(July 9, 2021) Landlords, consumer reporting agencies (CRAs), and others are reminded of their obligations to accurately report rental and eviction information in a compliance bulletin published by CFPB this week, highlighting the agency’s continuing concerns of an expected surge in evictions in the coming months.
The bureau’s compliance bulletin 2021-03 (“Consumer Reporting of Rental Information”) was issued amid soon-expiring COVID-19 pandemic-related protections for renters. The Centers for Disease Control and Prevention (CDC) had extended federal eviction protections implemented during the pandemic through July.
The CFPB states the bureau would be “paying particular attention” to CRAs’ and information furnishers’ compliance with accuracy and dispute obligations under the Fair Credit Reporting Act (FCRA) and Regulation V with respect to rental information.
“The Bureau will hold CRAs and furnishers accountable for failing to comply with the FCRA and Regulation V,” the CFPB wrote. “The economic recovery of renters and their ability to secure new rental housing should not be impeded by noncompliance with the law.”
The bulletin took effect upon its publication Wednesday in the Federal Register.