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Fair Credit Reporting: 1.4.11 The Dodd-Frank Act

In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act),353 the most important change to consumer protection law since passage in the late 1960s–early 1970s of the various laws that make up the Consumer Credit Protection Act. The Dodd-Frank Act was passed as a response to consumer abuses in mortgages, credit cards, and other financial products.

Fair Credit Reporting: 1.4.12.1 The Red Flag Program Clarification Act of 2010

In 2010, Congress enacted a short, single-purpose amendment to the FCRA, the Red Flag Program Clarification Act of 2010 (the Clarification Act).366 Legislators had expressed concern that the Red Flag Guidelines mandated by FACTA367 could apply to small businesses that only incidentally extended credit, imposing a significant and expensive burden on them.368 Accordingly, the Clarification Act narrowed the scope of the term “creditor,” but only for p

Fair Credit Reporting: 1.4.12.2 Child Support FCRA Provisions in the 2015 Highway Funding Act

In 2015, Congress included an amendment to the Fair Credit Reporting Act as part of the Fixing America’s Surface Transportation (FAST) Act, an enormous bill that ostensibly provided funding for highway and transportation infrastructure, but also included numerous non-transportation-related provisions.373 The FAST Act amendment eliminated a notice that the FCRA had previously required when a consumer report was used to determine the amount of child support payments required of the consumer.374 Th

Fair Credit Reporting: 1.4.12.5 Debt Bondage Repair Act

In 2021, the FCRA was amended by a provision in the National Defense Authorization Act (NDAA), known as the Debt Bondage Repair Act.388 The Act sets up a process whereby a survivor of a “severe form of trafficking” or “sex trafficking” can prevent CRAs from reporting adverse information that is a result of such trafficking. If a survivor fits within these definitions, they must provide documentation of their trafficking status and what information was the result of trafficking.

Fair Credit Reporting: J.2.1 Complaint—Failure to Reinvestigate

UNITED STATES DISTRICT COURT DISTRICT OF _______________

[PLAINTIFF],

Plaintiff

v.

EQUIFAX INFORMATION SERVICES, L.L.C.

and

MBNA AMERICA BANK, N.A.,

Defendants.

COMPLAINT

COMES NOW the Plaintiff, [PLAINTIFF], (hereafter collectively the “Plaintiff”) by counsel, and for her complaint against the Defendants, alleges as follows:

PRELIMINARY STATEMENT

Fair Credit Reporting: J.2.3 Complaint—Mixed File

UNITED STATES DISTRICT COURT DISTRICT OF _______________

[PLAINTIFF],

Plaintiff,

v.

EQUIFAX CREDIT INFORMATION SERVICES, L.L.C.,

Defendant.

COMPLAINT AND DEMAND FOR JURY TRIAL

Plaintiff alleges that at all times material:

1. This is a civil action brought under the Fair Credit Reporting Act (“FCRA”), 15 U.S.C. § 1681 et seq. The Court has jurisdiction pursuant to 15 U.S.C. § 1681p.

Fair Credit Reporting: 4.3.9.1 Reporting of Charge-Offs

A charge-off occurs when a creditor moves a debt from profit to loss on its balance sheet.553 The FTC Staff Summary characterizes the phrase “charged to profit and loss” in Section 1681c(a)(4) as an action taken by a creditor to write off an account.554 Certain creditors, such as depository financial institutions, are subject to rules as to when delinquent debts must be charged off.555 However, one court has held that violation of this policy

Fair Credit Reporting: 4.3.9.2 Problems in the Reporting of Charged-Off, Transferred, and Closed Accounts

A number of courts have held that it is not inaccurate to report a balance or a scheduled payment for a debt that is charged off, reasoning that such information is historical in nature, and thus not inaccurate or misleading.565 These cases have all held that the failure to follow the Metro 2 format,566 which requires that the scheduled payment amount be reported as “$0” for charged off accounts,567 did not render the reporting inaccurate.

Fair Credit Reporting: 8.1.1 Overview and Structure of Chapter

Information about consumers flows freely from creditors and public record vendors to consumer reporting agencies (CRAs). In turn, often unsuspected by consumers, this information can be recirculated back to creditors, employers, and others. When that information is inaccurate, the flow of information unfairly deprives people of opportunities for credit, employment, or other improvements to their lives.

Fair Credit Reporting: 8.1.2 The Importance of Notices to Consumers in the FCRA’s Scheme

The FCRA requires a number of notices to be provided to consumers in various circumstances. Perhaps most importantly, the receipt of a notice may compel a consumer to inquire into just what personal information is being reported and what the consumer can do to correct misinformation. The chain of events that leads consumers to seek legal counsel about an FCRA matter often begins with an FCRA-required notice to the consumer. These notices can, in turn, trigger a number of statutorily mandated responses, a variety of additional notices, and possible corrective action.

Fair Credit Reporting: 8.2.1 Content of Notice

The “Summary of Consumer Rights” notice that a CRA must provide consumers is one of the most significant disclosure requirements of the FCRA.20 For practical purposes, this notice will serve as the consumer’s guide to the following:

Fair Credit Reporting: 8.2.2 Time and Manner of Notice; Enforcement

A CRA must provide the FCRA Summary of Consumer Rights notice every time it makes a disclosure to a consumer under section 1681g. These qualifying disclosures include a disclosure of the CRA’s file relating to the consumer32 or a disclosure of a credit score relating to the consumer.33