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 "Over Five Percent of Workers Turned Down for Jobs Due to Financial Background Checks"
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"
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 …Continue reading "New York City Businesses Must Comply with New Law Banning Credit Checks by Employers"
Written By ESR News Blog Editor Thomas Ahearn The Consumer Financial Protection Bureau (CFPB) has released its Monthly Complaint Report that found complaints about credit reports sharply increased compared to the prior month and the prior year. The CFPB Monthly Complaint Report can be found at: http://files.consumerfinance.gov/f/201508_cfpb_monthly-complaint-report-vol-2.pdf.Continue reading "CFPB Finds Complaints about Credit Reports Rising Sharply"
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 …Continue reading "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 – S. 1773 – the “Consumer Reporting Fairness Act of 2015” – would require creditors to inform consumer reporting agencies (CRAs) that certain debts have been discharged in bankruptcy cases, making it easier for consumers who rid themselves of credit …Continue reading "Consumer Reporting Fairness Act Would Help Fix Inaccurate Credit Reports"
Written By ESR News Blog Editor Thomas Ahearn The New York City Council is expected to pass a bill – “Stop Credit Discrimination in Employment Act” (Int. No. 261-A) – that will bar employers from viewing the credit reports of job seekers and also prohibit them from asking about credit scores in job interviews, according …Continue reading "New York City to Bar Employers from Viewing Credit Reports of Job Seekers"
Written By ESR News Blog Editor Thomas Ahearn The three leading national Credit Reporting Agencies (CRAs) – Equifax, Experian, and TransUnion – have announced a National Consumer Assistance Plan to improve the collection of complete and accurate consumer information while giving consumers more transparency and improved interaction with credit bureaus about credit reports, according to …Continue reading "Credit Reporting Agencies Announce Plan to Improve Credit Report Accuracy"