CFPB Provides Notice On Duty To Investigate Consumer Credit Report Disputes

The CFPB has issued a notice regarding companies that supply information to consumer reporting companies. The CFPB released a bulletin stressing that, under the CFPB’s view of the law, these companies, called furnishers, are responsible for investigating consumer disputes forwarded by the consumer reporting companies. Furnishers are also responsible for reviewing all relevant information provided with the disputes, including documents submitted by consumers.

The bulletin details the CFPB’s expectations of how furnishers should comply with the requirements of the Fair Credit Reporting Act, particularly with respect to investigations of consumer disputes they receive from consumer reporting companies.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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