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Category Archives: Credit Reports

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CFPB issues Fall 2016 Supervisory Highlights; Ballard to hold Dec. 2 webinar

Posted in Auto Finance, CFPB Exams, Credit Reports, Debt Collection, Fair Lending, Mortgages

In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto financing, debt collection, mortgage origination and servicing, student loan servicing, and fair lending. On December 2, 2016, from 12 p.m. to 1 p.m ET,… More >

CFPB to Compile List of Companies Providing Free Credit Scores

Posted in Credit Reports, Financial Literacy

On October 5th, the CFPB published a notice announcing the CFPB Office of Financial Education’s intent to compile a list of companies offering existing customers free access to their credit score.  The CFPB’s stated intent in compiling this list is to educate consumers and help them make better informed financial decisions.  Comments must be submitted… More >

CFPB May 2016 complaint report highlights credit reporting complaints, complaints from New Mexico consumers

Posted in Credit Reports

The CFPB has issued its May 2016 complaint report which highlights complaints about credit reporting  and complaints from consumers in New Mexico and the Albuquerque metro area.  The CFPB began taking complaints about credit reporting in October 2012.  Credit reporting complaints were also the subject of the CFPB’s August 2015 monthly report. General findings include the… More >

FTC warns use of big data may violate federal consumer protection laws

Posted in Credit Reports, Fair Lending, FTC, UDAAP

A new FTC report, “Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues,” warns that certain uses of big data consisting of consumer information may implicate various federal consumer protection laws.  In the report, the FTC puts companies on notice that it intends “to monitor areas where big data practices could violate existing… More >

CFPB announces consent order with employment background screening report providers

Posted in CFPB Enforcement, Credit Reports

The CFPB recently announced that it has entered into a consent order with two affiliated companies that generate and provide employment background screening reports.  The consent order settles charges that the companies, which the CFPB’s press release describes as “two of the largest background screening report providers in the United States,” violated FCRA requirements for… More >

FTC provides guidance on FCRA requirements for employer background checks

Posted in Credit Reports

When examining banks and companies subject to CFPB supervisory authority for FCRA compliance, CFPB examiners will look at whether the bank or company has followed FCRA requirements for use of background checks on employees and job applicants. Those requirements were the subject of a recent letter by FTC staff to a California company.  The FCRA requirements… More >

CFPB issues second monthly complaint report

Posted in CFPB General, Credit Reports

The CFPB has issued its August 2015 complaint report, the second in its new series of monthly complaint reports.  When it announced the launch of the new reports last month, the CFPB stated that each report would spotlight a particular product and geographic location.  The August 2015 spotlights credit reporting complaints and complaints from consumers… More >

FOIA Lawsuit Filed Challenging CFPB Research Methodology

Posted in Credit Reports, Research

The law firm Covington & Burling LLP has filed a Freedom of Information Act (FOIA) lawsuit against the CFPB in Washington, D.C. federal district court seeking  information relating to the CFPB’s report on, “Consumer Voices on Credit Reports and Scores.”  Covington argues that the information requested, “is necessary for the public to verify the quality… More >

CFPB Issues Study on Credit Reports; Next Steps are Unknown

Posted in Credit Reports, Fair Lending, Research

The CFPB recently released a report that documents the results of a research project undertaken by the CFPB’s Office of Research to better understand the demographic characteristics of consumers without traditional credit reports or credit scores.  The Report concludes that the current credit reporting system is precluding certain populations from accessing credit and taking advantage… More >

CFPB praises FICO announcement on credit score sharing

Posted in Credit Reports

The CFPB has praised an announcement by FICO that it will make credit scores available to financially struggling consumers through nonprofit credit and financial counseling organizations as “a step in the right direction” that will allow “millions of consumers…to receive the credit scores and credit reports that nonprofit credit counselors purchase on their behalf.”  In its… More >

CFPB Community Bank Advisory Council to meet April 22

Posted in Credit Reports

The CFPB’s Community Bank Advisory Council is scheduled to meet in Washington, D.C. on April 22, 2015.  According to the meeting agenda, following a welcome by Director Cordray, there will be a discussion of credit scores and credit reporting, and its implications for small financial institutions.  That discussion will be led by Corey Stone, the CFPB’s… More >

