CFPB AND CREDIT REPORTING
Most of our cllients prefer accounts be reported to the Credit Bureau's and we agree! However, it is vital that we follow the guidlines of the CFPB. The following article will help explain some of the challenges we and all agencies are facing. Keep in mind in order to report anything we MUST have a COMPLETE Social Security Number. Without it, we will not be able to report that debt.
The Consumer Financial Protection Bureau (CFPB) remains extremely interested in the activities of data furnishers and the accuracy of information contained in consumer reports. The CFPB recently released Bulliten 2014-01 which highlights the obligations of data furnishers to investigate disputed information contained in consumer reports.
Bulletin 2014-01 specifically raises concerns about the practice of deleting disputed information instead of conducting an investigation as required under the Fair Credit Reporting Act (FCRA). The bulletin cautions that simply deleting a credit report item is not an appropriate response to a dispute. The CFPB also held a recent Consumer Advisory Board meeting that centered on consumer reporting issues. These recent activities further exemplify the CFPB’s heightened focus on credit reporting, making it critical that all data furnishers take necessary steps to ensure compliance with their credit reporting obligations.
If you have additional questions about the CFPB, please give us a call.