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Thursday, September 5, 2013

CFPB Warns Businesses on Credit Reporting

A CFPB bulletin yesterday warned businesses that supply consumer information to credit reporting agencies to follow up on consumer disputes. A business must then review, investigate, respond and -- if necessary -- correct inaccurate information in order to comply with the Fair Credit Reporting Act, the bureau said.

The CFPB said that all businesses that furnish consumer credit information must have “reasonable systems and technology in place” to review credit disputes. “The CFPB will continue to evaluate compliance with the requirement to review ‘all relevant information’ by furnishers subject to its supervisory and enforcement authorities,” it said. “The CFPB is monitoring complaints received from consumers and will prioritize examinations and other actions on the basis of risks posed to consumers.”

Read the bulletin.

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