According CFPB’s Director, “In April and May, the [CFPB] received approximately 42,400 and 44,100 complaints, respectively—the highest monthly complaint volumes in the Bureau’s history.” This is something Consumer Privacy World is monitoring closely because an increase in CFPB complaints means lawsuits and statutory changes are not far behind.
Indeed, just this week the U.S. House passed the Protecting Your Credit Score Act of 2020. This law would require such things as:
- certain CRAs to develop an online portal page that gives consumer’s free access to his or her credit report with the ability to dispute the report through portal;
- limited consumer opt-outs to prevent CRAs from selling consumer information;
- CRAs would have to match all 9 SSN digits, not just 7 of 9;
- creation of CFPB ombudsperson with specific oversight of CRAs; and
- creation of a CRA registry.
In short, these changes are aimed at making the crediting reporting process more transparent and accessible for consumers and consumer reporting more accurate. These changes are on top of the HEROES Act legislation that we already covered related to FDCPA and FCRA. To date, neither of these bills are law, but the trends cannot be ignored because best case scenario CRAs and furnishers are likely to face compliance changes and worst case scenario CRAs and furnishers will be met with lawsuits and regulatory enforcement actions. Either way, we will help you navigate these changes and trends here on Consumer Privacy World. Stay tuned. Stay engaged.