On May 20, the California DFPI released a Notice of Proposed Rulemaking seeking comment on implementing new rules to the California Consumer Financial Protection Law (CCFPL).
Continue Reading California Regulator Seeks Comment on Reworking Consumer Complaint Rules
On January 27, the CFPB released a report directed to consumers about obtaining information in their consumer reports and disputing suspected inaccuracies in these reports with companies as needed. The CFPB notes that “[a]s families recover from the financial impact of the COVID-19 pandemic, seeking new jobs or places to live, errors in these databases can severely harm their financial lives.”
Continue Reading CFPB Provides Guidance on How Consumers Can Obtain and Dispute Inaccuracies in Credit Reports
On January 5, the CFPB released its Annual Report of Credit and Consumer Reporting Complaints that analyzes complaint responses by the three major consumer reporting agencies (CRAs). The CFPB’s analysis reveals that recent changes in complaint responses provided by the CRAs resulted in fewer meaningful responses and with fewer instances of relief to consumers. As a result, the CFPB concludes that the CRAs failed to meet their obligations under Section 611 of the Fair Credit Reporting Act, which requires that CRAs review consumer allegations of incomplete or inaccurate information on consumer credit reports, including allegations made by an authorized third-party representative of the consumer.
Continue Reading CFPB Report: Major Credit Bureaus Failed to Meet Statutory Obligations in Response to Consumer Complaints