Brave New World For Data Furnishers

Law360, New York (September 17, 2013, 7:26 PM EDT) -- On Sept. 4, 2013, the Consumer Financial Protection Bureau issued a bulletin warning data furnishers that they face potential disciplinary action if they do not properly review information submitted to the credit bureaus in conjunction with consumer disputes of credit report information.

The bulletin appears to have been prompted by recent changes that the nationwide credit bureaus have made to their dispute-handling procedures: Information submitted by consumers with disputes is now imaged and communicated to the furnisher.

Data furnishers, including banks, finance companies and debt collectors,...
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