The CFPB has issued its “Annual report of credit and consumer reporting complaints” that reports on consumer complaints submitted to the CFPB regarding the three largest nationwide consumer reporting agencies (NCRAs)—Equifax, Experian, and TransUnion.  The annual report is required by the Fair Credit Reporting Act. 

The CFPB’s press release about the report includes a statement from Director Chopra indicating that the CFPB “will be exploring new rules to ensure that the [NCRAs] are following the law, rather than cutting corners to fuel their profit model.” … Continue Reading

The CFPB recently issued an advisory opinion to consumer reporting companies about their obligation to prevent obviously false “junk data” from appearing on consumers’ credit reports.  The opinion states that companies must take steps to reliably detect and remove logically inconsistent data from consumers’ credit reports such as information that is obviously impossible.… Continue Reading

Twenty-one state attorneys general and the District of Columbia attorney general have sent a letter to the three nationwide consumer reporting agencies (CRAs) “to remind them” of their legal obligations under federal and state law as well as under agreements between the AGs and the CRAs entered into in 2015.

The letter appears intended to serve as a warning to the CRAs that they should not take comfort from the CFPB’s “recent announcement suggest[ing] that it will not enforce the FCRA’s 30- or 45-day deadline to investigate consumer disputes requirements during the COVID-19 crisis.” … Continue Reading

On January 29, 2020, the House passed H.R. 3621, the Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency Act of 2020 (“Comprehensive CREDIT Act”). Sponsored by Rep. Ayanna Pressley (D-MA), it passed by a mostly party-line vote of 221-189, with all but two Democrats supporting it. The legislation is a package of several Democrat-sponsored bills that target consumer reporting and, if passed into law, would affect all aspects of the industry.… Continue Reading

The Student Borrower Protection Center has sent a letter to CFPB Director Kraninger urging her to designate the National Student Clearinghouse as a “consumer reporting agency,” supervise it as a “larger participant,” and add it to the CFPB’s public list of CRAs.  The letter is signed by Seth Frotman, who formerly served as the CFPB’s Student Loan Ombudsman and currently serves as the Center’s Executive Director.… Continue Reading