The Consumer Financial Protection Bureau (CFPB) recently released a special edition of its “Supervisory Highlights” detailing problems uncovered in the consumer credit reporting industry and corrective actions taken by the bureau.
The report highlights issues with inaccurate information being reported, insufficient notification practices by credit reporting companies and lackluster processes for handling disputes and correcting errors in a timely fashion. New rules being considered by the CFPB could make companies which are not considered furnishers now to follow furnishing and reporting rules, such as these, in the future.
Read on to learn what types of issues the bureau has advised companies to correct.