News & Analysis as of

Fair Credit Reporting Act (FCRA) Credit Reports Consumer Reports

Orrick, Herrington & Sutcliffe LLP

CFPB extends comment period for proposed rule amending Regulation V

On February 28, the CFPB extended the public comment period for its proposed rule amending Regulation V, which implements the FCRA, from March 3 to April 2. As previously covered by InfoBytes, the proposed rule was released...more

Troutman Pepper Locke

Trade Associations File Challenge to CFPB’s Rule on Medical Debt in Consumer Reports

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The Consumer Financial Protection Bureau (CFPB or Bureau) finalized a rule aimed at removing an estimated $49 billion in medical bills from the consumer reports of approximately 15 million Americans. This rule amends...more

Arnall Golden Gregory LLP

CFPB Proposed FCRA Rulemaking Could Significantly Expand FCRA Coverage and Restrict Access to Information

The Consumer Financial Protection Bureau (“CFPB”) has published a Notice of Proposed Rulemaking (“NPRM”) titled “Protecting Americans From Harmful Data Broker Practices” 89 Fed. Reg. 101402 (Dec. 13, 2024). If adopted in its...more

Orrick, Herrington & Sutcliffe LLP

CFPB maintains 2025 FCRA disclosure charge at $15.50

On November 29, the CFPB announced in the Federal Register a final rule amending Regulation V (12 C.F.R. Part 1022), which implements the FCRA. The rule sets maximum allowable charge for consumer file disclosures at $15.50...more

Cooley LLP

CFPB Proposes New Rules That, If Finalized, Would Significantly Expand FCRA’s Reach

Cooley LLP on

On December 3, 2024, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking (NPR) – Protecting Americans from Harmful Data Broker Practices. The CFPB’s proposal would amend Regulation V, which...more

McGlinchey Stafford

Court Rejects Conclusory Allegations of Willful Violations for FCRA Claims

McGlinchey Stafford on

A United States Magistrate Judge for the U.S. District Court for the Northern District of Georgia found that the Plaintiff’s claim arising under the Fair Credit Reporting Act (FCRA) was not sufficiently alleged but stopped...more

Kelley Drye & Warren LLP

AI Alert: CFPB Tightens FCRA Rules for Employers

On October 22, 2024 the Consumer Financial Protection Bureau (CFPB) released the final version of the Personal Financial Data Rights Rule (that we reported about here). However, the CFPB did not rest there, two days later it...more

Ballard Spahr LLP

CFPB issues proposal to prohibit use of medical debt information in credit decisions

Ballard Spahr LLP on

The steady drumbeat of steps during Rohit Chopra’s tenure as CFPB Director to call into question the reliability and predictability of medical debt information in credit underwriting reached a crescendo last week with the...more

Blank Rome LLP

Eleventh Circuit Affirms Dismissal of FCRA Claims Since Alleged Inaccurate Information Was Not Objectively and Readily Verifiable

Blank Rome LLP on

Financial institutions, credit furnishers, debt collectors, and other businesses reporting consumer information to credit reporting agencies should take note that the Eleventh Circuit Court of Appeals has declined to impose a...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues two opinions that stress FCRA compliance for consumer reporting companies

On January 11, the CFPB issued two advisory opinions to consumer reporting companies, reminding them of FCRA obligations. The first advisory opinion addresses background screening companies and inaccuracies that appear on...more

Cooley LLP

CFPB Issues Background Screening, File Disclosure Advisory Opinions

Cooley LLP on

On January 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued two advisory opinions addressing consumer reporting agencies' (CRAs) obligations, under the Fair Credit Reporting Act (FCRA), related to information...more

Orrick, Herrington & Sutcliffe LLP

U.S. district court holds state laws partially preempted by FCRA

On January 9, the U.S. District Court of Maine entered judgment, determining that Maine law is only partially preempted by the federal Fair Credit Reporting Act (FCRA). The plaintiff, a trade association that represents the...more

