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Consumer Financial Protection Bureau Investigate Consumer Reporting Agencies

In their investigation into Consumer Reporting Agencies, the Consumer Financial Protection Bureau ("CFPB") discovered problems and violations in their practice and procedures that did not properly handle consumer credit report dispute documents. For example, some agencies would encourage consumers to file disputes online or by telephone, but then refuse to accept such disputes from them. Consumer reporting agencies are generally required to forward relevant dispute documents to data furnishers, and they would not do that either.

The CFPB's investigative reports aims to share information that all industry participants can use to ensure their operations remain in compliance with federal consumer financial law. In all cases where CFPB examiners find problems, they alert the company to their concerns and outline necessary remedial measures.

Categories: Debt Collection
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