On July 1, 2021, the Consumer Financial Protection Bureau (CFPB) released an Enforcement compliance bulletin reminding landlords, consumer reporting agencies (CRAs), and others of their critical obligations to accurately report rental and eviction information. Inaccurate rental and eviction information on a tenant screening report or a credit report can unfairly block a family from safe and affordable housing. As the federal eviction moratorium and other pandemic rental protections come to an end, the CFPB wants to protect families from being denied housing on the basis of inaccurate information.
The CFPB intends to look carefully at whether landlords, property management companies and debt collectors are furnishing accurate information to CRAs and complying with their dispute-handling obligations under the Fair Credit Reporting Act (FCRA). In the event the CFPB identifies CRAs or furnishers not meeting their obligations under the FCRA, the CFPB will take appropriate action to address violations and seek all appropriate corrective measures, including remediation of harm to consumers.
Does your institution serve as a landlord on properties held in your portfolio? Is it accurately reporting rental and eviction information?