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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CFPB Monthly Complaint Report for February Highlights Complaints about Credit Reports

Written By ESR News Blog Editor Thomas Ahearn The Consumer Financial Protection Bureau (CFPB) has released the Monthly Complaint Report for February 2017 that highlights consumer complaints about credit reports and shows how consumers continue to report struggling to resolve errors on their credit reports. The report is at http://files.consumerfinance.gov/f/documents/201702_cfpb_Monthly-Complaint-Report.pdf.

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

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.

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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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CFPB Finds Complaints about Credit Reports Rising Sharply

  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.

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