White House “Renters Bill of Rights” Examines Tenant Background Checks

Written By Digital Content Editor Thomas Ahearn In January 2023, the White House announced new actions to increase fairness in the rental market that align with its “Blueprint for a Renters Bill of Rights” that the Biden-Harris Administration simultaneously released to, among other things, ensure tenant background checks are legal, fair, and non-discriminatory. The Blueprint…

CFPB Regulatory Agenda for 2023 Considers Amending Regulation V for FCRA

Written By Digital Content Editor Thomas Ahearn The Office of Information and Regulatory Affairs (OIRA) in the Office of Management and Budget (OMB) has released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions for administrative agencies such as the Consumer Financial Protection Bureau (CFPB) that includes the CFPB’s 2023 regulatory agenda which reveals the…

CFPB Issues Guidance for Investigations of Consumer Reporting Disputes

Written By Digital Content Editor Thomas Ahearn On November 10, 2022, the Consumer Financial Protection Bureau (CFPB) issued a circular about “Reasonable Investigation of Consumer Reporting Disputes” to affirm that consumer reporting companies and information furnishers cannot “skirt dispute investigation requirements,” according to a news release from the CFPB. “The CFPB found that consumer reporting…

CFPB Issues Guidance on Eliminating False “Junk Data” from Credit Reports

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…

Nationwide CRAs May Be Investigated for Credit Reporting in COVID-19 Crisis

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…

CFPB Says Companies Violate Federal Law by Not Protecting Consumer Data

Written By Digital Content Editor Thomas Ahearn On August 11, 2022, the Consumer Financial Protection Bureau (CFPB) published guidance to consumer protection enforcers in a Consumer Financial Protection Circular on Insufficient Data Security that confirmed financial companies may violate federal consumer financial protection law when they fail to safeguard consumer data and can be held…

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…