Eviction fiction? $15 million FTC-CFPB settlement with Trans Union and tenant screening subsidiary underscores importance of FCRA’s “maximum possible accuracy” requirement

Eviction fiction? $15 million FTC-CFPB settlement with Trans Union and tenant screening subsidiary underscores importance of FCRA’s “maximum possible accuracy” requirement“Reasonable procedures to assure maximum possible accuracy” isn’t a wish, a hope, or a lofty aspiration.

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Provider:

FTC

URL:

https://www.ftc.gov/business-guidance/blog/2023/10/eviction-fiction-15-million-ftc-cfpb-settlement-trans-union-tenant-screening-subsidiary-underscores

Retrieved on:

Thursday, April 25, 2024

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Tags:

Blog, Federal Trade Commission, FTC, Hearing, Tenant, Hope, TransUnion, Housing, Policy, Collection, Comment, Eviction, Exercise, Complaint, Record, Privacy, Face, BBB, LexisNexis, Judgement, Credit, File, FCRA, Letter, Fraud, Property management

Summary

Key Points:

Eviction fiction? $15 million FTC-CFPB settlement with Trans Union and tenant screening subsidiary underscores importance of FCRA’s “maximum possible accuracy” requirement

“Reasonable procedures to assure maximum possible accuracy” isn’t a wish, a hope, or a lofty aspiration.
A proposed $15 million FTC-CFPB settlement with Trans Union and its subsidiary TransUnion Rental Screening Solutions underscores that fundamental legal principle.
Operating under Tran Union’s management and oversight, TransUnion Rental Screening Solutions (TURSS) provides background screening reports about consumers to rental property owners, property management companies, employers, and other background screening companies.
Misinformation in eviction records can result in longer searches for a place to live, additional application fees, possible expenses for temporary housing, and higher rent payments.
What’s more, the proposed order will impose far-reaching changes in how TURSS and Trans Union do business.