An Opportunity to Collaborate? The CFPB’s credit report study

Posted in CFPB General, Credit Reports, Financial Literacy, Hot Issues, Research

On February 19, 2015, the CFPB released its credit report study, entitled “Consumer voices on credit reports and scores.”  After conducting focus groups with 308 consumers in four major metropolitan areas, the study concludes that while many consumers do access their credit scores and credit reports in various ways, confusion about both still persists. In… More >

FTC continues to press concerns about credit report accuracy in follow-up report

Posted in Credit Reports

A follow-up report on credit report accuracy issued this week by the Federal Trade Commission is likely to be cited by the CFPB as additional support for the CFPB’s concerns about inaccurate credit reporting.  In December 2014, that concern resulted in the CFPB’s imposition of a new requirement on major consumer reporting  agencies to provide… More >

CFPB requires credit bureaus to identify furnishers and industries with highest dispute rates and issues study of collections tradelines

Posted in Credit Reports, Debt Collection

In conjunction with its field hearing today on medical debt collection, the CFPB released a study that “describes characteristics of the medical and non-medical collections tradelines on consumers’ credit reports and the processes by which they appear and disappear.”  However, what deserves to be the headline grabber is the CFPB’s accompanying announcement that “the major… More >

CFPB highlights alleged credit reporting errors relating to discharged student loans of disabled veterans

Posted in Credit Reports, Military Issues, Student Loans

In a new blog post, the CFPB provides credit reporting advice to service-disabled veterans who take advantage of federal student loan forgiveness available from the Department of Education for veterans who receive a 100 percent disability rating from the Department of Veterans Affairs.  The CFPB encourages veterans who use this benefit to confirm that their… More >

CFPB highlights unlawful practices relating to mortgage and student loan servicing, debt collection, electronic fund transfers and consumer reporting

Posted in CFPB Exams, Credit Reports, Debt Collection, Electronic Payments, Mortgages, Student Loans

While mortgage and student loan servicing violations cited by the CFPB in its Fall 2014 Supervisory Highlights have grabbed the headlines, the report also includes noteworthy observations regarding the violations found by the CFPB in debt collection, electronic fund transfers and consumer reporting. The report covers supervision work completed by the CFPB between March 2014… More >

CFPB Continues Focus on Latino Community

Posted in CFPB General, Credit Reports, Debt Collection, Diversity and Inclusion, FTC, Uncategorized

The CFPB and the FTC have announced that the agencies will host a joint roundtable entitled, “Debt Collection and the Latino Community,” on October 23, 2014. The roundtable will examine how debt collection and credit reporting issues affect Latino consumers, especially those who have limited English proficiency (LEP). Consumer advocates, industry representatives, state and federal… More >

House to hold Sept. 10 hearing on credit reporting

Posted in Credit Reports

On Wednesday, September 10, the House Financial Services Committee will hold a hearing entitled “An Overview of the Credit Reporting System.” The scheduled witnesses are: Stuart Pratt, President and Chief Executive Officer, Consumer Data Industry Association J. Howard Beales, Professor of Strategic Management and Public Policy, George Washington University John A. Ikard, President and Chief… More >

CFPB Issues Report on the Use of Remittance Histories in Credit Scoring

Posted in Credit Reports, Remittance Transfers

On July 3rd, the CFPB released a Report on the Use of Remittance Histories in Credit Scoring (the “Report”). Section 1073(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act required the CFPB Director to study the feasibility of and impediments to using remittance transfer information (i.e., information regarding electronic fund transfers made by… More >

Another state AG files lawsuit using Dodd-Frank authority

Posted in Credit Reports, UDAAP

A lawsuit filed in May 2014 by the Mississippi Attorney General against Experian in Mississippi state court alleging widespread federal and state law violations was removed last week by Experian to a federal district court in Mississippi.  While the complaint’s sensational allegations of Fair Credit Reporting Act (FCRA) violations by Experian have received considerable attention, it… More >