Troutman Pepper Locke

FCRA Legislation to Watch for the Remainder of 2023

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The Fair Credit Reporting Act saw no shortage of activity in the first half of 2023. That activity included federal and state legislation. Congress has introduced several bills intended to amend the FCRA — and on the state...more

Troutman Pepper Locke

The 7 Most Notable FCRA Cases of 2023 So Far

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The first half of 2023 has produced significant developments for the Fair Credit Reporting Act. Important decisions have come from multiple areas of the field, including the federal courts of appeals and regulatory agencies. ...more

Ballard Spahr LLP

FTC and CFPB submit amicus brief in Second Circuit on FCRA requirement for furnisher to conduct reasonable investigation of...

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The Federal Trade Commission (“FTC”) and the Consumer Financial Protection Bureau (“CFPB”) have filed a joint amicus brief in which they urge the U.S. Court of Appeals for the Second Circuit to reverse the decision of a New...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Responding to Direct and Indirect Identity Theft Disputes Under the FCRA: What Are The...

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We first review the Fair Credit Reporting Act provisions that establish the different requirements for how a creditor or other furnisher of information to a credit bureau must respond to direct and indirect identify theft...more

Orrick, Herrington & Sutcliffe LLP

Credit reporter must face FCRA suit on hard-inquiry reinvestigation

On April 10, the U.S. District Court for the Eastern District of Pennsylvania denied a credit reporting agency’s (CRA) motion for summary judgment in a certified class action suit accusing the CRA of willfully violating the...more

Ballard Spahr LLP

CFPB annual report on consumer complaints about “Big 3” consumer reporting agencies flags concerns with use of automated processes

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The CFPB has issued its “Annual report of credit and consumer reporting complaints” that reports on consumer complaints submitted to the CFPB regarding the three largest nationwide consumer reporting agencies (NCRAs)—Equifax,...more

Troutman Pepper Locke

Third Circuit Adopts “Reasonable Reader” Standard for Evaluating Whether a Credit Report Is Inaccurate or Misleading

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What standard should courts use to determine whether information contained in a consumer’s credit report is inaccurate or misleading? According to the Third Circuit in a recent precedential decision, the standard should be...more

Ballard Spahr LLP

Ninth Circuit draws line on FCRA required disclosures

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In Theresa Tailford, et al. v. Experian Information Solutions, the U.S. Court of Appeals for the Ninth Circuit recently affirmed a district court decision which held that Experian Information Solutions, Inc. did not violate...more

Ballard Spahr LLP

Pennsylvania federal district court rules public records vendor is consumer reporting agency subject to Fair Credit Reporting Act

Ballard Spahr LLP on

A Pennsylvania district court has ruled that a company that provides reports based on a search of public records is a “consumer reporting agency” (CRA) as defined by the Fair Credit Reporting Act....more

Sheppard Mullin Richter & Hampton LLP

CFPB Provides Guidance on How Consumers Can Obtain and Dispute Inaccuracies in Credit Reports

On January 27, the CFPB released a report directed to consumers about obtaining information in their consumer reports and disputing suspected inaccuracies in these reports with companies as needed. The CFPB notes that “[a]s...more

Womble Bond Dickinson

FTC Reaches Largest FCRA Settlement To Date

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On April 29, 2021, the FTC announced a $20 million settlement with Vivint Smart Home, Inc. (Vivint), a national seller of in-home security and monitoring systems, based on violations of the Fair Credit Reporting Act, the FTC...more

McGlinchey Stafford

Fair Credit Reporting Act: Policy Check In – Permissible Purpose

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Now, more than ever, consumer report information impacts the everyday life of consumers in a meaningful way. Not only are consumer reports used by creditors, but also employers, insurers, landlords, and more. It should...more

Morrison & Foerster LLP - Class Dismissed

Relief For The Unharmed: Supreme Court Considers Whether Article III & Rule 23 Permit Certification Where Most Class Members Are...

The United States Supreme Court has repeatedly declined to resolve a question that has sharply divided the Circuits: whether a class may be certified even though it contains uninjured members. See e.g., Tyson Foods, Inc. v....more

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