In case you missed it, on August 17, 2021, the CFPB issued a
press
release in which it announced it filed a proposed settlement agreement to
resolve a lawsuit against Fair Collections and Outsourcing (FCO). The
settlement would require FCO to pay $850,000 and overhaul its policies and procedures.
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When a
consumer is denied credit due to an inaccuracy in their consumer report they can
prevail on a claim against the CRA who issued the report under Section 1681e(b)
of the Fair Credit Reporting Act (“FCRA”). This section requires CRAs to follow
reasonable procedures to assure the maximum possible accuracy of the
information in their reports. But what if nothing bad actually happened to the
consumer as a result of the the inaccuracy? Do they still have an FCRA claim? Recent
decisions by the U.S. Supreme Court in TransUnion v. Ramirez and
the Ninth Circuit Court of Appeals in Leoni v. Experian Info.
Solutions have said no. These decisions show how CRAs can defeat “no injury” FCRA
lawsuits.
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On August 25, 2021, the California Department of Financial Protection and Innovation (DFPI) announced that a checklist of the requirements needed to obtain a California Collection License is now available on Nationwide Multistate Licensing System & Registry (NMLS). The application will be available on NMLS starting September 1, 2021. After an initial application is received, instructions will follow on completing fingerprinting requirements.
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