CFPB Settlement Shows Common FCRA Compliance Flaws

Law360 (November 30, 2020, 12:38 PM EST) -- A new settlement obtained by the Consumer Financial Protection Bureau with debt collector Afni Inc. under the Fair Credit Reporting Act not only illustrates continuing focus by regulators on FCRA compliance, but also hones in on recurring compliance issues.

These problems concern: accurate reporting of the date of first delinquency; technical glitches resulting in mass misreporting of data; records used in completing investigation of consumer disputes; meeting of dispute response deadlines; handling of frivolous consumer disputes; and a lack of adequate policies and procedures.

Under the consent order, entered on Nov. 12, Afni, a telecommunications debt collector, agreed to implement additional...

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