Category Archives: Credit Reporting

NACA essay argues that consumer statutory damages set decades ago should be increased because of inflation

Here. Excerpt: Since the 70’s, the FCRA has allowed consumers with credit reporting claims to recover up to $1,000 per statutory violation of the law, while the FDCPA allows statutory damages up to $1000 per case even when multiple violations of the law are present. It is decades-past time for an update. An annual inflation […]

Paper on Removing Barriers to Mortgage Credit for Black Homebuyers

Michelle Aronowitz and Vanessa Gail Perry of George Washington have written Homeward Bound: Removing Barriers to Mortgage Credit for Black Homebuyers. Here’s the abstract: We analyze some of the key barriers to Black homeownership and propose several solutions that promise to expand homeownership opportunities, lower the costs of homeownership, and hasten equity accumulation for Black […]

Hawkins & Penner essay about advertising, racial steering, and lending

Jim Hawkins of Houston and Tiffany Penner have written Advertising Injustices: Marketing Race and Credit in America, 70 Emory Law Journal 1619 (2021). Here is the abstract: Access to affordable credit played a central role in the Civil Rights Movement. But today, racial and ethnic minorities oversubscribe to high-cost lending products like payday loans and underuse […]

Markup Study finds “loan applicants of color were 40%–80% more likely to be denied than their White counterparts”

Here, by Emmanuel Martinez and Lauren Kirchner and headlined "The Secret Bias Hidden in Mortgage-Approval Algorithms." Excerpt: An investigation by The Markup has found that lenders in 2019 were more likely to deny home loans to people of color than to White people with similar financial characteristics—even when we controlled for newly available financial factors that the […]

Rep. McHenry opposes government-run credit bureau on ground that government suffers cyberattacks. Equifax, anyone?

by Jeff Sovern Last week, the House Financial Services Committee held a hearing on credit reporting. I haven't yet watched the recording, but the American Banker's Neil Haggerty has a story here (the story is behind a paywall, but is available on Lexis). Among the topics addressed during the hearing was President Biden's proposal for a […]

Consumer Reports study reports errors in a third of the credit reports examined by participating consumers

by Jeff Sovern The report, by Syed Ejaz, is titled A Broken System: How The Credit Reporting System Fails Consumers And What To Do About It. Here are excerpts from the Executive Summary: Consumers are finding errors on their credit reports. More than one-third (34 percent) of consumers who participated in CR’s Credit Checkup survey […]

Loyola of Chicago Consumer Law Review Symposium: Racial Justice in Consumer Law

Panel I – Antiracist Policy in Consumer Law – March 4, 4:00 PM (All times are CST.) The symposium's first panel will highlight antiracist policy arising in the various areas of consumer law. The panelists' expertise and discussion topics range from historical analysis of racist consumer facing practices to modern analyses of consumer protection most […]

SCOTUS takes FCRA class action case

The issue as framed by the petitioner, TransUnion, is whether "either Article III or Federal Rule of Civil Procedure 23 permits a damages class action when the vast majority of the class suffered no actual injury, let alone an injury anything like what the class representative suffered." More at SCOTUSblog.

CFP on Racial Capitalism

We've received the following Call for Papers, which overlaps with consumer law issues: Racial Capitalism: An Elaboration in Legal Scholarship As a journal dedicated to social, racial, and economic justice, the Journal of Civil Rights & Economic Development (JCRED) is soliciting articles for Racial Capitalism, an Elaboration in Legal Scholarship, our forthcoming symposium issue. This issue will explore the […]