Category Archives: Fair Credit Reporting Act (FCRA)

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California Ruling Requires TransUnion to Pay Record $60M for FCRA Violations; Suit Alleged Consumer Reports Erroneously Linked Consumers to Criminals in OFAC Database

A California jury in federal court ruled on Tuesday, June 20, that TransUnion violated the Fair Credit Reporting Act (FCRA) by erroneously linking certain consumers with similarly named terrorists and criminals in the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC’s) database.  The jury awarded statutory and punitive damages in excess of $60 million, … Continue Reading

Senate Commerce Committee Members Air Laundry List of Pressing Issues Including Privacy, Data Security, and FTC Enforcement

On September 27th, the Senate Committee on Commerce, Science, and Transportation held a general oversight hearing of the FTC, which covered a multitude of major policy issues and included testimony from Chairwoman Edith Ramirez, Commissioner Maureen Ohlhausen, and Commissioner Terrell McSweeny.  Chairman John Thune (R-SD) convened the hearing, joined by Senator Richard Blumenthal (D-CT) who … Continue Reading

Scalia’s Death Leaves High Court in Limbo on Three Key Consumer Class Actions

While the sudden death of Supreme Court Justice Antonin Scalia creates an immediate vacancy on the bench, it also likely leaves the high court’s docket in limbo on a number of key consumer class actions awaiting the Court’s decision. Many predict that President Obama will not be able to replace Scalia before the 2016 Presidential … Continue Reading

CFPB Obtains $13M FCRA Settlement with Employee Background Screening Providers

The CFPB recently initiated an enforcement action against General Information Services (GIS) and its affiliate,, Inc. (BGC) for allegedly violating the Fair Credit Reporting Act (FCRA) by failing to implement required safeguards while providing background screening reports to employers about job applicants. The CFPB found that certain background screening reports provided by GIS and … Continue Reading

FTC Settles FCRA Charges Against Certegy for $3.5 Million

The FTC announced today that Certegy Check Services, Inc. will pay $3.5 million to settle allegations that Certegy violated the Fair Credit Reporting Act (FCRA) by failing to follow proper dispute procedures and failing to use reasonable procedures to maximize the accuracy of consumer report information. Certegy is one of the nation’s largest check authorization … Continue Reading

FTC, CFPB, and DOJ File Brief Supporting Fair Credit Reporting Act

Today the Federal Trade Commission (“FTC”), Consumer Financial Protection Bureau (“CFPB”), and Department of Justice (“DOJ”) filed a brief supporting the constitutionality of the Fair Credit Reporting Act (“FCRA”).  FCRA limits the use of credit report information, protecting the privacy of the information, and establishes procedures for correcting mistakes in credit reports.  The brief addresses a … Continue Reading

FTC and Federal Reserve Issue Proposed Amendments to the Risk-Based Pricing Rule

Earlier this week, the Federal Trade Commission (“FTC”) and the Federal Reserve Board issued proposed amendments to the Risk-Based Pricing Rule (“Rule”) that would require creditors to disclose credit score information when a credit score is used to set or adjust credit terms. The proposed changes would implement provisions of the Dodd-Frank Wall Street Reform … Continue Reading

FTC Commissioner Discusses CFPB at Privacy Conference

FTC Commissioner Julie Brill spoke about the new Consumer Financial Protection Bureau (“CFPB”) during a keynote address she delivered at the International Association of Privacy Professionals Second Annual Conference on December 7th. While describing how Congress enacted the Fair Credit Reporting Act (“FCRA”) to protect consumers’ personal information, Brill stated that the FTC and CFPB … Continue Reading

FCRA Claims Against Major Credit Reporting Agency Survive Statute of Limitations Challenge

In Andrews v. Equifax Information Services LLC, No.: C-08-0817, 2010 U.S. Dist. Lexis 38020 (W.D. Wash. Mar. 30, 2010), plaintiff filed suit against Equifax after it allegedly “mixed up” her information with that of another individual of the same name and disseminated that information to third parties. Plaintiff alleges that this “mix up” was caused … Continue Reading

New FACTA Rules Take Effect on July 1, 2010

Businesses have until July 1, 2010 to comply with the new rules and guidelines under the Fair and Accurate Credit Transactions Act (“FACTA”), which amended the Fair Credit Reporting Act (“FCRA”), adopted by the Federal Trade Commission nearly a year ago relating to information provided to credit reporting agencies. Many know FACTA as the statute that … Continue Reading

FTC Releases Annual Report

Recently, Federal Trade Commission Chairman Jon Leibowitz released the FTC’s 2010 Annual Report, which focused largely on the FTC’s endeavors to defend financially distressed consumers and to spur competition during these tough economic times. For example, the FTC, among other things, emphasized that while the past year’s economic downturn prompted companies to offer new services … Continue Reading

Reminder! All California Businesses That Accept Credit And Debit Cards Now Must Truncate Credit Card Information On All Transaction Receipts

As of January 1, 2009, and in contrast to federal law, California Civil Code Section 1747.09 requires that no more than the last five digits of a credit or debit card number be printed on both the electronically-printed card receipt retained by the business as well as the receipt provided to customers. See CAL. CIVIL … Continue Reading

Welcome to the Consumer Financial Services Blog

Which among the following businesses are potentially subject to consumer financial services laws, rules, and regulations? A. a retail clothing chain B. a bank or mortgage company C. an internet retailer D. a fast food franchisor E. all of the above If you answered E, “All of the above,” you are CORRECT. However, many companies do not … Continue Reading