100°F
weather icon Partly Cloudy

States tell credit agencies they will enforce safeguards

Nevada Attorney General Aaron Ford joined his counterparts in 21 other states to send a letter to the nation’s three consumer reporting agencies, letting them know the attorneys general will not hesitate to enforce safeguards set in place to ensure consumers’ credit is properly protected and their credit reports are fairly and accurately reported during the COVID-19 pandemic.

In a letter to Experian Information Solutions, Equifax Information Services and TransUnion, the attorneys general outlined their commitment to enforcing the consumer credit protections outlined in the Coronavirus Aid, Relief, and Economic Security Act passed last month, as well as in the Fair Credit Reporting Act, despite the federal government’s failure to commit to enforcing these protections.

The letter emphasizes that the coalition will continue to actively monitor and enforce compliance during the COVID-19 crisis and will hold the CRAs accountable for failure to meet their obligations.

“As Nevadans continue to struggle from the economic fallout of this public health crisis, protecting their credit is critical,” Ford said. “It is more important than ever that credit reporting agencies protect consumers against incorrect information in their credit reports that could prevent them from conducting activities they would be able to do before the pandemic began, like renting or buying a home and purchasing a car.”

In March, Congress enacted the CARES Act to extend relief to struggling consumers and amend the FCRA to enable consumers to obtain CARES Act relief without incurring lasting harm to their credit scores. To prevent such harm, the CARES Act requires furnishers to report a credit obligation as “current” if the obligation was current prior to the grant of a CARES Act accommodation.

The FCRA also protects consumers by requiring CRAs to promptly investigate when consumers dispute the accuracy of information on their credit report. But, the Consumer Financial Protection Bureau recently issued guidance that suggests it will not enforce certain requirements of the FCRA during the COVID-19 crisis.

The attorneys general warned the three CRAs that while the federal government refuses to protect consumers, each state will enforce the requirements of the FCRA and agreements between CRAs and states to conduct meaningful and timely investigations of consumer disputes of credit information.

Today’s letter follows a letter the attorneys general sent to the Consumer Financial Protection Bureau on April 13, urging the agency to rescind its announcement that it would not enforce certain provisions of the CARES Act and the FCRA during the pandemic.

In addition to Nevada, other states that participated in the letter include California, Colorado, Delaware, Hawaii, Illinois, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Pennsylvania, Rhode Island, Virginia, Washington and Wisconsin as well as the District of Columbia.

Don't miss the big stories. Like us on Facebook.
THE LATEST
Two transported after collision at Hwy 160, 372

Two people were transported to Desert View Hospital following a two vehicle collision at the intersection of Highways 160 and 372 at approximately 1 p.m., on Thursday June 17.

Hit and run crash leads to power outage

A hit and run crash led to a power outage on Wednesday, according to authorities..

Cooling stations open in Pahrump

As triple-digit temperatures are expected to extend into next week and beyond in Pahrump, there are some area residents whose homes are not adequately adapted to handle the heat.

Social services fair deemed a success in Nye

The Nye County Social Services Fair attracted more than 200 families and individuals seeking information on the various services provided by the county and other area entities.

Nye County to receive additional $9 million in federal COVID monies

One year after the announcement that Nye County would be receiving $8.5 million in federal dollars thanks to the passage of the Coronavirus Aid, Relief and Economic Security, or CARES, Act, a second round of federal monies is making its way to local governments and the county is expecting to receive another COVID-19 windfall, this time for over $9 million.

Zambelli prepping for Pahrump’s Fourth of July Fireworks Show

Last year, the COVID-19 pandemic derailed the traditional town of Pahrump Fourth of July Fireworks Show, forcing town officials to restrict access to the park and require that attendees stay in their vehicles to watch the fantastic display, much to the chagrin of the general public. This year, however, things are returning to normal and the entire community will have the opportunity to head out to Petrack Park on Independence Day and relax in the grassy fields for what Zambelli Fireworks crews are promising will be an incredible pyrotechnic experience.

Natural Vibes fundraiser to benefit Clean Up Pahrump

Natural Vibes Wellness and Nutrition Center is continuing in its mission to give back to the local community, with another fundraiser set for this coming Saturday and this time, the beneficiary will be Clean Up Pahrump, a nonprofit organization with the goal of dedicating time each week to picking up trash and removing debris from the valley’s roadways and stretches of unoccupied land.