News & Analysis as of

Credit Reporting Agencies Fair Credit Reporting Act (FCRA) Enforcement Actions

Ballard Spahr LLP

Republican Senators seek to use CRA to void medical debt rule

Ballard Spahr LLP on

Republican senators have introduced a Congressional Review Act resolution to nullify the rule that bans banks and credit unions from including medical debt on credit reports and generally prohibits the use of medical...more

Goodwin

2024 Year in Review: Credit Reporting

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In 2024, Goodwin tracked four public enforcement actions related to credit reporting or credit repair services, consistent with the four actions tracked in 2023. Between 2017 and 2024, there were an average of four actions...more

Orrick, Herrington & Sutcliffe LLP

CFPB dismisses credit reporting enforcement action voluntarily

On February 28, the CFPB filed a joint stipulation of voluntary dismissal with prejudice in the U.S. District Court for the Northern District of Illinois, ending an enforcement action against a credit reporting agency, two...more

Orrick, Herrington & Sutcliffe LLP

CFPB levies $12.8M against auto financer for Covid-19 and other alleged credit reporting failures

On January 17, the CFPB issued a consent order and stipulation against an auto finance company for alleged violations of the FCRA, Regulation V and the CFPA. The Bureau alleged that, from 2019 through 2024, the company...more

Orrick, Herrington & Sutcliffe LLP

CFPB fines credit reporting agency $15M for alleged violations

On January 17, the CFPB issued a consent order settling allegations that a consumer reporting agency (CRA) violated the FCRA and engaged in unfair acts and practices, violating the CFPA. The CFPB imposed a $15 million civil...more

Goodwin

CFPB Sues Consumer Reporting Agency Regarding Investigations of Consumer Disputes

Goodwin on

​​​​​​​On January 7, 2025, the Consumer Financial Protection Bureau (“CFPB”) filed a complaint against a nationwide consumer reporting agency (“Agency”) under the Fair Credit Reporting Act (“FCRA”) and the Consumer Financial...more

Sheppard Mullin Richter & Hampton LLP

CFPB Orders Credit Reporting Agency to Pay $15 Million for Mishandling Consumer Disputes

On January 17, 2025, the CFPB issued a consent order against a large consumer reporting agency for failing to properly investigate consumer disputes concerning inaccurate information on consumers’ credit reports. The CFPB...more

Orrick, Herrington & Sutcliffe LLP

CFPB files complaint against CRA, alleging faulty dispute resolution procedures

On January 7, the CFPB filed a complaint against a consumer reporting agency, alleging violations of the FCRA and the CFPA’s prohibition on unfair acts or practices. The complaint alleges the company failed meet its...more

Sheppard Mullin Richter & Hampton LLP

CFPB Alleges Credit Reporting Agency Conducted Sham Investigations of Errors

On January 7, 2025, the CFPB filed a lawsuit against a nationwide consumer reporting agency for violations of the Fair Credit Reporting Act. The lawsuit claims the company’s investigation of consumer disputes was inadequate,...more

Goodwin

CFPB Files Suit Against "Rent-to-Own" Business Alleging Illegal Lending Practices

Goodwin on

​​​​​​​​On July 26, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint against a point-of-sale financing company and its former chief executive officer in the United States District...more

Goodwin

2023 Year in Review: Credit Reporting

Goodwin on

Welcome to the Credit Reporting chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The CFPB’s announcement of a proposed rulemaking to remove medical bills from...more

Goodwin

CFPB Enters into $5.25 Million Consent Order with California Mortgage Servicer

Goodwin on

On November 17, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a California-based mortgage servicer concerning its purported failure to provide certain borrowers...more

Sheppard Mullin Richter & Hampton LLP

CFPB Report: Major Credit Bureaus Failed to Meet Statutory Obligations in Response to Consumer Complaints

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...more

Troutman Pepper Locke

CFPB To Maintain Credit Reporting Guidance Issued in April

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We reported in September of this year on a demand from multiple consumer advocacy groups to the Consumer Financial Protection Bureau (“CFPB”) to rescind its April 1, 2020, credit report guidance that relaxed the Fair Credit...more

Goodwin

CFPB Settles with Telecommunications Debt Collector for Alleged FCRA and CFPA Violations

Goodwin on

On November 12, 2020, the Consumer Financial Protection Bureau (CFPB) announced ​​that it had entered into a consent order with an Illinois-based debt collector that collects debts on behalf of telecommunications companies...more

Womble Bond Dickinson

State Agencies Can Enforce FCRA Too

Womble Bond Dickinson on

When discussing FCRA, we often concentrate our focus on certain individuals and entities trying to enforce the statute: the CFPB (or BCFP), FTC, class action firms, and individual plaintiffs. Nonetheless, a recent settlement...more

Goodwin

CFPB Enters Into Consent Order with Credit Reporting Agency Over Alleged Misrepresentations

Goodwin on

On March 23, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a California-based credit reporting agency (CRA) and its subsidiaries, resolving allegations that the...more

Sheppard Mullin Richter & Hampton LLP

Most Recent CFPB Supervisory Highlights Feature FCRA, LO Compensation and Debt Collection Issues

The Consumer Financial Protection Bureau’s most recent supervisory highlights publication featured issues relating to the Fair Credit Reporting Act, loan originator compensation and in-person debt collection that should be on...more

Stinson - Corporate & Securities Law Blog

CFPB Takes Action Against Subprime Credit Reporting Company Clarity Services, Inc.

On December 3, 2015, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against subprime credit reporting company Clarity Services, Inc. (Clarity), and its owner, Timothy Ranney (Ranney), for...more

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