FCRA

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On June 11, the CFPB announced a proposed rule amending Regulation V, which implements the Fair Credit Reporting Act, to alter the treatment of medical debts in credit reporting. The rule proposes to remove medical bills from most credit reports, disallow the consideration of medical debts in credit decisions, enhance privacy protections, and curtail credit reporting practices that the Bureau deems coercive.Continue Reading CFPB Proposes Rule to Transform Credit Reporting Practices on Medical Debt

On March 29, the CFPB and the FTC jointly filed an amicus brief with the Eleventh Circuit in a matter involving a dispute under the Fair Credit Reporting Act. The case involves a consumer who filed disputes with a consumer reporting agency (CRA) after discovering multiple errors in her credit file, including incorrect personal information. However, the CRA failed to delete the disputed information, notify any furnishers of the consumer’s dispute, or provide the sources of the disputed information. The consumer sued, alleging the CRA violated the FCRA’s reinvestigation requirement by failing to reinvestigate her dispute regarding her name, address, and SSN information. The CRA claimed the text of the CRA did not require it to reinvestigate incorrect personal identifying information. At summary judgment, the district court found that while the reinvestigation requirement applied to personal identifying information, the CRA did not “willfully or negligently” violate the FCRA because its interpretation of the reinvestigation requirement was not objectively unreasonable.Continue Reading CFPB and FTC Argue Consumer Reporting Companies Have an Obligation to Correct Errors in Joint Amicus Brief

On April 2, at an event at the White House on Data Protection and National Security, CFPB Director Rohit Chopra’s articulated potential changes to the data security regulation landscape and noted that the Bureau is considering rules to amend the Fair Credit Report Acting, tightening the regulation of data brokers that trade in sensitive consumer data. His remarks follow an Executive Order signed by President Biden five weeks ago aimed at protecting American’s sensitive personal data from “countries of concern.” Continue Reading CFPB Announces Potential FCRA Expansion Targeting Brokers of Consumer Data

On January 11, the CFPB issued two advisory opinions providing guidance to consumer reporting agencies (CRAs) on the Bureau’s views on FCRA compliance obligations with respect to background check reports and credit file disclosures. Continue Reading CFPB Continues Focus on Credit Reporting with Guidance on FCRA Compliance

On September 21, the CFPB announced that it has initiated a rulemaking process under the Fair Credit Reporting Act (“FCRA”) that would remove medical bills from consumer credit reports. The CFPB also published an Outline describing the proposals and alternatives that it will consider in the FCRA rulemaking process, which, if finalized, would:Continue Reading CFPB Initiates FCRA Rulemaking on Medical Debt and Data Brokers