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ARTICLE · 23 FEBRUARY 2024

2023 Year In Review: Credit Reporting

Goodwin Procter LLP
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The CFPB's announcement of a proposed rulemaking to remove medical bills from consumers' credit reports, as well as the special focus placed on medical debt in its annual report...

United StatesFinance and Banking
Sabrina Rose-Smith
Sabrina Rose-Smith
W. Kyle Tayman
W. Kyle Tayman
Levi Swank
Levi Swank
Matthew L. Riffee
Matthew L. Riffee
Christina L. Hennecken
Christina L. Hennecken
Courtney L. Hayden
Courtney L. Hayden
Viona J. Harris
Viona J. Harris
Kelsey Pelagalli
Kelsey Pelagalli
Chenxi (CC) Jiao
Chenxi (CC) Jiao
+2 more

Looking Ahead to 2024

The CFPB's announcement of a proposed rulemaking to remove medical bills from consumers' credit reports, as well as the special focus placed on medical debt in its annual report, indicates that reporting medical debt will continue to be a priority.

The continued federal agency scrutiny directed toward credit-reporting agencies (CRAs) by both the CFPB and the FTC, the prevalence of consumer complaints regarding issues related to CRAs, and the large-scale interagency cooperative action taken against TransUnion indicate that administrative oversight of CRAs may continue to be a significant focus.

Key Trends From 2023

In 2023, Goodwin tracked three public-enforcement actions related to credit reporting or credit repair services, representing half of the six actions tracked in 2022 but consistent overall with the average of four actions per year from 2017 to 2021.

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