Fair Credit Reporting Act (FCRA) Feed Link

Fair Credit Reporting Act (FCRA)

Originally passed in 1970, The Fair Credit Reporting Act (FCRA) is a U.S. federal law that regulates the collection, dissemination, and use of consumer credit information. Along with the Fair Debt Collection Practices Act (FDCPA), it forms the base of consumer credit rights in the United States. The FCRA is enforced by the FTC.

Information furnishers – such as creditors, collection agencies, and debt buyers – can supply information to a consumer’s credit report only if they 1) supply complete and accurate information, 2) have procedures in place to investigate disputes from consumers, and 3) inform a consumer if negative information is to be placed on their credit report.


FDCPA Litigation Totals Dropping But Still High; TCPA Unmoved in August

August FDCPA litigation statistics show large litigation drops for two successive months. That’s according to the monthly report from WebRecon LLC (WebRecon) statistics on consumer litigation. FDCPA litigation was down by 12.6% in July after dropping 7.5% in June. While the trend is welcome, FDCPA litigation is still up significantly year-over-year. In fact, litigation totals are […]


CFPB Takes Action Against Medical Debt Collector, Largely For Lack of Policies and Procedures

Yesterday, the CFPB announced an enforcement action against a medical debt collection company for mishandling consumer credit reporting disputes and preventing consumers from exercising important debt collection rights. The company is ordered to provide over $5.4 million in relief to harmed consumers, and pay a $500,000 penalty. At the core is a lack of adequate policies and procedures.


Now in the CFPB’s Sights: Collectors Hired by State & Local Government Agencies

These collectors operate outside the purview of the CFPB and with the full authority of those government agencies. These collectors frequently charge exorbitant fees and often hold the ability to effect wage garnishments, arrest, and even foreclosure against consumers. The consumers most vulnerable economically, are often caught in this cycle compounding the possibility of mistreatment.


Graduation: ARM-U 2015 Highlights Need for Regulatory Clarity

Some questions had definite answers from panelists; however, many of the questions highlighted confusion within the laws and regulations themselves. While the FTC requires one thing, the CFPB may require something entirely different — and often contradictory. And because there is little cohesion among state laws, compliance suffers across the board. Still, even recognizing the areas of confusion can help an agency in their compliance plan. Better still, though, would be some kind of definitive answer.


FTC Joins NY and GA in Action Against 3 Collection Agencies

The Primary Group is alleged to have sent consumers multiple text messages, and, in most cases, failing to disclose the company as a debt collector. Per Jessica Rich, Director of the FTC’s Bureau of Consumer Protection: “[Debt collectors] can’t harass or lie to you, whether they send a text, email, or call you.” She also stated that “legitimate debt collectors know the rules.”