Tagged as: Credit Reporting

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

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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 Enters Consent Orders with Credit Reporting Agencies Over Allegedly Deceptive Credit Scores

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On January 3, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into two consent orders, available here and here, with two national credit reporting agencies over allegations that the agencies violated the Consumer Financial Protection Act by misrepresenting how lenders use certain credit scores that the agencies…

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Arkansas AG Files Suit Against Credit Repair Company Over Deceptive Sales Practices

On December 21, 2016, the Arkansas Attorney General’s Office (“Arkansas AG”) announced that it had filed a lawsuit in the U.S. District Court for the Eastern District of Arkansas against a Florida-based credit repair company, stemming from allegations that the company made false and misleading representations to consumers.  The Arkansas…

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CFPB Summarizes Supervisory Trends for May through August, 2015

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On November 3, 2015, the Consumer Financial Protection Bureau (CFPB) released its Supervisory Highlights report​ detailing the Bureau’s supervision efforts for May through August of 2015. The report summarizes the violations of consumer protection laws the Bureau observed during the four-month period and identifies the areas in which the Bureau has…

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FTC Settles with National Credit Repair Company Over Allegedly Misleading Representations

FTC

​On August 4, the Federal Trade Commission (FTC) announced​ that it had reached a settlement with a national credit repair company and its officers over allegations that they misrepresented the nature of the services provided to Spanish-language consumers.  The complaint, filed on March 16, alleged that the company charged consumers up-front for credit repair services, falsely claimed…

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State Attorneys General Announce Settlement with Credit Reporting Agencies

On May 20, 2015, Ohio Attorney General Mike DeWine, along with attorneys general of thirty other states (“the State AGs”), announced a $6,000,000 settlement with three major credit reporting agencies (“CRAs”). According to the announcement and the Settlement Agreement, the settlement is a culmination of a multistate investigation that the…

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