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Financial Services Law Insights and Observations

CFPB enforcement bulletin emphasizes accuracy in rental data

Federal Issues CFPB Consumer Reporting Agency FCRA CARES Act Covid-19

Federal Issues

On July 1, the CFPB released an enforcement compliance bulletin to reiterate to landlords, consumer reporting agencies (CRAs), and others of their obligation to correctly report rental and eviction information. The CFPB noted that it is “concerned that the end of the CDC eviction moratorium could mean both an increase in negative rental information in the consumer reporting system and an increase in consumers seeking rental housing.” According to the bulletin, the CFPB intends to examine if landlords, property management companies, and debt collectors are reporting accurate information to CRAs and complying with their dispute-handling obligations under the FCRA. Specifically, the Bureau will “pay particular attention to whether furnishers are reporting arrearages” regarding amounts paid on behalf of a tenant through a government grant or relief program and fees or penalties prohibited by CARES Act or other laws. In addition, the Bureau noted that it intends to look at whether CRAs are, among other things: (i) following procedures to only include accurate rental information in individuals’ consumer reports; (ii) reporting rental information for the consumer who is the subject of the report; (iii) reporting accurate and complete eviction information; and (iv) properly investigating when inaccuracies are reported by the consumer.

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