Search Results: Credit Reporting

FTC and CFPB Announce $15 Million Settlement Against Credit Reporting Agency For Alleged Inaccuracies In Tenant Screening Reports

​On October 12, 2023, the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) announced that they filed a joint complaint​ and obtained a $15 million settlement​ against a parent credit reporting agency and one of its subsidiaries for alleged violations of the Fair Credit Report Act (FCRA) with respect to tenant…

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CFPB Issues Consent Order Against Credit Reporting Agency For Alleged Failures to Timely Place Credit Freezes And Locks On Conumser Reports

​​On October 12, 2023, the Consumer Financial Protection Bureau (CFPB) issued a consent order and a stipulation ​against a parent credit reporting agency and two of its subsidiaries for for alleged violations of the Fair Credit Report Act (FCRA) and the Consumer Financial Protection Act (CFPA). The CFPB alleged that as early as…

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CFPB Enters Into $37.5 Million Penalty With Large National Bank

On July 28, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a large national bank to resolve alleged violations of the Truth in Lending Act (TILA), 15 U.S.C. § 1601 et seq., and its implementing regulation, Regulation Z (Reg Z), 12 C.F.R. part 1026; the Fair Credit…

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FTC Obtains Temporary Restraining Order Against Credit Repair Operation

FTC

On May 6, 2022, the Federal Trade Commission (FTC) announced that, at its request, the U.S. District Court for the Middle District of Florida had issued a temporary restraining order (TRO), effectively shutting down a credit repair operation. In the FTC’s complaint, it alleged that the company charged consumers hundreds of dollars for credit repair services that…

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CFPB Files Lawsuit Against TransUnion for Deceptive Marketing

On April 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced ​that it filed a lawsuit against TransUnion and the company’s former executive.  The complaint​, filed in the U.S. District Court for the Northern District of Illinois, alleges that TransUnion violated a 2017 CFPB consent order which resolved allegations that the company deceptively marketed credit scores…

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Court Enjoins Credit Repair Company From Making Misrepresentations to Consumers

On March 21, 2022, the Department of Justice (DOJ) announced that it obtained a permanent injunction against a credit repair company and its CEO, barring the company from making representations that it can improve consumers’ credit scores.  The injunction was issued by the United States District Court for the Southern District of Texas in relation…

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FTC Stops Alleged Credit Repair Scheme that Filed False Identify Theft Complaints

FTC

On March 21, 2022, the Federal Trade Commission (FTC) announced that it had obtained an injunct​​ion halting a Texas-based credit repair operation.  The company allegedly obtained millions of dollars from consumers by falsely claiming to consumers the company could remove negative information from credit reports.  The company would then allegedly file fake identify theft reports to remove…

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CFPB Sues Software Company for Allegedly Supporting Illegal Credit-Repair Fees

On September 20, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in the U.S. District Court of the Central District of California against a California-based software company and its owner.  The complaint alleges that the software company violated the Telemarking Sales Rule (TSR) and Consumer Financial…

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CFPB Enters Into $4.75 Million Consent Order With Subprime Auto Lender and Servicer for FCRA Violations

On December 22, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a national lender and originator of subprime auto loans over the company’s alleged violations of Section 623(a)(1)(A) of the Fair Credit Reporting Act (FCRA) (15 U.S.C. § 1681-s2(a)) and Regulation V, 12 C.F.R. § 1022.42(a). The…

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CFPB Settles with Telecommunications Debt Collector for Alleged FCRA and CFPA Violations

On November 12, 2020, the Consumer Financial Protection Bureau (CFPB) announced ​​that it had entered into a consent order with an Illinois-based debt collector that collects debts on behalf of telecommunications companies and furnishes consumer-account information to credit reporting agencies. The CFPB alleged that the debt collector violated the Fair Credit Reporting Act (FCRA) and the…

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FTC Settles with Several Individual and Corporate Defendants Involved in Credit Repair Scheme

FTC

On January 17, 2020, the Federal Trade Commission (FTC) settled with several operators of a credit repair scheme for alleged violations of sections 13(b) and 19 of the FTC Act, 15 U.S.C. §§ 53(b) and 57b, Section 410(b) of the Credit Repair Organizations Act (CROA), 15 U.S.C. § 1679h(b), Section 6(b) of the…

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CFPB Settlement with Military Travel Loan Lender, Servicer Results in $3.5 Million "Suspended Judgment"

On November 25, 2019, the Consumer Finance Protection Bureau (CFPB) filed concurrent consent orders against a Kentucky-based military travel loan lender (here) and its loan servicer (here). The lender sold and financed airline tickets to military servicemembers and their families from 2010-2016​ by both facilitating financing by other creditors and originating loans itself.  The CFPB…

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FTC Sues Credit Repair Companies Over Allegedly Deceptive Marketing Practices

FTC

On June 21, 2019, the Federal Trade Commission (FTC) announced that it had filed a lawsuit against affiliated companies offering services to repair consumers’ damaged credit.  The FTC’s Complaint, filed in the U.S. District Court for the District of Connecticut, alleged that the companies used deceptive marketing campaigns that promised to eliminate derogatory credit from consumers’ credit reports and raise…

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CFPB Enters Consent Order with Federal Savings Association Over Alleged Credit Reporting Violations

On December 6, 2018, the Bureau of Consumer Financial Protection (“CFPB”) announced that it had entered into a consent order with a federal savings association headquartered in Bloomington, Ill.  According to the consent order, the CFPB alleged that the savings association violated the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq.,…

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FTC Obtains $6.8 Million Judgment Against Two Individuals in "Free" Credit Report Scheme

FTC

​On October 30, the Federal Trade Commission (FTC) announced that it had obtained a stipulated order for a permanent injunction and monetary judgment against two individuals for allegedly using fake rental property ads to lure consumers to visit websites promising “free” credit reports.  When consumers visited those websites, the individuals allegedly deceived them…

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CFPB Orders National Bank to Pay $4.6 Million in Civil Penalties for Credit Reporting Practices

On August 2, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a national bank, resolving allegations as to the bank’s allegedly unlawful credit reporting activities. According to the CFPB, the bank violated several federal laws with respect to its reporting practices, including the Fair Credit Reporting Act, 15…

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CFPB Files Complaints Against Credit Repair Companies for Charging Illegal Fees and Misleading Consumers

On June 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced​ that it filed two complaints and proposed final judgments against four California-based credit repair companies for misleading consumers and charging illegal fees. The CFPB alleged that the companies charged illegal advance fees for credit repair services and misrepresented their ability to repair…

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CFPB Enters Into Consent Order with Credit Reporting Agency Over Alleged Misrepresentations

On March 23, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a California-based credit reporting agency (CRA) and its subsidiaries, resolving allegations that the CRA deceived consumers by misrepresenting that the credit score reports that it marketed to consumers were used by lenders in determining a consumer’s credit worthiness….

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