CFPB Warns Banks To Properly Probe Credit Report Disputes

Law360, New York (September 4, 2013, 2:05 PM EDT) -- The U.S. consumer finance watchdog on Wednesday warned so-called data furnishers, such as banks and credit card firms, that they face possible enforcement actions if they do not properly review disputed information on customers' credit reports.

"Data furnishers" provide information to credit bureaus, which then compile comprehensive reports on consumers' credit history. However, the Consumer Financial Protection Bureau has found significant error rates in those reports and has been pushing for the bureaus, and the companies that supply information to them, to ramp up both their...
To view the full article, register now.