Credit Reporting & Scores Archives

NCLC Advocate Applauds CFPB Report Spotlighting Deficiencies in Credit Bureaus’ Complaint Handling; Calls for Fundamental Reform of Troubled Industry

January 6, 2022

January 6, 2022 BOSTON – In response to yesterday’s release by the Consumer Financial Protection Bureau (CFPB)’s of a report detailing the failures of the Big Three credit bureaus [Equifax, Experian and TransUnion] in responding to consumer complaints, Chi Chi Wu, staff attorney at National Consumer Law Center, issued the following statement: “The CFPB is…

Advocates Urge CFPB to Prevent Rental Debt From Becoming a Barrier to Housing

December 14, 2021

December 14, 2021 New Policy Brief Highlights Legal Aid and Non-Profit Attorneys’ Experiences Representing Clients With COVID-19 Related Rental Debt WASHINGTON– Today, advocates at the National Consumer Law Center sent to the Consumer Financial Protection Bureau a policy brief, Assisting Consumers with Rental Debt During COVID-19: Legal Aid and Non-Profit Attorneys Share Their Experiences, and…

Ramirez, Faux-Federalism, and the Futility of Consumer Disclosure Protections

August 10, 2021

Despite their numerous and intractable problems, the Supreme Court provided an enormous get-out-of-jail-free pass to credit bureaus in a recent case, TransUnion LLC v. Ramirez. The Ramirez decision significantly impacts the ability of consumers to protect themselves and their financial reputations under the Fair Credit Reporting Act (FCRA).

Fact Sheet Supporting Mass Fair Chance in Employment Act Regarding Credit Checks by Employers

Why we need the FCEA to keep credit reports out of hiring decisions now Credit Reports Will Be Negatively Impacted by the COVID Crisis Credit Reports Don’t Predict Job Performance Credit Reports Are Riddled with Errors Credit Reports Perpetuate Historic Racial Inequities and Injustices

Advocates Praise CFPB for Rescinding Harmful Policies that Weakened Consumer Protections

March 31, 2021

FOR IMMEDIATE RELEASE: March 31, 2021 Washington, D.C. – Advocates applauded today’s announcement by the CFPB that it has rescinded several temporary policy statements issued last year that weakened consumer protection by giving financial service industries unnecessary “flexibility” not to comply with consumer protection laws, including laws governing credit cards and prepaid cards, home mortgages,…

Consumer Advocates Commemorate the 50th Anniversary of the Fair Credit Reporting Act

October 26, 2020

FOR IMMEDIATE RELEASE: October 26, 2020 Washington, D.C. – Today marks the fiftieth anniversary of passage of the Fair Credit Reporting Act (FCRA). The following is the statement of National Consumer Law Center attorneys Chi Chi Wu, Ariel Nelson and Sarah Bolling Mancini. “The FCRA was a landmark law for its time and the first…

Consumer and Faith Groups to CFPB Director: Stop Letting Industry Violate the Fair Credit Reporting Act

September 24, 2020

For Immediate Release: September 24, 2020 550% increase in credit reporting complaints to CFPB in the past six months Washington, D.C. – A coalition of 21 consumer, faith, and advocacy groups sent a letter today to Consumer Financial Protection Bureau Director Kathy Kraninger urging her to revoke the permission that the Bureau granted the credit…

Salt in the Wound: How Eviction Records and Back Rent Haunt Tenant Screening Reports and Credit Scores

August 1, 2020

Before the COVID-19 crisis, 20.8 million American renter households–47% of all renter households–were already burdened with housing costs that threatened their financial security. Since the onset of the crisis in the United States, over 44 million Americans have filed for unemployment. Over 20 million people live in renter households experiencing job loss related to COVID-19.…

National Consumer Law Center Advocates’ Statement Regarding U.S. House Passage of HEROES Act

May 15, 2020

Washington, D.C. – Today, the U.S. House passed a $3 trillion dollar package in response to the COVID-19 crisis. In the consumer area, the bill provides desperately needed help for families dealing with the economic crisis, beyond the modest start in the previous CARES Act. In particular, the HEROES Act, HR 6800: Provides immensely needed…

Letter Supporting the Medical Debt Relief Act

May 11, 2020

Group Letter urging inclusion of S1581/HR 6470: the Medical Debt Relief Act of 2019 in the next COVID-19 relief package

National Consumer Law Center Advocate Slams Trump Administration Credit Reporting Guidance for Giving Relief to Creditors and Credit Bureaus But Not Consumers During COVID-19 Pandemic

April 1, 2020

Boston – Today, the Consumer Financial Protection Bureau issued a policy guidance outlining the “responsibilities” of credit bureaus and furnishers (i.e., creditors and debt collectors) during the COVID-19 pandemic. The following is a statement in response from Chi Chi Wu, staff attorney at the National Consumer Law Center: “The Consumer Financial Protection Bureau (CFPB) utterly…

Senate COVID-19 Stimulus Bill is a Start but Falls Far Short for Families, Students, and the Nation’s Most Vulnerable

March 26, 2020

Washington, D.C. – Late yesterday, the U.S. Senate passed a $2 trillion stimulus bill to assist businesses and families in the wake of the COVID-19 crisis. The package includes some helpful aid but it falls short in several critical consumer protection areas. “While the Senate package contains some first steps to relieve the economic crisis,…

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