We first review the Fair Credit Reporting Act provisions that establish the different requirements for how a creditor or other furnisher of information to a credit bureau must respond to direct and indirect identify theft disputes involving credit report information reported by the furnisher to a credit bureau. A direct dispute is one made directly by the consumer to the furnisher and an indirect dispute is one made by the consumer to the credit bureau and then submitted to the furnisher by the credit bureau.… Continue Reading
disputes
CFBP 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 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