Senators Elizabeth Warren (D-Mass.) and Mark Warner (D-Va.) introduced the Data Breach Prevention and Compensation Act on January 10, 2018 in an effort to increase accountability of large Credit Reporting Agencies (CRAs) for data breaches involving consumer data. The bill, drafted in response to the September 2017 Equifax data breach revelations, seeks to impose direct administrative … Continue Reading
Whether it’s a football game, a standardized test, or a person’s credit, scores matter. In the case of consumer credit scores, the difference between falling in the high and low ends of the score spectrum impacts the financial lives of individuals. Understandably, many seek out their credit scores so that they know where they fall … Continue Reading
There is surprisingly little guidance for student loan servicers when it comes to credit reporting. The only recent guidance directed at loan servicers came by way of an announcement from the U.S. Departments of Education and Treasury and the Consumer Financial Protection Bureau (CFPB) on April 28, 2016 (DoE Fact Sheet). The DoE Fact Sheet … Continue Reading
In March, the big three credit reporting bureaus entered into an agreement with the New York Attorney General that is a harbinger for regulation and reform outside of New York State. Because of the size of New York, many of the settlement provisions will be implemented nationally. Industry watchers also suspect that federal regulators may … Continue Reading
