News Topic: FCRA

Five Democrats on the Senate Banking Committee sent a letter to Director Kathy Kraninger calling the agency's response to COVID-19 “tepid and ineffectual at best.” ... Read full article

The agency said lenders should avoid reporting delinquent payments to credit bureaus for consumers who have sought payment relief due to the pandemic. ... Read full article

The six bills championed by Democrats aim to reduce consumer burdens and provide opportunities for borrowers to rehabilitate their credit, but the legislation garnered no Republican support. ... Read full article

Regulators have long warned the credit bureaus about deceptive marketing that causes consumers to sign up unwittingly for paid monitoring services. But the practice has persisted, according to complaint data. ... Read full article

The House Financial Services Committee passed a bill that would exclude adverse credit information for consumers impacted by a government shutdown. ... Read full article

The Massachusetts Democrat is questioning a claim by the agency about the amount of redress available to those affected by the credit bureau's 2017 data breach. ... Read full article

The bill, similar to legislation that passed the chamber last year, would permit the inclusion of items such as rent and telecom payments to help consumers build their credit profiles. ... Read full article

First-term Rep. Rashida Tlaib, D-Mich., has sponsored the Prevent Discrimination in Auto Insurance Act in order to prevent “undue burden” on low-income individuals seeking auto insurance. ... Read full article

Ahead of testimony by the CEOs of the major bureaus, House Financial Services Committee leaders proposed sweeping changes for the credit reporting industry and credit-score protections for furloughed government workers. ... Read full article

The banking subsidiary of the Bloomington, Ill., insurer must stop providing inaccurate information to the credit bureaus under a consent order. ... Read full article

An internal agency analysis says changing the name of the bureau to the BCFP, as Mulvaney wants, could cost banks, credit unions and mortgage firms $300 million. It doesn’t have to be this way. ... Read full article

The CFPB issued an interim final rule on Wednesday requiring that credit reporting agencies keep initial fraud alerts in a consumer’s file for at least a year. ... Read full article

Allowing alternative data such as rent and utility payments has bipartisan support, but some say it could create more problems than it solves. ... Read full article

Supporters say pending legislation would help consumers with little or no credit history. But the bill would instead roll back key consumer protections. ... Read full article

Consumers who regularly pay their bills on time for things such as their cable and mobile phones should be able to build their credit histories. ... Read full article

Summit Credit Union in Madison, Wis., has filed what's believed to be the first lawsuit by a financial institution in connection with the massive data breach. ... Read full article

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