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Washington
CFPB reminds credit reporting agencies of legal role
WASHINGTON (11/30/12)--Credit reporting agencies must make clear how consumers can obtain credit reports by phone and the Internet and have a system in place with "adequate capacity to accept requests from a reasonably anticipated volume of consumers.''

That's one of the guidelines spelled out in a new bulletin that the Consumer Financial Protection Bureau sent to credit reporting agencies on Thursday.

"Nationwide specialty consumer reporting agencies can have great influence over a consumer's tenancy, insurance premiums, or even employment," said CFPB Director Richard Cordray. "Today, the CFPB is reminding these companies that they must follow the law and provide consumers with easy access to their free annual report. If we have reason to believe that companies are not following the law, we will take action."

The bureau said the bulletin is the result of its findings that discovered problems such as companies that have toll-free numbers but make it hard for consumers to request reports. There are approximately 400 such companies.

The CFPB, which began receiving complaints about credit bureaus in October, has already sent warning letters to several bureaus.

The newest CFPB bulletin focuses on the provisions of the Fair Credit Reporting Act.

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