Is it acceptable to allege in court that a reasonably accurate credit record is, in fact, not accurate and therefore in violation of the FCRA? Nope. That’s according to U.S. District Court for the District of New Jersey Judge Renée Marie Bumb, who dismissed what she termed a “frivolous” lawsuit against Experian in the recent, twinned cases Glenn Williams v. Experian and Lorissa Williams v. Experian.
New mandatory credit bureau reporting process changes that had been announced earlier this year will become effective this Wednesday, June 15. The three major credit bureaus issued a memo in March, stating that the purpose is to provide consumers more transparency. The bureaus established the plan in conjunction with several states’ Attorneys General. New requirements […]
FTC Director Jessica Rich’s comments came as part of an announcement by the FTC that it had filed a complaint and proposed order against a Texas-based debt collection agency for having deficient policies and procedures related to borrower credit reporting. Through its proposed order, the FTC clarified its expectations for what credit reporting policies and procedures debt collection agencies need to have in order to avert or withstand regulatory scrutiny.
This week’s decision from the U.S. Supreme Court in Spokeo v. Robins should bolster the defense of companies subject to several federal consumer protection statutes. The ruling addresses lawsuits that claim an injury created solely by the violation of a federal statute and require the plaintiff to demonstrate not only that the statute was violated, but that the plaintiff herself suffered harm.
In a 6-2 decision, the United States Supreme Court on Monday sided with an online “people search engine” company, Spokeo.com, to provide critical insight as to when and how consumers can sue for privacy violations under the FCRA.
Texas-based debt collection agency Credit Protection Association (CPA) is agreeing to pay a penalty and adopt new policies in order to settle charges by the Federal Trade Commission (FTC) that CPA violated the requirements of the Fair Credit Reporting Act (FCRA).
The CFPB intends for its consent orders to set industry-wide precedents. In March 2016, CFPB Director Richard Cordray referred to consent orders as a guide “to all participants in the marketplace to avoid similar violations and make an immediate effort to correct any such improper practices,” telling the Consumer Bankers Association that any company not following the precedents set by the CFPB’s consent orders is committing “compliance malpractice.”
The FTC released its report: “Big Data A Tool for Inclusion or Exclusion?” on January 6, 2016. This report was assisted by a public workshop held by the FTC on September 15, 2014. Since then there has been much discussion about whether or not “Big Data” is a good thing or not. In my opinion, […]
insideARM has learned that the three major credit bureaus — Equifax, Experian, and TransUnion — have distributed this document detailing new Furnisher Data Reporting and Process Requirement Changes. Some of the changes are effective as soon as June 15, 2016 while others take effect over a year from now, September 15, 2017. However, the memo […]
This article originally appeared as an Alert on ClarkHill.com and is reprinted here with permission. The 10th edition of Consumer Financial Protection Bureau’s (CFPB or Bureau) Supervisory Highlights (the Report) continues on the themes of credit reporting and overdraft protection prevalent in recent CPFB statements (see February 3, 2016 CFPB Press Release and Compliance Bulletin 2016-01). While debt collection, mortgage and […]