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Reporting Requirements Credit Reporting Agencies

Jaburg Wilk

New FTC Rule Expands Reach of Data Breach Notification Requirement to Non-Banking Financial Institutions

Jaburg Wilk on

In an amendment to the Safeguards Rule of the Gramm-Leach-Bliley Act (GLBA), which was officially announced on October 27, 2023, the Federal Trade Commission (FTC) will mandate that a wide array of nonbank financial...more

Davis Wright Tremaine LLP

Quick Reactions to the CFPB's Potential Changes to Credit Reporting Practices

Takeaways from the CFPB's proposal, which addresses the Bureau's FCRA concerns – from brokers to data security to targeted marketing - The Consumer Financial Protection Bureau (CFPB) recently took its first step in making...more

Burr & Forman

District Courts Consider Allegations of Inaccurate Reporting under FCRA for Past Due Payment Ratings in Metro 2

Burr & Forman on

WHAT MATTERS - The industry practice is to set the Payment Rating to a code of 0 if the account was current on the closing date or to a code of 1-6 reflecting that the account was past due when it was paid off. This...more

Womble Bond Dickinson

Compliance With FCRA’s Requirement To Investigate A Dispute Within 30 Days Does Not Satisfy The FDCPA’s Requirement To Promptly...

Womble Bond Dickinson on

In Francisco v. Midland Funding, No. 17 C 6872, 2019 U.S. Dist. LEXIS 20601, at *2 (N.D. Ill. Feb. 8, 2019), the plaintiff sued Midland Funding LLC and Midland Credit Management, Inc. (“MCM”) under the Fair Debt Collection...more

Womble Bond Dickinson

BCFP enters into consent order with State Farm regarding alleged FCRA violations

Womble Bond Dickinson on

Last Thursday, the Bureau of Consumer Financial Protection (the “Bureau”) announced a settlement with State Farm Bank, FSB (“State Farm”) regarding alleged violations of the FCRA as well as the Consumer Financial Protection...more

Womble Bond Dickinson

FTC Flexes FCRA Muscle with $3M Settlement

Womble Bond Dickinson on

The FTC has been accused of failing to “meaningfully enforce” the FCRA,[1] but on October 16, 2018, it announced a $3 million settlement with RealPage Inc. (“RealPage”), which it billed the “largest civil penalty the FTC has...more

Snell & Wilmer

The Credit Access and Inclusion Act Aims to Open Up Credit Availability to Low-Income and Minority Consumers

Snell & Wilmer on

On June 25, 2018, the House passed legislation known as the Credit Access and Inclusion Act of 2017, with bipartisan support (H.R. 5078). The bill is intended to allow low-income and minority Americans more access to credit...more

Carlton Fields

Congress Considers Changes to FCRA to Expand Consumer Credit Files and Limit Use of Credit Reports for Employment Decisions

Carlton Fields on

Two bills amending the Fair Credit Reporting Act (FCRA) intended to benefit consumers are making their way through Congress. H.R. 4172, "The Credit Access and Inclusion Act of 2015," has bipartisan support, although it is...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

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