Your credit report is a critical part of your identity in terms of your finances. This will essentially affect everything from getting approved for a loan to even potential job opportunities. However, errors in credit reporting are more common than you might think, and they can have serious consequences. Fortunately, the Fair Credit Reporting Act […]
Category Archives: FCRA
Data breaches place almost everyone at risk for credit report mistakes. That Equifax — a company charged by law with protecting victims of identity theft and ensuring data integrity — failed to prevent this breach is a bitter irony. Consumers should regularly check their credit reports for inaccurate information. The Fair Credit Reporting Act enshrines […]
Senate Bill 1581, introduced by Sen. Jeff Merkley [D-Ore.] and co-sponsored by Sen. Richard Blumenthal [D-Conn.], Sen. Elizabeth Warren [D-Mass.], Sen. Bob Menendez [D-N.J.], and Sen. Dick Durbin [D-Ill.], would amend the Fair Credit Reporting Act by delaying reporting of an individual’s medical debt to credit reporting agencies for one year. It would also require the […]
Today, U.S. Senators Marco Rubio (R-FL) and John Kennedy (R-LA) introduced the Small Business Credit Protection Act, legislation that would require credit bureaus to inform small businesses, within 30 days, of a nonpublic personal data breach. The bill would also prohibit credit bureaus from charging small businesses for a credit report within 180 days following a breach. In […]
Stanford University is facing a new Fair Credit Reporting Act class action with, potentially, over a thousand class members. And it’s not the first time Stanford has faced these claims. Notably, this isn’t the first time that Stanford has faced FCRA claims for the disclosures in their application forms. In 2015, Stanford faced precisely the same […]
Job applicants have important federal rights regarding their background checks. That includes being provided with a copy of a summary of those rights. It also includes important rights concerning inaccurate information on a background check report. https://www.jdsupra.com/legalnews/fcra-developments-updated-summary-of-77049/ More information can be found here
The Consumer Financial Protection Bureau issued a new FCRA “Summary of Rights” form, effective September 21, 2018 https://www.natlawreview.com/article/compliance-now-required-new-fcra-summary-rights-released
Testifying on behalf of the Commission at a hearing on credit bureaus and the FCRA, Maneesha Mithal, Associate Director of the FTC’s Division of Privacy and Identity Protection, noted that the Commission has played a key role in the implementation, enforcement, and interpretation of the FCRA since its enactment in 1970. The FCRA requires consumer […]
Last month, Senator Jack Reed (D) of Rhode Island proposed legislation which would give consumers discretion over who sees their all-important credit information. The Control Your Personal Credit Information Act would require credit bureaus to request permission from consumers in order to share their highly personal credit-information with third-parties. Senator Reed states: “under existing law, […]
Dominick Tavella, of Diversified Financial Consultants, suggests that consumers sign up for credit alerts in order to protect against unwarranted issuances of credit, resulting from the Equifax breach. Tavella cautions consumers about Equifax’s offer to provide credit monitoring free for a year, as the information gained through the data breach may not be used (or […]
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