CFPB Reminds Companies about Duty to Investigate Consumer Credit Report Disputes 

On Sept. 4, the CFPB published bulletin 2013-09 about the Fair Credit Report Act’s requirement to investigate disputes and review “all relevant” information provided by consumer reporting agencies about the dispute.

In its bulletin, the CFPB indicated its expectation that each furnisher comply with the FCRA by:

  1. Maintaining a system reasonably capable of receiving information from CRAs information regarding disputes, including supporting documentation;
  2. Conducting an investigation of the disputed information including reviewing:
    • “all relevant information” forward by the CRA and;
    • The furnisher’s own information with respect to the dispute;
  3. Reporting the results of the investigation to the CRA that sent the dispute;
  4. Providing corrected information to every nationwide CRA that received the information if the information is inaccurate or incomplete; and
  5. 5Modifying or deleting the disputed information, or permanently blocking the reporting of the information if the information is incomplete or inaccurate, or cannot be verified.

The CFPB goes on to indicate that any furnisher not currently maintaining a process that meets the above requirements should take immediate steps to comply with the requirements of the law. The CFPB bulletin can be found here.


Submissions to Monitor may be emailed. Bryan Laviolette is the editor of Monitor. Contact him by email or call (800) 262-6285, ext. 233. The newsletter of the Michigan Credit Union League is published Monday mornings or Tuesday mornings when Monday is a holiday. There is no Monitor the week after Christmas and the week after the Annual Convention and Exposition. The MCUL reserves the right to edit submissions for clarity and space.
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