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35595

Rules and Regulations
Federal Register Vol. 86, No. 127
Wednesday, July 7, 2021

This section of the FEDERAL REGISTER
contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.

BUREAU OF CONSUMER FINANCIAL
PROTECTION
12 CFR Part 1022
Bulletin 202103: Consumer Reporting of Rental Information Bureau of Consumer Financial Protection.
ACTION: Enforcement compliance bulletin and policy guidance.
AGENCY:

The Bureau of Consumer Financial Protection Bureau is issuing this Enforcement compliance bulletin and policy guidance Bulletin regarding consumer reporting of rental information in light of upcoming heightened risks to renters associated with inaccurate consumer reporting information. As pandemic-related government interventions aimed at protecting renters begin to expire over the coming months, the Bureau will be paying particular attention to consumer reporting agencies CRAs and furnishers compliance with their accuracy and dispute obligations under the Fair Credit Reporting Act FCRA
and Regulation V with respect to rental information. The Bureau will hold CRAs and furnishers accountable for failing to comply with the FCRA and Regulation V. The economic recovery of renters and their ability to secure new rental housing should not be impeded by noncompliance with the law.
DATES: This bulletin is applicable on July 7, 2021.
FOR FURTHER INFORMATION CONTACT:
Susan Stocks, Assistant Deputy Enforcement Director for Policy and Strategy, Office of Enforcement;
Amanda Quester, Pavneet Singh, Laura Stack, or Priscilla Walton-Fein, Senior Counsels, Office of Regulations, at 202
4357700. If you require this document in an alternative electronic format, please contact CFPB_Accessibility@
cfpb.gov.

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SUMMARY:

SUPPLEMENTARY INFORMATION:

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I. Background Rental information in consumer reports plays a critical role in consumers access to rental housing, credit, and other opportunities.1 As the eviction moratoria and other government interventions aimed at alleviating the economic and public health impacts of the 2019 novel coronavirus COVID19 pandemic begin to expire, the Bureau anticipates that many renters will face eviction from their homes, rental arrearages, and collection attempts to recover unpaid rent.2 Consumers have complained to the Bureau about the financial impacts of the pandemic on their ability to stay current on rental payments and about negative rental information related to the pandemic in consumer reports.3 An increase in negative rental information in the consumer reporting system, combined with an increase in the number of consumers seeking rental housing, may create new risks that inaccurate negative rental information will be included in tenant-screening reports and that such inaccuracies will affect increased numbers of consumers.
Inaccurate rental information in tenantscreening reports can have devastating impacts on consumers, including impairing the ability of renters negatively impacted by the pandemic to secure new rental housing and otherwise recover from the pandemics economic effects. An increase in housing instability caused by inaccurate rental information could undermine the 1 The term rental information in this Bulletin is used to refer to consumer reporting information about a rental relationship, including eviction information and information about unpaid rent.
Other types of information, including criminal background information and credit information, have important impacts on the ability of renters to secure housing and access other opportunities, but are not the focus of this Bulletin. Rental information is included in consumer reports issued by tenantscreening companies and other CRAs. Sources of rental information include public records and information provided by furnishers, including debt collectors and landlords. Consumer reports issued by tenant-screening companies may include automated scores or recommendations provided to users as well as rental payment, eviction, and other information.
2 See generally Eviction Lab, Princeton Univ., https evictionlab.org/eviction-tracking/ last visited June 21, 2021.
3 Bureau of Consumer Fin. Prot., Complaint Bulletin: COVID19 issues described in consumer complaints July 2021, https files.consumer finance.gov/f/documents/cfpb_covid-19-issuesdescribed-consumer-complaints_complaintbulletin_2021-07.pdf CFPB Complaint Bulletin.

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nations efforts to recover from the pandemic.
On January 31, 2020, the Department of Health and Human Services declared a public health emergency for the entire United States to aid the nations healthcare community in responding to the COVID19 pandemic.4 On March 13, 2020, then-President Trump declared a national emergency concerning the COVID19 pandemic, citing the strain on the healthcare system and the need for additional measures to contain and combat the spread of COVID19.5 Income shocks resulting from the pandemic, such as a job loss, reduced work hours, or the death or illness of a family member, contributed to an increase in housing and financial insecurity for many households.6 The financial impact of the pandemic was especially pronounced for renters.7 Survey data indicate that about half of all renters saw their incomes fall during the pandemic due to lost employment or reductions in hours worked.8 In August 2020, some estimates projected that up to 30 to 40 million individuals in 13 to 17 million renter households were at risk of eviction over the course of the 4 Press Release, U.S. Dept of Health & Human Servs., Secretary Azar Declares Public Health Emergency for United States for 2019 Novel Coronavirus Jan. 31, 2020, https www.hhs.gov/
about/news/2020/01/31/secretary4azar-declarespublic-health-emergency-us-2019-novelcoronavirus.html. By the end of August 2020, there were over 5,500,000 COVID19 cases identified in the United States and over 174,000 deaths related to the disease. See 85 FR 55292, 55292 Sept. 4, 2020. As of June 27, 2021, the Centers for Disease Control and Prevention CDC estimates a total of 601,221 deaths related to COVID19 in the United States. Ctrs. for Disease Control & Prevention, United States COVID19 Cases, Deaths, and Laboratory Testing NAATs by State, Territory, and Jurisdiction, https covid.cdc.gov/covid-datatracker/cases_totaldeaths last visited June 27, 2021.
5 85 FR 15337 Mar. 18, 2020. The national emergency was continued on February 24, 2021. 86
FR 11599 Feb. 26, 2021.
6 See Bureau of Consumer Fin. Prot., Housing Insecurity and the COVID19 Pandemic, at 5 Mar.
1, 2021, https files.consumerfinance.gov/f/
documents/cfpb_Housing_insecurity_and_the_
COVID-19_pandemic.pdf CFPB Housing Insecurity Report.
7 See id. at 6.
8 See, e.g., Joint Ctr. for Hous. Studies, Harvard Univ., Renters Responses to Financial Stress During the Pandemic 1, 1415, 1920 Apr. 2021, https www.jchs.harvard.edu/sites/default/files/
research/files/harvard_jchs_renter_responses_
covid_airgood-obrycki_etal_2021.pdf.

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