Tag Archives: credit checks

Three Major Credit Reporting Agencies to Implement Enhanced Public Record Data Standards on July 1

 credit-score

Written By ESR News Blog Editor Thomas Ahearn

Three major national credit reporting agencies in the United States – Equifax, Experian, and TransUnion – will implement enhanced public record data standards for consumer credit reports beginning on July 1, 2017, according to a statement from the Consumer Data Industry Association (CDIA). Continue reading

CFPB Fines Credit Reporting Agency $3 Million for Deceiving Consumers about Credit Scores

 credit-score

Written By ESR News Blog Editor Thomas Ahearn

The Consumer Financial Protection Bureau (CFPB) has ordered one of the nation’s three largest credit reporting agencies, Experian, to pay a civil penalty of $3 million for deceiving consumers about the use of credit scores it sold to them, according to a report on the CFPB website. Continue reading

CFPB Releases Report Detailing Problems in Credit Reporting Industry

 CFPB logo spotlight

Written By ESR News Blog Editor Thomas Ahearn

The Consumer Financial Protection Bureau (CFPB) has released a special report that details the problems in the credit reporting industry that the CFPB has uncovered and corrected through oversight work and outlines actions the CFPB has taken to address these problems such as fixing data accuracy at credit reporting companies, repairing the broken dispute process, and cleaning up information being reported. Continue reading

District of Columbia Council Passes Fair Credit in Employment Amendment Act to Ban Credit Checks by Employers

 CreditReport

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

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

 CFPB logo spotlight

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 they sold to consumers, according to a news story on the CFPB website. Continue reading

Credit Reporting Agencies to Pay $7.1 Million to State of Mississippi over Credit Report Errors

 CreditReport

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 errors and deceptive marketing, according to a press release on Attorney General Jim Hood’s website. Continue reading

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

 CreditReport

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 in certain circumstances. Continue reading

Over Five Percent of Workers Turned Down for Jobs Due to Financial Background Checks

CreditReport

Written By ESR News Blog Editor Thomas Ahearn

A survey of more than 1,100 workers conducted by the National Financial Educators Council (NFEC) found 5.2 percent of respondents reported they were turned down for jobs due to their financial background while 26.3 percent reported employers ran financial background checks on them. Continue reading

CFPB Monthly Complaint Report Spotlights Errors on Credit Reports

CreditReport

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 about credit reports since they began accepting credit reporting complaints in October 2012. Continue reading

Study Finds Bans on Credit Checks by Employers May Lead to More Unemployment for Some Applicants

CreditReport

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 these laws. Continue reading