FHFA: Public Engagement Process Announced for Implementation of Updated Credit Score Requirements
Enterprises to conduct stakeholder outreach and gather feedback The Federal Housing Finance Agency (FHFA) today announced plans for stakeholder input on proposed milestones as Fannie Mae and Freddie Mac (the Enterprises) work to replace the Classic FICO credit score model with the FICO 10T and the VantageScore 4.0 credit score models, and transition from requiring…
CFPB: Inquiry Launched into the Business Practices of Data Brokers
Public input will help to inform planned rulemaking under the Fair Credit Reporting Act The Consumer Financial Protection Bureau (CFPB) has launched an inquiry into companies that track and collect information on people’s personal lives. In issuing this new Request for Information, the CFPB wants to understand the full scope and breadth of data brokers…
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: Rule Proposed to Establish Public Registry of Terms & Conditions in Form Contracts That Claim to Waive or Limit Consumer Rights & Protections
Companies can use terms and conditions in non-negotiable form contracts to try to hide consumer harm, to stifle criticism about products and services, and to undermine consumer financial protection law Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to establish a public registry of supervised nonbanks’ terms and conditions in “take it or…
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: Supervisory Examinations Find Credit Reporting Failures, Junk Fees and Mishandling of COVID-19 Protections
Agency examiners find legal violations across consumer financial products and services Today, the Consumer Financial Protection Bureau (CFPB) released a new Supervisory Highlights report on legal violations identified during the CFPB’s supervisory examinations in the first half of 2022. The report details key findings across consumer financial products and services, including how consumer reporting companies…
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…