News & Analysis as of

Credit Reports Credit Reporting Agencies

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

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

Equifax Week Two: Hack Headaches Continue

The barrage of bad news for Equifax Inc. keeps getting worse. Here’s a recap of yesterday’s events: ? Mass AG Files Lawsuit – In the first enforcement action filed against Equifax Inc., the Massachusetts Attorney General...more

Equifax Data Suppliers Urged by DFS to Give Hack “Highest Degree of Attention”

Yesterday, New York’s top financial regulator asked state-chartered banks and insurers to take immediate precautions to protect consumers and the financial markets “in light of the cybersecurity attack” at Equifax Inc....more

Equifax Week Two: It Keeps Getting Worse

The drumbeat of bad news continues for credit monitoring agency Equifax Inc., after its disclosure on September 7th of a massive data breach – compromising Social Security numbers, dates of birth and other personally...more

Legal Implications and Initial Takeaways from the Equifax Data Breach

On September 7, Equifax, one of three nationwide credit-reporting agencies that compile and evaluate the financial history of consumers, announced that it suffered a security breach in which sensitive information of...more

So…Everyone’s Been Compromised? What To Do In The Wake Of The Equifax Breach

by Dickinson Wright on

By now, you’ve probably heard that over 143 million records containing highly sensitive personal information have been compromised in the Equifax data breach. With numbers exceeding 40% of the population of the United States...more

After Equifax: What Should the Public Do?

As we have discussed in previous posts, Equifax Inc. suffered a cybersecurity breach potentially affecting 143 million individuals in the United States. Although Equifax’s investigation is ongoing, the data at risk includes...more

The Equifax Breach: Protecting Yourself Against Threats to Your Finances and Identity

On September 7, U.S. credit reporting agency Equifax reported that it had been hacked and more than 140 million people might have had their information stolen. The breach could have global implications: Equifax has stated...more

Equifax Breach is a Category 5 Incident Affecting You – Our Recommendations on How to Safeguard Your Data

On September 7, 2017, Equifax announced what appears to be the largest breach of consumer data in US history. According to Equifax, it discovered on July 29, 2017 that it had suffered a cyber-attack which lasted from May to...more

I May Have Been Affected by the Equifax Breach: Now What Do I Do?

by Balch & Bingham LLP on

If you’ve seen the news, you’re probably aware that Equifax announced last week that hackers had breached some of its website application software, potentially affecting the sensitive personal information of approximately...more

Hack Hangover: The News Keeps Getting Worse for Equifax

Since the massive data breach at Equifax Inc. was disclosed late Thursday, the news has only gotten worse for the Atlanta-based credit monitoring agency. Here’s a brief chronological recap of what we know so far...more

Equifax Hack: The Morning After

Within hours after Equifax disclosed yesterday that hackers had compromised the personal information of nearly 143 million Americans, the Atlanta-based credit reporting agency was hit with a class action lawsuit in U.S....more

Eleventh Circuit Affirms Dismissal in FCRA Class Action

by Goodwin on

Last week, the Eleventh Circuit affirmed the Northern District of Georgia’s dismissal of a putative Fair Credit Reporting Act (FCRA) case against Equifax and Transunion. In Pedro v. Equifax, Inc., plaintiff sought to...more

Eleventh Circuit Affirms Dismissal of FCRA Claim Finding that Interpretation of Act Was Objectively Reasonable

by Burr & Forman on

In Pedro v. Equifax, Inc., — F.3d —, 2017 WL 3623926 (11th Cir. 2017), the Eleventh Circuit held that it was not objectively unreasonable for TransUnion, LLC to interpret section 1681e(b) of the Fair Credit Report Act...more

Credit Reporting Agencies Remove Most Judgment and Lien Information from Credit Reports

by Nexsen Pruet, PLLC on

Did you know that beginning July 1, 2017, the three largest nationwide credit reporting agencies, Experian, Equifax and Transunion, will delete certain civil judgment and lien information from the databases they use to create...more

Trans Union Hit with Largest FCRA Verdict to Date

Trans Union, LLC, one of the largest credit reporting agencies in the United States has been hit with a verdict by a California jury for $60 million, which is the largest verdict under the Fair Credit Reporting Act (FCRA) to...more

$3M Penalty for Credit Reporting Agency in CFPB Action

A major credit bureau and its subsidiaries will pay a civil penalty of $3 million, revise how it represents how the credit scores it markets to consumers are used, and put in place changes in its compliance management system...more

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

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

CFPB Explores Use of Alternative Data in Calculating Credit Scores

by Baker Donelson on

The CFPB is exploring the use of alternative data in an effort to expand credit access to consumers who lack enough of a credit history to obtain a credit score. Traditionally, a credit score is based on a consumer's history...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

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

Eleventh Circuit Weighs In on the FCRA’s Furnisher Investigation Requirement

by Ballard Spahr LLP on

The 11th Circuit has clarified that the Fair Credit Reporting Act (FCRA) requires furnishers of credit information—like their credit reporting agency (CRA) counterparts—to conduct "reasonable" investigations of consumer...more

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Cybersecurity

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