CFPB: New Report Finds One-Third Decline in Collections Items on Consumer Credit Reports
Report underscores ongoing concerns about accuracy of collections data, particularly with respect to medical debt Today, the Consumer Financial Protection Bureau (CFPB) released a report examining trends in credit reporting of debt in collections from 2018 to 2022. The report found the total number of collections tradelines on credit reports declined by 33%, from 261…
ABA: Foundation Launches 2023 Financial Education Campaigns, Three-Year Initiative to Reach 5 Million Americans
The theme for this year’s campaigns is ‘Protecting Your Financial Future’ The American Bankers Association Foundation today launched its 2023 financial education campaigns, calling on America’s banks and their more than two million employees to participate in these important industry programs and help more consumers achieve long-term financial stability. It also announced a three-year industry-wide…
CFPB: New Report Issued on Complaints Regarding TransUnion, Experian, and Equifax
Analysis of nearly half a million complaints reveals ongoing challenges Today, the Consumer Financial Protection Bureau (CFPB) released an annual report that details improvements and deficiencies in the nationwide consumer reporting companies’ responses to consumer complaints transmitted by the CFPB. Today’s report includes considerations for the nationwide consumer reporting companies to improve compliance with consumer financial protection…
CFPB: New Guidance Issued to Address Investigation Practices by Consumer Reporting Agencies
When consumer reporting companies and furnishers fail to investigate disputed information, consumers are left paying higher interest rates and face greater difficulty finding housing, employment Today, the Consumer Financial Protection Bureau (CFPB) issued a circular to affirm that neither consumer reporting companies nor information furnishers can skirt dispute investigation requirements. The circular outlines how federal…
FHFA: Validation of FICO 10T and Vantage Score 4.0 Announced for Use by Fannie Mae and Freddie Mac
The Federal Housing Finance Agency (FHFA) today announced the validation and approval of both the FICO 10T credit score model and the VantageScore 4.0 credit score model for use by Fannie Mae and Freddie Mac (the Enterprises). “Today’s decision will benefit borrowers and the Enterprises, along with maintaining safety and soundness,” said FHFA Director Sandra…
CFPB: Guidance Issued to Address Junk Data in Credit Reports
Effort seeks to address false information on the credit reports of children in foster care and the general public Today, the Consumer Financial Protection Bureau (CFPB) issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports. Companies need to take steps to reliably…
CFPB: Analysis Published on Potential Impacts of Medical Debt Credit Reporting Changes
Removing Paid Collections Will Have Limited Benefit Across Consumer Groups Today, the Consumer Financial Protection Bureau (CFPB) published an analysis of how actions announced by the three largest national consumer reporting companies – Experian, Equifax, and TransUnion – will affect people who have allegedly unpaid medical debt on their credit reports. Nearly half of those…
CFPB: Agency Affirms Ability for States to Police Credit Reporting Markets
The Fair Credit Reporting Act does not stop states from enacting laws to tackle credit reporting problems related to medical debt, tenant screening, and other consumer risks Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule affirming states’ abilities to protect their residents through their own fair credit reporting laws. With limited preemption…
CFPB: New Final Rule Issued with Credit Reporting Protections to Aid Survivors of Human Trafficking
CFPB Helps Survivors Mitigate the Financial Consequences of Human Trafficking Today, the Consumer Financial Protection Bureau (CFPB) issued a final rule to help survivors avoid some of the financial consequences of human trafficking. The CFPB has established, among other things, a method for survivors of trafficking to submit documentation to credit reporting companies that identifies…
CFPB: New Report Highlights Experience of Military Families with Medical Billing, Credit Reporting, and Debt Collection
Servicemembers and veterans report problems with coercive credit reporting and false medical bill collections Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on the top financial concerns facing servicemembers, veterans, and military families, based on the complaints they submitted to the CFPB. Servicemembers told the CFPB about billing inaccuracies and that debt…