CFPB Issues FCRA Tenant Screening Enforcement Compliance Bulletin

The CFPB issued an Enforcement compliance bulletin and policy guidance last month in anticipation of various COVID-19-related renter’s protections expiring. The Bureau laid out its intention to scrutinize consumer reporting agencies that report rental information on their dispute resolution practices and the accuracy of their information for FCRA and Regulation V compliance. Specific areas of inquiry include procedures for matching information to consumers (e.g., use of a sufficient number of identifiers to match information), completeness and accuracy of eviction information (e.g., ensuring an eviction is not reported multiple times), and timeliness and reasonableness of investigations into consumer disputes.  The Bureau further expressed an intent to examine those furnishing information to consumer reporting agencies to ensure that they are providing accurate information, specifically regarding rental arrearages, and fulfilling their responsibility to conduct timely and reasonable investigations into disputed information.