News & Analysis as of

Credit Reporting Agencies

The Equifax Breach Continues to Rage

Six months after a massive data breach at credit reporting company Equifax, Inc. handed hackers the personal information of nearly 150 million Americans, the fallout continues. Equifax first disclosed in September that...more

CFPB Report Reveals Impact Removal Of Public Records Has On Credit Reporting: Did It Make A Difference?

The CFPB recently issued its second Quarterly Consumer Credit Trends Report which examines the impact of changes to credit reporting regarding the reporting of civil public records. ...more

CFPB report finds removal of public record data has small effect on credit scores

by Ballard Spahr LLP on

In a new report on consumer credit trends, the CFPB looks at how recent changes to the public record data standards used by the “Big 3” consumer reporting agencies (CRAs) have affected consumers’ credit reports and credit...more

SEC Issues Updated Guidance on Cybersecurity Risk Disclosures and Trading on Nonpublic Cybersecurity Information

by Bass, Berry & Sims PLC on

On February 21, 2018, the U.S. Securities and Exchange Commission (SEC) issued updates to its interpretive guidance on how public companies should disclose cybersecurity breaches and risks. There are two core messages at...more

Mnuchin to discuss Equifax data breach with FSOC

by Ballard Spahr LLP on

Appearing before the House Financial Services Committee Tuesday at a hearing entitled “The Annual Report of the Financial Stability Oversight Council” (FSOC), Treasury Secretary Mnuchin indicated that he intends to discuss...more

CFPB reportedly puts investigation of Equifax on ice while other government agencies press forward

by Ballard Spahr LLP on

Equifax announced on September 7, 2017 a massive data breach affecting an estimated 143 million consumers. Richard Cordray, the then Director of the CFPB, shortly thereafter authorized an investigation according to several...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A look at the big-time Wells Fargo/Fed settlement of last Friday night, which saw the Fed blasting the bank’s board for oversight failures, forcing Wells to replace a full fourth of its 16-member Board, and instituting a rare...more

Will Congress Upend Credit Reporting Agencies’ Cybersecurity Regulation in Light of Recent Data Breach?

Senators Elizabeth Warren (D-Mass.) and Mark Warner (D-Va.) introduced the Data Breach Prevention and Compensation Act on January 10, 2018 in an effort to increase accountability of large Credit Reporting Agencies (CRAs) for...more

Equifax Must Turn Over NY Breach Data This Week

New York State regulators won’t be letting Equifax, Inc. off-the-hook any time soon for last year’s massive data breach that affected more than 145 million Americans....more

Defence + Indemnity: December 2017 - II. Liability Issues B.

by Field Law on

II. LIABILITY ISSUES - B. A landlord conducting a credit check on a prospective tenant without their knowledge or consent does not amount to the privacy tort of intrusion upon seclusion, as the Ontario statute authorized a...more

MDL Litigation: Class and Complex Cases to Watch in 2018

by Carlton Fields on

The Judicial Panel for Multidistrict Litigation (“MDL Panel” or “Panel”) has transferred 97 putative class actions relating to the Equifax data breach to the Northern District of Georgia, where Equifax is headquartered. Judge...more

Despite Equifax Breach Causes, Social Engineering Still Biggest Threat to Data Security

by LeClairRyan on

It’s now been widely reported that the cause of the recent Equifax data breach, which compromised the personal data of perhaps as many as 143 million people, was the result of the company’s alleged failure to apply a patch to...more

CFPB seeking information on consumer experience with free credit score access; announces plan to update public list of companies...

by Ballard Spahr LLP on

The CFPB has published the following notices in today’s Federal Register: - Request for Information. Through the RFI, the CFPB seeks to learn more about consumers’ experience with access to free credit scores and the...more

Plaintiff Failed To Plausibly Allege Consumer Reporting Agency Lacked A Reason To Believe Lenders Intended To Use Credit Report...

by King & Spalding on

On October 16, 2017, the United States District Court for the District of Minnesota dismissed a Fair Credit Reporting Act (“FCRA”) complaint because the plaintiff had failed to plausibly allege that the defendant lacked a...more

CFPB October 2017 “special edition” complaint report highlights servicemember complaints

by Ballard Spahr LLP on

The CFPB’s October 2017 complaint report, which the CFPB calls a “special edition” monthly complaint report, departs from the format of the CFPB’s standard monthly reports. (The CFPB’s June and July 2017 complaint reports...more

Compliance News Flash

by Arnall Golden Gregory LLP on

Arnall Golden Gregory LLP is pleased to provide you with the Compliance News Flash, brought to you each Friday. This weekly update is your source for timely background screening and immigration-related news that is important...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Most insiders are chalking up last week’s CVS/Aetna news to a recent Amazon push into the pharma world. The Journal breaks down exactly what that means—both for the industry and for Amazon, which faces a series of challenges...more

Equifax Fallout Continues, Spreads Across Industry—and Pond

The fallout from the Equifax data breach continues, reaching other credit reporting companies and all the way across the Atlantic Ocean. What happened - In early September, Equifax disclosed that roughly 145 million...more

Consumer Data Breach: Equifax and Arbitration

by Pepper Hamilton LLP on

The latest large consumer data breach, this time involving Equifax, has also shed a sharp light on an ongoing controversy about consumers’ access to justice. In taking steps to ameliorate its PR crisis, Equifax found itself...more

High Alert for California Employers and Employers Nationwide for the Second Wave of FCRA Class Actions

by Littler on

The flurry of Fair Credit Reporting Act (“FCRA”) class actions against employers started in or about 2012 and was not limited to California. Many of those lawsuits resulted in significant payouts for violations of one or more...more

Jump in Credit Scores Means Dip in Underwriting Predictability

by Carlton Fields on

Underwriters that rely on popular credit-scoring models like FICO and VantageScore to assess risk may have noticed that some consumer credit scores jumped recently. The nationwide credit reporting agencies, Equifax Inc.,...more

Another Bumpy Week for Equifax: Virus Hits Website, IRS Suspends Contract and Hacked UK Residents Notified

It was another chaotic week for Equifax Inc., still scrambling to stem the torrent of bad news after its massive data breach last month that has potentially affected more than half of the U.S.’s adult population....more

Plaintiffs’ Lawyer Predicts $1 Billion Settlement in Data Breach Case – But Where’s the “Harm”?

by Orrick - Trust Anchor on

This week, a high profile plaintiffs’ firm (Edelson) stated that “if done right,” the data breach class actions against Equifax should yield more than $1 billion in cash going directly to more than 143 million consumers...more

States Respond to Equifax Cyber Breach with Enforcement Actions and Calls for Enhanced Regulatory Powers

In the wake of last month’s historic cyber breach of Equifax, which resulted in the theft of sensitive personal information belonging to over 140 million Americans, states have wasted no time in seeking a greater role in...more

State AGs ask Experian to waive credit freeze fees

by Ballard Spahr LLP on

An Assistant Illinois Attorney General, in a letter sent to Experian’s CEO on behalf of the Illinois AG and the AGs of 35 other states and the District of Columbia, has asked Experian not to charge any credit freeze-related...more

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