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The CFPB’s Recent Focus on Consumer Credit Reports – IBA Compliance Connection

IBA Compliance Connection

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The CFPB’s Recent Focus on Consumer Credit Reports

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The CFPB has issued a call for credit card issuers to provide customers with the same credit reports they rely on in making credit decisions. Read the CFPB letter to credit card issuers, Director Cordray’s remarks, and the CFPB Credit Reporting Complaint Snapshot. The CFPB says 11% of consumer complaints handled by the CFPB have been about credit reporting. 

The CFPB has also issued Bulletin 2014-01, reminding those who furnish information to credit reporting agencies of their obligations under the Fair Credit Reporting Act and Regulation V and the requirement that furnishers investigate customer disputes about credit report information. The Bulletin states that those who furnish information to consumer reporting agencies have a duty to investigate the complaint, rather than simply directing the consumer reporting agency to delete the incorrect item.

See the IBA’s Fair Credit Reporting Act page for information, resources, and Q&As about the FCRA and Regulation V.