New York Proposes Regulations for Credit Reporting Agencies in Response to Equifax Data Breach

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 …

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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 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.

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CFPB Orders TransUnion and Equifax to Pay for Deceiving Consumers about Credit Scores

  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 …

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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 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 …

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New Philadelphia Law Prohibits Employers from Using Credit Information of Employees and Job Applicants

  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 …

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CFPB Monthly Complaint Report Spotlights Errors on Credit Reports

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 …

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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 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 …

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Sprint Could Face Lawsuit for Alleged FCRA Violations during Credit Checks

  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 …

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New York City Businesses Must Comply with New Law Banning Credit Checks by Employers

Written By ESR News Blog Editor Thomas Ahearn With New York City passing the nation’s strongest ban on employment credit checks that took effect on September 3, 2015, businesses in the Big Apple need all the help they can get to comply with this new law that strictly prohibits most employers from using credit history …

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Bill Would Prohibit Employers from Using Credit Reports in Background Checks

  Written By ESR News Blog Editor Thomas Ahearn Legislation introduced in the U.S. Senate – the “Equal Employment for All Act of 2015” – would amend the federal Fair Credit Reporting Act (FCRA) to prohibit employers from using the credit reports of job applicants and current employees during background checks for employment. The text …

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