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...

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