Credit reporting

The Consumer Financial Protection Bureau warned companies about modern-day surveillance of workers and requirements to follow the Fair Credit Reporting Act.

The Consumer Financial Protection Bureau's proposal to eliminate medical debts from credit reports is under attack from debt collectors, which claim the rule will drive up litigation costs and drive doctors out of business.

Banks and financial institutions face a barrage of lawsuits from consumers alleging they failed to investigate inaccurate information on a credit report. Industry blames the uptick in litigation on social media sites and the proliferation of credit repair companies.

Fifteen million Americans who owe a combined $49 billion in medical debt would benefit from a proposal by the Consumer Financial Protection Bureau to scrub medical debts from credit reports and ban their use in underwriting decisions.

At an industry conference, Consumer Financial Protection Bureau Director Rohit Chopra said he was open to suggestions on how to increase choice and competition to benefit mortgage lenders and borrowers.

Some proposed changes to uniform mortgage-backed securities, apartment loans and derivatives will be made while one involving credit reports and scores was pulled.

The program helped more than 23,000 consumers establish credit scores in its first year through partnerships with three fintechs, all of which were chosen to renew their participation.

The Federal Housing Finance Agency also is offering more opportunities for public dialogue as stakeholders debate how fast the process should move forward.

Credit bureaus should know better than to include "impossible" data, such as someone defaulting on a loan before they were born, says Consumer Financial Protection Bureau Director Rohit Chopra.

Millions of Americans have trouble accessing low-cost loans because they have thin or problematic credit histories. That could change as fintech innovations and new self-reporting tools give lenders troves of new data.