Credit Reporting Law, Credit Reporting History
Cento Law
Credit Bureaus Unveiled: The Power, ...
Credit Bureaus Unveiled: The Power, Consolidation, and Consumer Struggles from 1970 to Today
Credit Reporting Law, Cento Law
Cento Law
FCRA - The Fair Credit Reporting Act
FCRA - The Fair Credit Reporting Act
Credit Errors, Credit Report
Cento Law
HOW TO DISPUTE INACCURATE INFORMATION ON YOUR ...

Disputing Inaccuracies

HOW TO DISPUTE INACCURATE INFORMATION ON YOUR CREDIT REPORTS
Credit Report
Cento Law
How to Begin a Credit Repair Process Yourself

A start to fixing credit yourself

How to Begin a Credit Repair Process Yourself
Credit Scoring
Cento Law
Credit Scores: How They Generally Work

The lending industry has many different types of credit scores on the market today. Many different vendors have created them, such as Fair Isaac, the three national repositories, credit grantors, and insurance companies. 

Credit Scores: How They Generally Work

Enforcement

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Update: Credit Industry Reform

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Update: Credit Industry Reform

An update on the National Consumer Assistance Plan

On March 8, 2015, Equifax, Experian and TransUnion (CRAs) entered into a settlement agreement with the NY Attorney General along with 31 additional AGs from other states. Upon entering the agreement, the CRAs announced that they would address a number of credit reporting industry problems, including their dispute process and how they handle unpaid medical debt. This agreement is referred to as the National Consumer Assistance Plan.

The credit reporting industry overhaul is taking place nationally over the course of three plus years with 2018 as the deadline to have all changes made. The overhaul will be implemented in three phases (detailed below) to allow the CRAs to update their IT systems and procedures with data furnishers.

To date, changes to websites and other technical tasks have been acomplished. A change to be implemented this September will address the dispute process. The CRAs will be using trained and empowered employees to review the documentation accompanying disputes. And, if a furnisher says its information is correct, the credit reporting agencies must still look into it and resolve the dispute.

In addition, the credit reporting overhaul will require CRAs to wait 180 days before adding any medical debt

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Credit Reporting Complaints from the Military Community

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Credit Reporting Complaints from the Military Community

Yesterday, the Consumer Financial Protection Bureau (CFPB) released its fourth annual report detailing the complaints received from military servicemembers, veterans and their families. Since the CFPB first started taking complaints in July of 2011, the complaint volume has steadily risen. In 2015, the CFPB received thousands of credit reporting complaints from the military community. The reporting of inaccurate credit information was by far the most complained about followed by complaints about the credit reporting company's investigation process.

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CFPB Takes Action Against General Information Services and e-Background-checks.com for various violations of the FCRA

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The CFPB has ordered two of the largest employment background screening providers (General Information Services and its affiliate, e-Background-checks.com, Inc.) to pay $10.5 million in relief to consumers and pay $2.5 million in civil penalties for violations of the Fair Credit Reporting Act (FCRA) resulting from the reporting of “serious inaccuracies.”

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Recent Cases Addressing Reseller Liability

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Resellers are consumer reporting agencies who purchase consumer credit information from Trans Union, Equifax and Experian and then resell that information. Often resellers combine all three credit files into one report - commonly known as a “tri-merge” credit report. Recent court opinions have addressed whether these resellers are liable under Section 1681e(b) if one agency reports inaccurate information but the other two do not and the reseller subsequently reports all three files.

Consumer Financial Protection Bureau to Hold Consumer Advisory Board Meeting

The Consumer Financial Protection Bureau (CFPB) will be holding a Consumer Advisory Board Meeting on February 27, 2014 in Washington, D.C. The agenda for the meeting indicates an open session to the public (RSVP's required) on Protecting Consumer Credit Profiles. CFPB Director, Richard Cordray is scheduled to speak about the consumer experience in the credit reporting market.

New CFPB Bulletin Issues Strong Warning to Furnishers of Consumer Credit Information

Furnishers Are Required to Review Documentation from Credit Reporting Agencies

The Consumer Financial Protection Bureau (the “CFPB”) has issued a Bulletin, dated September 4, 2013, to companies that furnish information to consumer reporting agencies (“CRAs”) regarding furnisher obligations under the Fair Credit Reporting Act (the “FCRA”). The Bulletin is intended to deal specifically with the FCRA requirement that furnishers are required to “review all relevant information” when investigating a consumer dispute. The CFPB Bulletin provides a warning to furnishers that the CFPB maintains supervisory and enforcement authority which it will use to address furnisher violations.

The Consumer Financial Protection Bureau’s Reports on Received Complaints

Federal Agency to Oversee Credit Reporting Agencies

In July of 2011, the Consumer Financial Protection Bureau (CFPB) became the first federal agency to oversee credit reporting agencies such as Equifax, Experian, and Trans Union. The CFPB receives complaints directly from consumers relating to credit reporting, mortgages, bank accounts and services, private student loans, consumer loans, and money transfers. In July 2013, the CFPB released a report which provides a snapshot of the complaint process and a analysis of the complaints they received. The report states that between the July 21, 2011 through June 20, 2013; 14,200 credit reporting complaints where received by consumers in the marketplace.

The Consumer Financial Protection Bureau (CFPB) to Hold Two Field Hearings in January, 2013

The Consumer Financial Protection Bureau (“CFPB”) has announced that it will hold two field hearings in January on mortgage policy. In addition to hearing testimony from consumer groups, industry representatives, and members of the public, the field hearings will feature remarks from CFPB Director Richards Cordray. I

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Consumer Reporting Agencies Subject to Increased Federal Supervision

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Earlier this week, the Director of the Consumer Financial Protection Bureau (“CFPB”), Richard Cordray, spoke at a field hearing were he discussed the CFPB’s new authority to supervise consumer reporting agencies. Starting this September, the CFPB will have the authority to supervise 94% of the credit reporting industry. Until now, consumer reporting agencies (commonly referred to as “credit reporting agencies” or “credit bureaus”), the largest of which are Equifax (including credit files owned by CSC Credit Services), Experian, and Trans Union, have never been subject to like supervision. From conducting on-site examinations to seeking better comprehension of policies and procedures, the CFPB’s supervisory authority will seek to ensure that the consumer financial laws are being followed.

The creation of the consumer bureau, the CFPB, was done so in response to the recent financial crisis experienced by the United States.