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ARTICLE · 22 DECEMBER 2022

CFPB Intensifies Focus On Consumer Reporting Agencies

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In recent weeks, the Consumer Financial Protection Bureau (CFPB), the U.S. government agency that is charged with implementing and enforcing federal consumer financial law...

United StatesFinance and Banking
James Tucker Jr.
James Tucker Jr.
Caroline Shrock
Caroline Shrock
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In recent weeks, the Consumer Financial Protection Bureau (CFPB), the U.S. government agency that is charged with implementing and enforcing federal consumer financial law, has taken an increasingly active approach on a range of topics relating to credit reporting and background checks. In the last eight weeks, the agency has taken action aimed at protecting on five separate occasions.

Below is a summary of the recent relevant actions taken by CFPB:

  • On October 20, 2022, CFPB issued guidance to consumer reporting companies about their obligation to screen for fake "junk data" from consumers' credit reports. This effort by CFPB is aimed at reducing the false information on the credit reports of children in foster care, as well as the general public. The guidance states that companies must take steps to reliably detect and remove inconsistent or impossible information from consumers' credit profiles. Specifically, companies' policies and procedures should be able

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