Written By ESR News Blog Editor Thomas Ahearn A partial settlement has been reached in a lawsuit against three major credit reporting agencies – Equifax, Experian, and TransUnion – over alleged violations of the federal Fair Credit Reporting Act (FCRA) due to inaccurate credit files, with a notice stating that a partial settlement was reached between …Continue reading "Partial Settlement Reached with Equifax and TransUnion Over Alleged FCRA Violations with Credit Files"
Written By ESR News Blog Editor Thomas Ahearn On July 11, 2019, the U.S. House Committee on Financial Services – which oversees the nation’s housing and financial services sectors – passed “H.R. 3614, the Restricting Use of Credit Checks for Employment Decisions Act” which will ban the use of credit information for most employment decisions …Continue reading "Bill to Restrict Use of Credit Checks by Employers Passed by House Financial Services Committee"
Written By ESR News Blog Editor Thomas Ahearn In response to the massive Equifax data breach that exposed the personal data of approximately 143 million U.S. consumers – almost half the country – Governor Andrew Cuomo has directed the New York Department of Financial Services (NYDFS) to issue a proposed regulation that would require credit reporting agencies …Continue reading "New York Proposes Regulations for Credit Reporting Agencies in Response to Equifax Data Breach"
Written By ESR News Blog Editor Thomas Ahearn The Council for the District of Columbia (D.C.) has passed the “Fair Credit in Employment Amendment Act” (Bill 21-244) to amend the Human Rights Act of 1977 and prohibit employers from taking discriminatory action against job applicants and current employees based on their credit report information.Continue reading "District of Columbia Council Passes Fair Credit in Employment Amendment Act to Ban Credit Checks by Employers"
Written By ESR News Blog Editor Thomas Ahearn The Consumer Financial Protection Bureau (CFPB) has ordered TransUnion and Equifax, Inc. to pay a total of more than $17.6 million in restitution to consumers, along with fines totaling $5.5 million to the CFPB, for deceiving consumers about the usefulness and actual cost of credit scores …Continue reading "CFPB Orders TransUnion and Equifax to Pay for Deceiving Consumers about Credit Scores"
Written By ESR News Blog Editor Thomas Ahearn The nation’s three major credit reporting agencies—Equifax, Experian, and TransUnion—will pay the state of Mississippi a total of $7.175 million and two of the agencies will offer Mississippians unlimited access to free credit reports over the next three years to resolve an investigation into credit report …Continue reading "Credit Reporting Agencies to Pay $7.1 Million to State of Mississippi over Credit Report Errors"
Written By ESR News Blog Editor Thomas Ahearn The Philadelphia (PA) Ordinance No. 160072 that took effect on July 7, 2016, amends Chapter 9-1100 of The Philadelphia Code entitled “Fair Practices Ordinance: Protections Against Unlawful Discrimination,” by adding a section that prohibits employers from obtaining or using credit information regarding employees and job applicants …Continue reading "New Philadelphia Law Prohibits Employers from Using Credit Information of Employees and Job Applicants"
Written By ESR News Blog Editor Thomas Ahearn The Consumer Financial Protection Bureau (CFPB) has released the Monthly Complaint Report for May 2016 that shows consumers continue to complain about incorrect information on their credit reports as well as the difficulty they face in having these errors corrected. The CFPB has handled approximately 143,700 complaints …Continue reading "CFPB Monthly Complaint Report Spotlights Errors on Credit Reports"
Written By ESR News Blog Editor Thomas Ahearn A study of bans on credit checks by employers meant to help job applicants with bad credit find work revealed that people with mid-to-low credit scores, those under 22 years old, and – most surprisingly – African-Americans, were more likely to be unemployed as a result of …Continue reading "Study Finds Bans on Credit Checks by Employers May Lead to More Unemployment for Some Applicants"
Written By ESR News Blog Editor Thomas Ahearn A complaint filed by a Chicago, Illinois man in Cook County Circuit Court claims that Sprint Corp. allegedly violated the federal Fair Credit Reporting Act (FCRA) by using non-compliant disclosure forms before checking the credit of job applicants, according to a report on the Cook County …Continue reading "Sprint Could Face Lawsuit for Alleged FCRA Violations during Credit Checks"