Cento Law, Court Cases, Credit Reporting Law, Law
Cento Law
Our recent oral argument before the Fifth ...
Our recent oral argument before the Fifth Circuit Court of Appeals
CFPB, Enforcement, Law, Credit Errors, Dispute Process, e-Oscar, Investigations, Understanding the FCRA
Cento Law
CFPB Sues Experian

On January 7, 2025, the CFPB filed a lawsuit against Experian alleging that Experian violated FCRA by failing to properly conduct reinvestigations of disputed information in consumer credit files; failing to delete inaccurate, incomplete, or unverified information in consumer credit files; failing to provide adequate written notice to consumers of the results of its reinvestigations; failing to prevent the improper reinsertion of previously deleted information from consumer credit files; and failing to follow reasonable procedures to assure maximum possible accuracy of the credit information Experian reports on consumers. In addition, the complaint alleges that Experian committed unfair acts or practices in violation of the Consumer Financial Protection Act of 2010 by (1) failing to convey consumers’ disputes to furnishers fully and accurately, and instead distorting, truncating, and mischaracterizing consumers’ disputes; (2) relying excessively on furnishers to resolve disputes, routinely doing nothing more than sending the dispute to a furnisher and implementing the furnisher’s response, despite having evidence of that furnisher’s unreliability; and (3) improperly reinserting tradelines into consumer credit reports due to its practice of failing to adequately match newly reported tradelines to tradelines that were previously deleted as a result of a dispute if the subsequent furnishing was from a new furnisher. The Bureau seeks, among other things, to bring Experian into compliance with the law, consumer redress, and the imposition of civil money penalties.

CFPB Sues Experian
Credit Reporting Law, Law, Cento Law, Understanding the FCRA
Cento Law
Understanding the FCRA: What Consumers Need to ...

Understanding the FCRA - Credit Reporting Law

Understanding the FCRA: What Consumers Need to Know About Credit Reporting Agencies
Credit Reporting Law, Credit Reporting History
Cento Law
Credit Bureaus Unveiled: The Power, ...
Credit Bureaus Unveiled: The Power, Consolidation, and Consumer Struggles from 1970 to Today
Credit Reporting Law, Cento Law
Cento Law
FCRA - The Fair Credit Reporting Act
FCRA - The Fair Credit Reporting Act

Cento Law

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Understanding the FCRA: What Consumers Need to Know About Credit Reporting Agencies

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Understanding the FCRA: What Consumers Need to Know About Credit Reporting Agencies

Understanding the FCRA - Credit Reporting Law

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FCRA - The Fair Credit Reporting Act

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The Fair Credit Reporting Act (FCRA) is a federal law that aims to protect the accuracy, fairness, and privacy of consumer credit information. It was enacted in 1970 and has undergone several updates since then.

The FCRA applies to credit reporting agencies (CRAs), lenders, and businesses that use credit reports to make decisions about consumers. The law regulates the collection, dissemination, and use of credit information, as well as the rights of consumers to access and correct their credit reports.

Under the FCRA, CRAs must follow specific procedures to ensure the accuracy of the information they collect and maintain. They must also provide consumers with a copy of their credit report upon request and investigate any disputes regarding the accuracy of the information in their reports.

The FCRA also limits who can access a consumer's credit report and for what purposes. For example, employers must obtain written consent from job applicants before accessing their credit reports, and landlords must provide notice and obtain consent before accessing a tenant's credit report.

Another critical aspect of the FCRA is the requirement for CRAs to maintain reasonable procedures to ensure the confidentiality and security of consumer credit information. This includes implementing safeguards to prevent unauthorized access to credit reports and promptly notifying consumers in the event of a data breach.

Overall, the Fair Credit Reporting Act serves a vital role in protecting the rights of consumers and ensuring the accuracy and privacy of their credit information. To make informed credit decisions, lenders and consumers must understand their legal rights and responsibilities.