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:
- following the correct procedures to ensure that only accurate rental information is included in individuals' consumer reports;
- reporting in each consumer report the rental information that belongs to the consumer who is the subject of the report;
- reporting eviction information that is complete and accurate by having adequate procedures for (i) including the disposition of the eviction, (ii) preventing multiple entries for the same action and (iii) preventing entries of eviction records that were sealed or expunged; and
- adequately investigating consumer reports of inaccuracies.
The CFPB reminded consumers that they have the right to:
- request their credit reports for review from any of the three nationwide CRAs;
- dispute mistakes on consumer reports with both the CRA and the furnisher;
- review reports from other consumer reporting agencies, such as tenant screening agencies; and
- submit complaints to the CFPB.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.