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 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 A St. Louis, Missouri woman has filed a lawsuit against the “big three” credit reporting agencies – Equifax, Experian, and TransUnion – for declaring her “deceased” in her credit files and making it impossible for her to receive credit or loans, according to a story from …Continue reading "Woman Sues Credit Reporting Agencies for Declaring Her Dead"
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 Attorney Generals from 31 states have announced that the three main credit reporting agencies – Equifax, Experian, and TransUnion – agreed to pay a $6 million settlement to their states and change their business practices to benefit consumers, according to a news release from Ohio Attorney …Continue reading "Credit Reporting Agencies to Pay $6 Million Settlement"
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 A woman in Maine who requested a free credit report for herself online inside returned home one night to find her mailbox full with more than 300 credit reports addressed to her but containing confidential information belonging to other people, according to a report from WGME …Continue reading "300 Credit Reports Sent to Woman by Mistake"