CFPB Orders Auto Servicer to Pay $19 Million for Credit Reporting Failures

Written By Digital Content Editor Thomas Ahearn On July 26, 2022, the Consumer Financial Protection Bureau (CFPB) penalized an auto servicer for repeatedly providing inaccurate information to nationwide credit reporting companies and failing to take proper measures to address inaccurate information identified between 2016 and 2020, according to a CFPB news release. The order from…

CFPB Issues Circular on Adverse Action Notice Requirements for Credit Decisions Using Complex Algorithms

Written By ESR News Blog Editor Thomas Ahearn On May 26, 2022, the Consumer Financial Protection Bureau (CFPB) – an agency that implements and enforces Federal consumer financial law – published a Consumer Financial Protection Circular to remind the public and those responsible for enforcing federal consumer financial protection law of adverse action notice requirements for…

CFPB Issues Bulletin to Prevent Unlawful Credit Reporting about Medical Debt

Written By ESR News Blog Editor Thomas Ahearn The Consumer Financial Protection Bureau (CFPB) has released a bulletin about “Medical Debt Collection and Consumer Reporting Requirements in Connection with the No Surprises Act” to remind credit bureaus of their legal obligations under the “No Surprises Act” that protects consumers from certain unexpected medical bills. Companies that…

CFPB Report Details Complaint Response Deficiencies of Large Credit Bureaus

Written By ESR News Blog Editor Thomas Ahearn On January 5, 2022, the Consumer Financial Protection Bureau (CFPB) released its annual report of consumer and credit reporting complaints that revealed how changes in complaint responses from three nationwide consumer reporting agencies (NCRAs) – Equifax, Experian, and TransUnion – resulted in less consumer relief. The report from…