Proposal to address inaccurate credit reporting for victims of domestic violence and elder abuse

The CFPB has announced an advance notice of proposed rulemaking (ANPR) to gather additional public input on potential amendments to Regulation V, which implements the Fair Credit Reporting Act (FCRA). After gathering public comment, the CFPB intends to issue a proposed rule concerning "coerced debt."

The ANPR asks consumer advocates, credit reporting companies, and the public to comment on:

• The prevalence and extent of harms to people with coerced debt, including through the credit reporting system.
• Evidence regarding the relevance of coerced debt to a survivor’s credit risk.
• Barriers to accessing existing protections under federal or state law for survivors of economic abuse.
• Challenges resulting from coerced debt facing specific populations including survivors of intimate partner violence and gender-based violence, older Americans, and children in foster care.
• Potential documentation or self-attestation requirements for showing that a person’s debt was coerced.

The proposed rulemaking is in response to a petition for rulemaking submitted by the National Consumer Law Center and the Center for Survivor Agency and Justice. Comments will be accepted through March 7, 2025.

• Publication update: Published at 89 FR 100922 on 12/13/2024.