News & Analysis as of

Experian

How’d You Score That? CFPB Fines Experian Because of Misleading Credit Score Marketing

Whether it’s a football game, a standardized test, or a person’s credit, scores matter. In the case of consumer credit scores, the difference between falling in the high and low ends of the score spectrum impacts the...more

CFPB settles with consumer reporting agency for alleged UDAAP/FCRA violations

by Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with Experian, a consumer reporting agency, for allegedly engaging in the deceptive marketing of credit scores in violation of the Consumer Financial Protection...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

NAIC Cybersecurity Task Force Weighs Credit Freezes

by Carlton Fields on

On May 24-25, the NAIC Cybersecurity (EX) Task Force held an interim meeting to hear comments from various industry trade organizations and other interested parties on the proposed Insurance Data Security Model Law exposed...more

Experian sponsors Ponemon study on data breach

Experian Data Breach Resolution sponsored a recently released Ponemon Study entitled “Managing Insider Risk through Training & Culture.” The report is quite timely in light of all of the recent successful W-2 phishing...more

Your daily dose of financial news The Brief – 5.25.16

by Robins Kaplan LLP on

It’s a week of big fat NOs so far, with Tribune emphatically turning down Gannett yesterday and Monsanto doing the same to Bayer and its massive all-cash $62 billion offer...more

Experian handling 70 breaches a week resulting from IRS phishing scam

On March 1, 2016, the Internal Revenue Service alerted the business community of an e-mail phishing scheme designed to convince employees to provide company-wide W-2 tax forms containing social security numbers and other...more

2016 Data Breach Litigation Report

by Bryan Cave on

Data security breaches – and data security breach litigation – dominated the headlines in 2015 and continue to do so in 2016. Continuous widely publicized breaches have led to 30,000 articles a month being published that...more

CFPB Releases Monthly Complaint Report for March 2016

On March 29, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for March 2016, which provides an overview of three-month trends in consumer complaints. This Monthly Report...more

Privacy Tip #21 – It’s a new year—time to get a free copy of your credit report

I am fortunate to teach the Privacy Law class at Roger Williams University School of Law on Tuesday afternoons. Yesterday, we discussed all of the laws relating to the financial services industry. OK, not the most exciting...more

CFPB Releases Monthly Complaint Report for December 2015 and Highlights New York Metro Area Complaints

On January 28, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for December 2015, which provides an overview of three-month trends in consumer complaints. This Monthly...more

CFPB Releases Monthly Complaint Report for September

by Stinson Leonard Street on

On October 27, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report, which provides an overview of three-month trends in consumer complaints. This Monthly Complaint Report also...more

Alphabet Soup and Data Security

In the span of two days, mobile device users learned of two data breaches that could compromise their personal data. In one, Experian (a credit reporting agency) reported that it was hacked, potentially putting 15 million...more

Security Breach at Experian Exposes Personal Data of 15 Million T-Mobile Customers and Prospective Customers

by Fisher Phillips on

On October 1, 2015, Experian, the world’s largest consumer credit monitoring firm, announced that an unauthorized party (i.e., hacker) had gained access to the personal data of approximately 15 million customers and...more

CFPB issues technical reports on National Mortgage Database and National Survey of Mortgage Borrowers

by Ballard Spahr LLP on

On August 27, 2015, the CFPB issued two Technical Reports:  one on the National Mortgage Database (NMDB), and the other on the National Survey of Mortgage Borrowers (NSMB). The NMDB project is a joint undertaking by the FHFA...more

CFPB Issues Monthly Complaint Snapshot – Failure to Provide Normalization and Other Necessary Comparison Metrics Continues

by MoFo Reenforcement on

On August 15, 2015, the CFPB released its latest “consumer complaint snapshot.” The Bureau’s “snapshots” generally provide updated national complaint information, and further include product and geographic spotlights that...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

NY Attorney General Settlement Portends a Major Shift in the Credit Reporting Industry

In March, the big three credit reporting bureaus entered into an agreement with the New York Attorney General that is a harbinger for regulation and reform outside of New York State. Because of the size of New York, many of...more

CFPB praises FICO announcement on credit score sharing

by Ballard Spahr LLP on

The CFPB has praised an announcement by FICO that it will make credit scores available to financially struggling consumers through nonprofit credit and financial counseling organizations as “a step in the right direction”...more

Big Three Credit Bureaus Announce Consumer Financial Assistance Plan

by Davis Wright Tremaine LLP on

Earlier this month, Equifax, Experian and TransUnion announced the creation of the “National Consumer Assistance Plan,” which will, among other things, change the way these credit bureaus handle consumer disputes and report...more

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

by Ballard Spahr LLP on

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

by Morrison & Foerster LLP on

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

Update on state AGs/regulator lawsuits using Dodd-Frank authority

by Ballard Spahr LLP on

Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Under Dodd-Frank Section 1042, a state AG or regulator is...more

Privacy Tuesday – January 6, 2015

Welcome to the first Privacy Tuesday of 2015! We hope that you enjoyed our 12 Days of Privacy series (and if you missed it, they are all linked in the right column of the blog…). Three things that you should...more

State Attorneys General Bringing Actions Under Dodd-Frank

by Baker Donelson on

As the CFPB celebrates its three-year anniversary, the current trend appears to be lawsuits brought by state attorneys general or state regulators pursuant to their authority under Dodd-Frank Section 1042. Under Section 1042,...more

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Cybersecurity

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