National Credit Reporting Agencies to Remove All Tax Liens from Consumer Credit Reports in April 2018

Written By ESR News Blog Editor Thomas Ahearn In March 2017, ESR News reported that national credit reporting agencies (NCRAs) Equifax, Experian, and TransUnion had announced the implementation of enhanced standards for the collection and timely updating of public record data included in consumer credit reports as part of the National Consumer Assistance Plan (NCAP) …

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CFPB Report Focuses on Removal of Civil Public Records from Credit Reports

Written By ESR News Blog Editor Thomas Ahearn On February 22, 2018, the Consumer Financial Protection Bureau (CFPB) – a U.S. government agency responsible for consumer protection in the financial sector – released the latest Quarterly Consumer Credit Trends report that focused on the removal of civil public records from consumer credit reports.

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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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Jury Awards Record Damages of $60 Million after Finding Credit Reporting Agency Violated FCRA

Written By ESR News Blog Editor Thomas Ahearn On June 20, 2017, a federal jury in California awarded a record $60 million in statutory and punitive damages after finding that major credit reporting agency TransUnion allegedly violated the Fair Credit Reporting Act (FCRA) when performing credit checks by confusing consumers with individuals found in the United States …

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

  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).

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

  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 …

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CFPB Releases Report Detailing Problems in Credit Reporting Industry

  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 …

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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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