THE CFPB JUST CHANGED THE GAME ON CREDIT REPORTS — Here’s What It Means for You
New CFPB opinions clarify major consumer protections under the Fair Credit Reporting Act.
R23 Law’s California Consumer Protection Attorneys break down what’s changed and what rights you now have when facing reporting errors.
A Legal Wake-Up Call for Credit Reporting Agencies
The Consumer Financial Protection Bureau (CFPB) has just issued a series of clarifying advisory opinions—and if you’re a consumer harmed by false, outdated, or misleading credit or background report data, this could be the breakthrough you’ve been waiting for.
At R23 Law, our California Consumer Protection Attorneys are closely monitoring these changes because they reshape the legal terrain under the Fair Credit Reporting Act (FCRA)—the primary law that governs what Consumer Reporting Agencies (CRAs) can and can’t do with your data.
Let’s break down what the CFPB just made crystal clear—and how it impacts your rights to dispute, correct, and recover damages from inaccurate consumer reports.
CFPB: Time to Follow the Law—No More Loopholes
The CFPB’s new opinions serve as a not-so-subtle reminder to CRAs: consumer rights are not optional. These clarifications tighten up some of the most abused areas of credit and background reporting practices.
Here’s what the CFPB now explicitly requires CRAs to do:
1. Stop Reporting What Shouldn’t Be Reported
Background check companies can no longer include sealed, expunged, or duplicative criminal records. Reporting outdated or confidential legal data? That’s a violation.
2. Only Report What’s Fully Resolved
If a report includes charges or arrests, CRAs must also include the outcome. For example, if charges were dropped or the person was acquitted, that detail must be reported alongside the initial arrest. Leaving it out creates a dangerously misleading impression.
3. Start—and Stop—the Reporting Clock Accurately
The FCRA includes a strict seven-year “lookback” period. The new rule? CRAs can't restart that clock just because new updates to the case emerge. If the event happened more than seven years ago, it’s not reportable—period.
4. Honor Consumer File Requests—No Games
CRAs must now provide full consumer files without delay or clever dodges like “you didn’t ask for the complete file.” If you ask for your report, you get it—all of it.
5. Name All the Sources
Consumers now have the right to know exactly where the information in their reports came from—including every middleman and intermediary in the data chain.
6. Take Proactive Steps to Eliminate Errors
CRAs are legally obligated to prevent false or illogical information—not just fix it after a dispute. That includes putting internal controls in place to catch reporting errors before they hurt consumers.
7. Investigate Disputes Seriously
Sham investigations won’t cut it anymore. If a consumer files a dispute, CRAs must investigate thoroughly and share the dispute with any data furnisher involved within five business days.
What This Means for You—and Why It’s Big
For years, CRAs have treated legal compliance like a suggestion instead of a mandate. These new CFPB opinions make it easier for courts to rule that a CRA violated the law—especially when consumers bring lawsuits over inaccurate or damaging reports.
At R23 Law, we’ve seen firsthand how devastating these errors can be—from lost housing to job rejections to emotional stress. These aren’t just data issues; they’re life-altering mistakes.
The Legal Landscape Has Shifted—Are You Ready to Act?
If you've been denied a job, housing, or credit because of an inaccurate background or credit report, the legal playing field has just tilted in your favor. Now is the time to assert your rights.
R23 Law’s California Consumer Protection Attorneys are at the forefront of FCRA litigation, and we’re already using these CFPB opinions to strengthen our clients’ cases.
We help consumers:
Challenge and correct inaccurate reports
Hold CRAs accountable for illegal reporting practices
Recover compensation for financial and emotional harm
Don’t Let Reporting Errors Define Your Future
These CFPB opinions are more than technical clarifications—they’re a clear sign that the law is finally catching up with industry abuse. But to benefit, you need to act.
📞 Contact R23 Law today for a free consultation with one of our California Consumer Protection Attorneys. If you don’t win, you don’t pay.
Let’s hold reporting agencies accountable and protect your right to a fair and accurate record.
