# Credit report
Consumers to See Relief from Medical Debt on Credit Reports
Credit bureau policy will mean 2/3 of medical debt in collections will no longer be reported. The Consumer Financial Protection Bureau (CFPB) issued a report and analysis today on a new policy by the three major credit bureaus to stop reporting a portion of medical debt in collections on consumer credit reports. This policy has far-reaching implications for consumer credit scores.
Consumer Group Speaks Out on Equifax Data Error
Credit bureau sent lenders inaccurate information, damaging consumer access to credit. Following news that credit reporting agency Equifax sent millions of letters containing inaccurate borrower credit scores to lenders, consumer advocacy group U.S. PIRG condemned the action and called for accountability.
Hyundai Fined $19 Million for Credit Reporting Failures
Consumer Bureau says Hyundai "tarnished" credit reports for millions of Americans. The Consumer Financial Protection Bureau (CFPB) has taken action against Hyundai for the company's repeated reporting of inaccurate information to consumer credit bureaus. The failures by Hyundai impacted more than 2 million consumers, the CFPB says. The enforcement action will result in a total of $19 million in penalties paid by Hyundai - $13 million paid to impacted consumers and a $6 million civil penalty.
Consumer Bureau Takes Action to Protect Personal Privacy
CFPB tackles misuse of credit reports and background screening reports. The Consumer Financial Protection Bureau (CFPB) recently issued an advisory regarding the use and sharing of consumer credit reports and background screening reports. The move is intended to provide protection from personal privacy invasions that can result from data collection and distribution.
Consumer Advocates Applaud New State Authority Over Credit Bureaus
New federal rule allows states to take on abusive credit reporting practices. The consumer advocates at the National Consumer Law Center (NCLC) are cheering a new rule issued by the Consumer Financial Protection Bureau (CFPB) that will allow states to take action to protect citizens from abusive practices by credit reporting agencies (Experian, Equifax, TransUnion).
Consumer Bureau Takes Action to Ensure Accuracy of Credit Reports
CFPB files brief in suit against TransUnion, seeks to expand consumer protection. The Consumer Financial Protection Bureau (CFPB) has filed a joint brief with the Federal Trade Commission (FTC) in a case against credit reporting agency TransUnion. The legal move seeks to expand consumer protection in the credit reporting industry. Specifically, the brief argues that reporting agencies - including TransUnion, Experian, and Equifax - have a legal obligation under the Fair Credit Reporting Act (FCRA) to address inaccuracies in consumer credit reports.
TransUnion Charged with Repeatedly Deceiving Consumers
Consumer advocacy group warns against credit monitoring services. On the heels of an announcement by the Consumer Financial Protection Bureau (CFPB) that TransUnion is being charged with violating an enforcement order and continuing to engage in deceptive marketing practices, advocates at the National Consumer Law Center (NCLC) warned against using credit monitoring services.
Consumers Should Beware of Credit Repair
FTC, consumer group offer warnings about credit repair services. A lawsuit filed by the Federal Trade Commission (FTC) should give consumers considering credit repair services pause, the regulatory body suggests.
70% of Medical Debt to be Removed from Credit Reports
Credit agencies announce major policy change impacting credit scores. The three nationwide credit reporting agencies — Equifax, Experian, and TransUnion — announcedtoday that effective July 1, 2022, most medical debt will be removed from consumer credit reports.
A major change to credit reporting announced today
Medical debts will soon be removed from your credit report, according to this source. In an announcement Friday, it was shared that Equifax, Experian, and Transunion support changes to how medical debt reports on consumer credit. They will be removing 70% of medical collection debt from consumer credit reports.
Report: Americans Have $88 Billion in Medical Debt in Collections
Consumer Bureau chief calls out "doom loop" that keeps patients in debt. A report released this week by the Consumer Financial Protection Bureau (CFPB) indicates that Americans have $88 billion in medical debt appearing on credit reports.