CFPB Issues Compliance Bulletin on Consumer Reporting of Rental Information

With pandemic-related rental protections set to expire over the coming months, the Consumer Financial Protection Bureau today issued a compliance bulletin and policy guidance regarding consumer reporting of rental information, noting that it “will be paying particular attention to consumer reporting agencies’ and furnishers’ compliance with their accuracy and dispute obligations under the Fair Credit Reporting Act and Regulation V with respect to rental information.”

Among other things, the CFPB said that it “intends to look carefully at the accuracy and dispute-handling practices of furnishers providing rental information to CRAs, including whether they provide information about rental arrearages that include amounts that were already paid on behalf of a tenant or fees or penalties that are prohibited by law and whether they are conducting timely and reasonable investigations of consumer disputes.”