Property-Reporting Firms Not Liable For Flubs, 3rd Circ. Finds

Law360, Philadelphia (December 10, 2012, 5:10 PM EST) -- Providers of consumer property reports are not liable under the Fair Credit Reporting Act for incorrect information given to lenders, the Third Circuit said Thursday in a precedential decision, ruling that the statute can be reasonably interpreted to exclude the companies as "consumer reporting agencies."

Upholding a 2011 decision by a district court judge in Pennsylvania, the Third Circuit said that Southwest Financial Services Ltd. could not be held liable for any negligent violations of FCRA for providing incorrect information to PNC Bank as part of...
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