Credit Reporting & Data Brokers

October 26, 2020, marks the 50th anniversary of the Fair Credit Reporting Act (FCRA, 15 U.S.C. § 1681, et seq.), which along with the Fair Debt Collection Practices Act, Telephone Consumer Protection Act, Section 5 of the Federal Trade Commission Act, and the Truth in Lending Act, forms the foundation of federal consumer rights law

Multiple consumer advocacy groups are demanding the Consumer Financial Protection Bureau (“CFPB”) rescind its April 1, 2020, credit reporting guidance regarding the investigation of error disputes vowed at the beginning of the coronavirus pandemic.

In April, the CFPB said it would not hold companies to strict deadlines for investigating disputes that consumers have about information

In 2011 and 2013, Peri Domante’s personal information was stolen and fraudulently used to open two accounts with Dish Networks, LLC (“Dish”), a provider of television services. After being alerted to the fraud, Domante sued Dish for violation of the Fair Credit Reporting Act (“FCRA”).  The parties settled the lawsuit.  As part of the agreement,

Fair Credit Reporting Act (“FCRA”) plaintiffs learned a hard lesson in procedure recently when the Second Circuit Court of Appeals affirmed the dismissal of their claim because they (presumably) failed to follow the notification process required by 15 U.S.C. § 1681s-2(b), which foreclosed their private right of action.

The case is Sprague v. Salisbury Bank

On August 5, 2020, the US Senate Committee on Veterans’ Affairs ordered the Stopping Harm and Implementing Enhanced Lead-time for Debts for Veterans Act of 2020 (the “Act”), formerly known as the Veteran Debt Fairness Act of 2019, to move forward in the legislative process. The Act seeks to substantively amend Chapter 53, title

Enforcement of the California Consumer Privacy Act (CCPA) began July 1, 2020. Our privacy team at Troutman Pepper includes several attorneys who worked in an attorney general’s office. This privacy regulatory team has identified six areas of enforcement likely to catch the California Office of the Attorney General’s (OAG) attention, which arguably holds sole regulatory

On June 29, 2020, the United State House of Representatives passed the Protecting Your Credit Act of 2020, H.R. 5332. The purpose of the bill is to “ensure that consumer reporting agencies are providing fair and accurate information reporting in consumer reports” by amending certain provisions of the Fair Credit Reporting Act (“FCRA”).

If the

In Tillman v. Navient Sols., LLC, No. 18-CV-04625 (N.D. Ill. June 15, 2020), the Northern District of Illinois dismissed a claim under the Fair Credit Reporting Act (FCRA) based upon student loans that had been reported as being in default but that the plaintiff asserted had been discharged.

The plaintiff, Tillman, took out a

The CFPB recently published a blog post about the agency’s on-going efforts to monitor industry updates and innovation and how these changes align with regulatory obligations under the CFPB’s consumer protection laws. This post specifically highlighted using artificial intelligence (AI) and/or machine learning (ML) related to the adverse action notices that are required under the

On July 28, 2020, Troutman Pepper attorneys, Maryia Jones (Virginia Beach office) and Stephen J. Steinlight (New York – East Side office) will serve again on the faculty for their webinar series by Lorman Educational Services entitled, “Collection Disputes: A Good Defense Is the Best Offense.

The credit and collection industry remain under