The Consumer Financial Protection Bureau just announced that it ordered TD Bank to pay $28 million in fines and in consumer redress over the bank’s credit reporting practices. It is the CFPB’s second enforcement action against TD Bank. “For years, the bank repeatedly shared inaccurate, negative information about its customers to consumer reporting companies. The […]
Category Archives: Credit Reporting
Two consumers sued Experian after discovering the agency, was reporting an automobile loan as “discharged through bankruptcy,” when they had been making payments on the loan for years, and their attempts to correct the issue proved unsuccessful. For some reason, Experian responded by issuing sweeping discovery requests — including broad subpoenas issued to the law […]
Since the Supreme Court’s decision in TransUnion LLC v. Ramirez, many consumers have been unable to obtain relief for violations of their statutory rights under the Fair Credit Reporting Act. Yesterday’s decision by the Sixth Circuit in Merck v. Walmart, Inc. is another case in that line. The plaintiff, Thomas Merck, had been extended a job […]
Yesterday, the CFPB announced a proposed rule that would remove medical bills from most credit reports and add other limitations on the use of medical debt in lending. The agency’s press release is available here, and the proposed rule is available here. Comments will be open until at-least mid August.
In 2019, New Jersey amended its state fair credit reporting act to require national credit reporting agencies to provide, upon request, credit file disclosures to New Jersey consumers in certain languages other than English. An industry association sued, alleging the statute was preempted by the federal fair credit reporting act, and violated the First Amendment. […]
Here. Excerpt: [F]or the past three years, having incorrect information on a report has been the No. 1 complaint made to the Consumer Financial Protection Bureau, according to CFPB data compiled by Consumer Reports. What’s more, the number of complaints about credit report errors more than doubled in recent years, from 165,129 in 2021 to […]
The Supreme Court ruled unanimously yesterday in favor of consumer interests in Department of Agriculture Rural Development Rural Housing Service v. Kirtz, a case argued by Public Citizen Litigation Group attorney Nandan Joshi. The case concerned the Fair Credit Reporting Act, which allows consumers to sue creditors for failing to correct inaccurate credit information that […]
Rosario Hernandez sued MicroBilt after a verification report the company issued inaccurately stated she was on a government watch list, leading to her being denied a loan. Citing a mandatory arbitration agreement in her loan application, MicroBilt moved to compel, and Hernandez dismissed her court complaint and submitted her claims to the AAA for arbitration. […]
The Fair Credit Reporting Act provides that consumers that establish a consumer reporting agency has willfully failed to comply with the statute’s requirement may recover either (1) their actual damages, or (2) “damages of not less than $100 and not more than $1,000.” In Santos v. Healthcare Revenue Recovery Group, LLC, Experian argued that, in order […]
When a consumer finds an error on his or her credit report, the FCRA provides two mechanisms for raising a dispute. The consumer can raise a “direct” dispute with the person or entity that furnished the incorrect or incomplete information (the “furnisher”), or an “indirect” dispute with the credit reporting agency, which then must provide […]