On May 7, the Senate Commerce Committee’s Subcommittee on Consumer Protection, Product Safety, and Insurance will hold a hearing titled “Credit Reports: What Accuracy and Errors Mean for Consumers.” The first witness panel consists of Corey Stone, the CFPB’s Assistant Director for Deposits, Cash, Collections, and Reporting Markets, and Maneesha Mithal, the FTC’s Associate Director for… More >
Category Archives: Credit Reports
Subscribe to Credit Reports RSS FeedCFPB issues paper on credit reporting
Posted in Credit Reports, Debt CollectionThe CFPB has issued a paper that describes the infrastructure and processes used by Equifax, Experian and TransUnion, the three largest nationwide consumer reporting agencies (NCRAs), to collect, compile and report information about consumers. The paper is based on research conducted by the CFPB’s Office of Deposits, Cash, Collections and Reporting Markets. Among the topics… More >
CFPB issues bulletin to specialty consumer reporting agencies on free credit reports and sends warnings
Posted in Credit ReportsThe CFPB has issued a bulletin to nationwide specialty reporting agencies to remind them of their obligation under the Fair Credit Reporting Act to establish a streamlined process for requests from consumers for free annual credit reports. These specialty companies typically collect and provide specific types of information on consumers, such as information on a… More >
New development with FCRA-required forms
Posted in CFPB Rulemaking, Credit ReportsWith the January 1, 2013 deadline for using the new CFPB model FCRA forms on the horizon, the CFPB apparently took another look at those forms and realized that they contained a few glitches. On November 14, the CFPB published a notice in the Federal Register correcting various typos and technical errors, effective immediately. The forms in… More >
CFPB now taking credit report complaints
Posted in Credit ReportsThe CFPB has announced that its complaint system has begun taking complaints about credit reports. The issues a consumer can select to describe his or her complaint are: (1) incorrect information on the consumer’s credit report, (2) a consumer reporting agency’s investigation, (3) improper use of a credit report, (4) inability to obtain a credit report… More >
CFPB exams are coming for credit bureaus and consumer reporting agencies
Posted in CFPB Exams, CFPB Rulemaking, Credit ReportsWith the release of its examination procedures for credit bureaus and consumer reporting agencies, the CFPB is now one step closer to scheduling examinations for the 30 largest companies that it estimates account for about 94 percent of the market (measured by annual receipts). These are the companies it has deemed, by rule effective September… More >
Cordray outlines initial supervision priorities for credit reporting agencies
Posted in Credit ReportsDuring the CFPB’s field hearing today in Detroit, Michigan, Director Cordray was clear in his opening remarks about what the Bureau sees as its supervisory priorities once it begins examining credit reporting agencies (CRAs) starting in September. Cordray outlined three priorities: 1) Ensuring the accuracy of information received by CRAs. Although Cordray acknowledged that accuracy… More >
Are credit bureaus in the crosshairs?
Posted in Credit ReportsThe CFPB will hold a public field hearing and panel discussion on credit reporting on July 16 at the Detroit Institute of Arts. The hearing appears to coincide with the CFPB’s anticipated release of the final “larger participant” rule, which must be issued no later than July 21. Earlier this year, the CFPB issued a… More >
CFPB joins DOJ brief defending constitutionality of FCRA
Posted in Credit ReportsThe CFPB’s participation in a memorandum brief filed by the Department of Justice in support of the constitutionality of a provision of the Fair Credit Reporting Act is the most recent example of the CFPB’s activist approach. As we reported, the CFPB previously announced that it’s committed to filing amicus briefs in cases involving federal… More >
Dodd-Frank clarifies limited reach of FCRA
Posted in CFPB General, Credit ReportsDodd-Frank’s definition of “financial product or service” clarifies that those offering public records information retrieval or fraud prevention services are not only outside the reach of the Bureau, but also not subject to the FCRA. Yesterday, Darryl May and I filed a memorandum of law in Fuges v. Southwest Financial Services, Ltd., No 09-699 (E.D…. More >
Credit score report released
Posted in Credit ReportsTwo days before its July 21 debut, the CFPB released a report on credit scores that describes the industry and credit scoring process, examines the ways credit scores are obtained and used, and discusses the differences between scores obtained by consumers and creditors.. Dodd-Frank required the CFPB to study those differences and whether they disadvantage… More >
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