Written By Digital Content Editor Thomas Ahearn On October 20, 2022, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies (CRAs) on “Fair Credit Reporting & Facially False Data” concerning their obligation to screen for and eliminate obviously false “junk data” from consumer credit reports, according to a news release from the…
Written By Digital Content Editor Thomas Ahearn Three nationwide consumer reporting agencies (NCRAs) – Equifax, Experian, and TransUnion – may have been less responsive to consumer disputes of credit reports during the COVID-19 pandemic, according to a letter from the House Select Subcommittee on the Coronavirus Crisis to the Consumer Financial Protection Bureau (CFPB). Dated…
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…
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…
Written By ESR News Blog Editor Thomas Ahearn Effective July 1, 2022, the three nationwide credit reporting agencies (NCRAs) – Equifax, Experian, and TransUnion – will remove nearly 70 percent of medical collection debt tradelines from consumer credit reports to support consumers faced with unexpected medical bills, according to a joint statement from the three NCRAs.…
Written By ESR News Blog Editor Thomas Ahearn On April 6, 2022, the Consumer Financial Protection Bureau (CFPB) – a United States government agency that implements and enforces federal consumer financial law – presented its Semi-Annual Report to Congress for the period beginning on April 1, 2021, and ending September 30, 2021. The report revealed…
Written By ESR News Blog Editor Thomas Ahearn On April 12, 2022, the Consumer Financial Protection Bureau (CFPB) – a U.S. government agency that implements and enforces federal consumer financial law – filed a lawsuit against a credit reporting agency for violating a 2017 law enforcement order “that was issued to stop the company from…
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…
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…
Written By ESR News Blog Editor Thomas Ahearn In November of 2021, the Consumer Financial Protection Bureau (CFPB) released a report about “Disputes on Consumer Credit Reports” that found consumers in majority Black and Hispanic neighborhoods, younger consumers, and those with low credit scores were far more likely to have disputes appear on their credit…
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