CFPB's Credit Report Warning Puts Retailers On Notice
By Evan Weinberger (September 6, 2013, 5:19 PM EDT) -- A recent Consumer Financial Protection Bureau bulletin highlighting the responsibility of all companies that provide data to credit reporting agencies to address consumer complaints should serve as a warning to retailers and other firms outside the bureau's specific jurisdiction that they, too, could face enforcement actions, attorneys say.
In a bulletin issued Wednesday, the CFPB said any so-called "data furnisher" is expected to promptly review any consumer complaints forwarded to them by credit reporting bureaus and fix any discrepancies that they find. "Data furnishers" provide information to credit bureaus, which then compile comprehensive reports on consumers' credit history.
"Credit reports play...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!