In a new advisory opinion, the CFPB addresses the Fair Credit Reporting Act’s permissible purpose requirement as it applies to both consumer reporting agencies and users of consumer reports.

Consumer reporting agencies. FCRA Section 604(a) enumerates the circumstances under which a consumer reporting agency (CRA) may provide a consumer report to a user.

The CFPB has issued an interpretive rule on the scope of the Fair Credit Reporting Act’s preemption provisions.  The rule’s narrow reading of those provisions appears intended to encourage and support state legislative efforts to enact laws targeting credit reporting issues of concern to the CFPB, such as the reporting of medical debt.

The FCRA’s

The Eighth Circuit reiterated in a decision last month that trial courts must distinguish between FCRA plaintiffs who have suffered concrete harm and plaintiffs who merely seek to collect statutorily allowed damages as a way to ensure compliance with the law.  Under the Supreme Court’s decision in Spokeo, the former have Article III standing

A Pennsylvania district court has ruled that a company that provides reports based on a search of public records is a “consumer reporting agency” (CRA) as defined by the Fair Credit Reporting Act.

In McGrath v. Credit Lenders Service Agency, Inc., the plaintiffs applied to a bank for a loan to refinance their home

A Maine federal district court ruled that that two 2019 amendments to Maine’s credit reporting law are preempted by the federal Fair Credit Reporting Act and granted the motion for judgment filed by the plaintiff, the Consumer Data Industry Association (CDIA).

One of the amendments prohibited a consumer reporting agency (CRA) from reporting medical debt

The CFPB has issued a paper that describes the infrastructure and processes used by Equifax, Experian and TransUnion, the three largest nationwide consumer reporting agencies (NCRAs), to collect, compile and report information about consumers.  The paper is based on research conducted by the CFPB’s Office of Deposits, Cash, Collections and Reporting Markets. 

Among the topics