It’s clear: the CFPB is using the FCRA to advance its agenda. The Bureau wants to create a consumer-friendly credit reporting precedent and it is using FCRA-related lawsuits and enforcement actions to get it.
It all started with the Bureau's recent instruction to remove some medical debts from consumer credit reports, argues Chris Capurso, Financial Services Associate, Troutman Pepper, in a recent episode of the Troutman Pepper podcast, Keeping up with the Bureau.
Medical debt is the largest reported trade line by third-party debt collectors, accounting for 58% of all tradelines. Removing medical debt means creditors and lenders are not getting a full picture of a consumer’s true credit capacity.
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