Credit Reporting + Data Brokers

On January 20, Representative Steve Cohen (D-Tenn) introduced the Keeping Evictions Off Credit Reports Act, H.R. 408, in the U.S. House of Representatives seeking to prohibit evictions due to the COVID-19 pandemic from appearing on consumer reports. This is the third time that Representative Cohen has proposed this legislation. Representatives Bennie Thompson (D-MS), Yvette

On January 4, the Consumer Financial Protection Bureau (CFPB) issued its 2022 Fall Rulemaking Agenda containing pre-rule, proposed rule, and final rules under consideration. The CFPB releases regulatory agendas twice a year in voluntary conjunction with a broader initiative led by the Office of Budget and Management to publish a Unified Agenda of Regulatory and

Should credit reporting agencies (CRAs) be held liable under the Fair Credit Reporting Act (FCRA) for alleged reporting inaccuracies that turn on legal disputes? According to the Second Circuit in a recent decision, the answer is no. The appellate court held the “FCRA does not require” CRAs to “resolve unsettled legal questions.” However, the

On January 3, the Consumer Financial Protection Bureau (CFPB) released its annual report detailing what it characterized as “improvements and deficiencies” in the nationwide consumer reporting agencies’ (NCRAs) responses to complaints. The Fair Credit Reporting Act (FCRA) requires the CFPB to submit this annual report to Congress. While in last year’s report, the CFPB said

On December 15, 2022, the parties in TransUnion LLC v. Ramirez — a case that went all the way to the Supreme Court in 2021 to resolve questions of Article III standing — obtained final approval of their class settlement agreement. The settlement resolved claims brought under the Fair Credit Reporting Act (FCRA) alleging that

On November 15, the Consumer Financial Protection Bureau (CFPB) issued two reports, highlighting what the CFPB perceives to be forms of errors that frequently occur in tenant background checks and the impacts the CFPB believes that those errors can have on potential renters.

The “Tenant Background Check Markets Report” (Market Report) provides a

On November 16, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report, focusing on the auto servicing industry, consumer reporting, mortgage servicing, and COVID-19 relief funds. The report highlights the CFPB’s continued focus on so-called junk fees and inaccurate credit reporting.

Among other findings from the report, the CFPB says that:

  • Examiners

On November 10, the Consumer Financial Protection Bureau (CFPB) published a circular, stating that both consumer reporting agencies (CRAs) and furnishers may be held liable under the Fair Credit Reporting Act (FCRA) for failing to investigate disputes, including when they impose what the CFPB views as barriers to the submission of disputes. Specifically, the

After a years-long effort, the Federal Housing Finance Agency (FHFA) has announced the approval of both the FICO 10T and the VantageScore 4.0 credit score models for use by Fannie Mae and Freddie Mac (Enterprises). The FHFA expects the transition to the two-score model to take multiple years to implement, which will require both scores

This blog post was republished by Westlaw Today.

On September 26, Representative French Hill (R-AR) introduced new legislation, H.R. 8985, also known as the Credit Access and Inclusion Act of 2022, to amend the Fair Credit Reporting Act and allow payment information for utility bills and phone payments to be furnished to credit