Recently, the Consumer Financial Protection Bureau (CFPB) demonstrated its continued focus on identifying and addressing credit reporting issues that negatively impact consumers. The CFPB released a report on consumer credit reporting complaints highlighting the most commonly raised accuracy concerns. In response to the findings, the CFPB published a supervisory bulletin warning companies that provide information to credit reporting agencies not to avoid investigating consumer disputes. The bulletin explains data furnishers’ responsibilities under the Fair Credit Reporting Act (FCRA) to conduct investigations of disputed information.
Director Cordray also called on the nation’s top credit card companies to make credit scores and related information freely available to customers, calling it a “best practice” in the industry. Credit information plays an integral role in consumers’ lives and the CFPB will continue to review consumer complaints to uncover and address areas of concern.