On June 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued its landmark proposal to prohibit medical debt on credit reports. It’s a terrific development worth taking a moment to celebrate. But the CFPB needs our support for the proposed rule to get it over the finish line. At the same time, state legislation is…
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Credit repair organizations (CROs) claim they can help improve consumers’ credit records, but they rarely deliver. And they can charge consumers hundreds of dollars per month, sometimes for years. States are trying to strengthen protections, but credit repair industry has predictably responded with myths about why stronger protections are not needed.
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Rent reporting carries huge risks for renters, especially the most vulnerable families who struggle with housing costs.
Credit reports and scores, tenant and employment screening reports, and other background checks all impact fundamental necessities in a consumer’s life: the ability to rent an apartment or buy a home, obtain insurance, find a job, open or keep a bank account, and obtain fairly priced credit. Yet each one of these categories of “consumer…
Read More about 2024 Credit & Consumer Reporting Priorities to Promote Economic Stability
Credit reports and scores reflect stunning racial disparities. Study after study has found that Black and Latino communities have lower credit scores as a group than whites and Asians. The racial disparities in credit scores are due to deep structural factors, created by centuries of intentional and legalized discrimination as well as present-day biases.
An Act reducing barriers to employment through credit discrimination H.1434/S.1114, the Fair Chance in Employment Act (FCEA) Senator Barrett, Representative Cutler. Massachusetts has led the way in this area by being one of three states (CA, HI, MA) banning the use of credit scores in auto insurance decisions or pricing. This act will continue our…
Read More about Why We Need the FCEA to Keep Credit Reports Out of Hiring Decisions Now
