On December 15, 2023, the CFPB took action against a medical debt collector, Commonwealth Financial Systems, for illegally trying to collect unverified medical debts after consumers disputed the validity of the debts. With its headquarter in Dickson City, Commonwealth Financial Systems is a nonbank corporation engaged in  third-party debt collection where it specializes in the collection of past-due medical debts and furnishes information about consumer collection accounts to consumer reporting companies. 

On September 21, 2023, the CFPB announced it is beginning a rulemaking process to remove medical bills from Americans’ credit reports. The CFPB outlined proposals under consideration that would help families financially recover from medical crises, stop debt collectors from coercing people into paying bills they may not even owe, and ensure that creditors are not relying on data that is often plagued with inaccuracies and mistakes.

On October 20, 2022, the CFPB issued guidance to consumer reporting companies about their obligation to screen for and eliminate obviously false “junk data” from consumers’ credit reports. According to the CFPB, companies need to take steps to reliably detect and remove inconsistent or impossible information from consumers’ credit profiles.

On July 28, 2022, the CFPB took action against U.S. Bank for illegally accessing its customers’ credit reports and opening checking and savings accounts, credit cards, and lines of credit without customers’ permission. According to the CFPB, U.S. Bank pressured and incentivized its employees to sell multiple products and services to its customers leading to employees unlawfully accessing customers’ credit reports and sensitive personal data to apply for and open unauthorized accounts.

On June 23, 2022, the CFPB issued a final rule to help survivors avoid some of the financial consequences of human trafficking. Through the final rule, the CFPB has established a method for survivors of trafficking to submit documentation to credit reporting companies that identifies any adverse item of information that resulted from human trafficking. The rule prohibits credit reporting companies from providing a report containing the adverse items of information.

On 1/13/22, the CFPB released a bulletin reminding debt collectors and credit bureaus of their legal obligations in light of the No Surprises Act, which protects consumers from certain unexpected medical bills. The bulletin advises credit bureaus that the accuracy and dispute obligations imposed by the FCRA apply with respect to debts stemming from charges that exceed the amount permitted by the No Surprises Act.