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ARTICLE · 08 JULY 2021

CFPB Warns Credit Reporting Agencies On Eviction Data Accuracy

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The CFPB warned consumer reporting agencies ("CRAs") to accurately report information regarding consumer rentals and evictions.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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The CFPB stated that it intends to carefully assess whether landlords, property management companies and debt collectors are (i) including accurate information in their reports to CRAs and (ii) in compliance with Fair Credit Reporting Act dispute-handling responsibilities.

In a bulletin, the CFPB clarified that the CFPB will pay attention to whether furnishers are reporting (i) consumer debts that are already settled for a tenant through government grants or relief programs, and (ii) fees or penalties that are illegal under Section 4024(b) ("Moratorium") of the Coronavirus Aid, Relief and Economic Security Act (or "CARES Act").

Additionally, the CFPB put CRAs "on notice" that it will be evaluating whether they are:

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