In an enforcement compliance bulletin published in the Federal Register, the CFPB warned it will hold credit rating agencies ("CRAs") accountable for compliance failures with respect to "accuracy and dispute obligations" concerning rental information under the Fair Credit Reporting Act and Regulation V.
In the bulletin, the CFPB summarized current legal requirements and considerations with respect to its enforcement discretion. The CFPB stated it expects that renters will face evictions and collection attempts to recover unpaid rent, and emphasized that inaccuracies in reported information could prevent consumers from access to safe and affordable housing.
As previously covered, the bulletin - which went into effect on July 7, 2021 - was issued in response to CFPB concerns over expiring pandemic-related eviction moratoria. The federal moratorium on evictions and other pandemic-related rental protections is currently slated to end on July 31, 2021.
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