District Court Certifies “Not Inherently Unascertainable” Consumer Class

In addition to the explicit Rule 23(a) requirements of numerosity, commonality, typicality, and adequacy of representation, an implied prerequisite to certification is that the class must be sufficiently definite: that is,...more

House to hold Sept. 10 hearing on credit reporting

On Wednesday, September 10, the House Financial Services Committee will hold a hearing entitled “An Overview of the Credit Reporting System.” The scheduled witnesses are...more

Retailers Facing New Class Action Attack for Routine (but Unlawful) Background Check Practices

Retail employers are under attack by a wave of recent class action lawsuits alleging violations of the Fair Credit Reporting Act (FCRA), as well as related state counterpart laws – such as the California Consumer Credit...more

CFPB Releases Supervisory Report Highlighting “Risky Practices” of Nonbanks

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 Consumer Advisory Board Meeting To Focus On Consumer Reporting

The CFPB announced this week that its next Consumer Advisory Board meeting will be held on February 27, in Washington, DC, and that the sole public session will focus on the “consumer experience in the credit reporting...more

Weathering the Sea Change in Fair Credit Reporting Act Litigation in 2014

In 2013, the ballooning number of employment class actions illuminated the sea change in Fair Credit Reporting Act (FCRA) litigation. The FCRA was enacted in 1970 during President Nixon's administration, and is hardly in its...more

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

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

Global Connection - May 2013: Ninth Circuit Strikes Down $45 Million Class Action Settlement and Issues Warning About Use of...

Citing a conflict of interest between class representatives and a class, the Ninth Circuit Court of Appeals recently invalidated a $45 million class action settlement that had previously been approved by the district court....more

Mortgage Banking Update: 10th Circuit: Law Firm Not Required To Flag Erroneous Credit Reports in Foreclosure Proceeding

A law firm hired to foreclose on a property was not required under the Fair Debt Collection Practices Act (FDCPA) to inform a credit reporting agency of erroneously negative credit reports on the borrower, even if the firm...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

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