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CFPB report targets credit bureaus, mortgage servicers

The Consumer Financial Protection Bureau issued a new Supervisory Highlights report spotlighting legal violations identified during its supervisory examinations in the first half of 2022.

Details: The report says:

Consumer reporting companies and data furnishers continued to violate the Fair Credit Reporting Act by failing to promptly address and update incorrect information on credit reports.
Mortgage servicers charged impermissible “junk fees” on homeowners making mortgage payments.
Auto loan servicers engaged in unfair and deceptive acts or practices related to add-on product charges, loan modifications, and other tactics.
Financial institutions’ policies and procedures may have resulted in consumers losing their COVID-19 pandemic relief benefits due to garnishments or setoff practices.

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