The CFPB recently released a “Special Edition” of its Supervisory Highlights that focuses exclusively on data accuracy issues in consumer credit reporting and the handling and resolution of consumer disputes. The report describes the observations of CFPB examiners during examinations of both consumer reporting agencies and the creditors and other companies that furnish information to consumer reporting agencies.… Continue Reading
disputes
CFPB Releases Special Edition of its Supervisory Highlights Focusing on Consumer Reporting
By Kim Phan & Ballard CFS Group on
Posted in CFPB Supervision, Regulatory and Enforcement
The CFPB recently released a “Special Edition” of its Supervisory Highlights that focuses exclusively on data accuracy issues in consumer credit reporting and the handling and resolution of consumer disputes. The report describes the observations of CFPB examiners during examinations of both consumer reporting agencies and the creditors and other companies that furnish information to consumer reporting agencies.… Continue Reading
CFPB issues warning on furnisher’s duty to investigate disputes
By John L. Culhane, Jr. on
Posted in Credit Reports, Regulatory and Enforcement
The CFPB has issued a bulletin to companies that furnish information to consumer reporting agencies (CRA) reminding them of their obligation under the Fair Credit Reporting Act (FCRA) to investigate consumer disputes forwarded by a CRA and “review all relevant information” relating to the dispute. In the bulletin, the CFPB warns that it will take appropriate supervisory and enforcement actions to address furnisher violations of the FCRA or other federal consumer financial laws, including requiring restitution to harmed consumers. … Continue Reading