The Consumer Financial Protection Bureau is looking at instituting new rules regulating credit reporting agencies, based on the volume of consumer complaints that it has received related to consumers’ credit reports. The Bureau yesterday released a report that analyzed the complaints filed by consumers against Equifax, Experian, and TransUnion, spotlighting …
Read More »CFPB Publishes Guidance Addressing ‘Shoddy’ FCRA Dispute Investigation Practices by Furnishers, CRAs
The Consumer Financial Protection Bureau yesterday issued guidance that warns furnishers of information to credit reporting agencies — and the agencies themselves — about the perils of not conducting reasonable investigations when consumers submit disputes about items on their credit reports. Credit reporting agencies must promptly notify furnishers and provide …
Read More »CFPB Reminds Furnishers About Sending Accurate Info to CRAs
The Consumer Financial Protection Bureau yesterday issued an advisory opinion reminding furnishers of information to the credit reporting agencies about the importance of insuring that the information being furnished is accurate and not “junk” data. The volume of consumer complaints about inaccuracies in their credit reports, combined with the results …
Read More »CFPB Publishes Report Analyzing Impact of Medical Debt Credit Reporting Changes
Changes that have been announced and started to be put into place regarding how information about medical debts are furnished to the credit reporting agencies will remove those debts from the credit reports of about half of all consumers, according to an analysis of the data published yesterday by the …
Read More »Lender to Pay $19M for ‘Widespread’ Credit Reporting ‘Failures’
The Consumer Financial Protection Bureau yesterday announced a consent order with Hyundai Capital America, the financing arm of Hyundai Motors, in which the company will pay $19 million in restitution and fines after being accused of reporting inaccurate information to the credit reporting agencies on more than 2 million of …
Read More »CFPB Issues Rule Outlining How States Can Enact Credit Reporting Laws
Just because grandma allows your kids to run in her house does not mean that you have to let them run in yours, the Consumer Financial Protection Bureau announced to states yesterday, issuing an interpretive rule reminding them that the Fair Credit Reporting Act does not preempt states from enacting …
Read More »CFPB Calls for Standard Credit Reporting on BNPL Debts
The Buy Now, Pay Later (BNPL) space is a new form of credit, and like anything new, it is going through growth stages and reaching new milestones everyday. The Consumer Financial Protection Bureau yesterday published a blog post pointing out the need for standardization in how BNPL debts are reported …
Read More »CFPB Seeks Info on ‘Suppressed’ Credit Card Payment Information Furnished to CRAs
The Consumer Financial Protection Bureau is asking each of the nation’s six largest credit card lenders why they are choosing to not include the amount that their customers pay each month when furnishing information to the credit reporting agencies, saying that the practice has the potential to suppress consumers’ credit …
Read More »Class-Action Lawsuit Accuses Collector of Violating FDCPA By Including Credit Reporting Language in Letter
A class-action lawsuit has been filed in New Jersey alleging a collector violated the Fair Debt Collection Practices Act by overshadowing the validation notice in a collection letter when it made reference to furnishing information to a credit reporting agency once the validation period expired. A copy of the complaint …
Read More »CFPB Publishes Report on Credit Reporting and Medical Debts, Vows to Take Action Against ‘Questionable’ Medical Bills
I have no proof of this, but my gut tells me that Rohit Chopra is a pretty good chess player. All the proof I need are the press releases that the Consumer Financial Protection Bureau has been issuing over the past couple of months. To me, those releases are the …
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