CFPB, Federal Agencies, State Agencies, and Attorneys General
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.
“When a…
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…
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…
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…
