Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

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.

Use the resource link to read more.
Other Resources

RSS print
News Now LiveWire
.@CreditYOUnion captures voices of #100MM loud, proud at @GAUnitedCU See #NewsNow Thursday for more
15 hours ago
Ill. @GovernorQuinn signs patent troll law http://t.co/ugWf8zHpCm via @CrainsChicago
16 hours ago
.@MBAMortgage : Mortgage apps increased 2.8% from one week earlier for week ending Aug. 22.
17 hours ago
Franchise businesses may face higher breach risk with POS systems HT @briankrebs http://t.co/LGE46DUk15
17 hours ago
About 1 in 3 consumers use plastsic for in-person purchases of less than $5, according to @CreditCardsCom survey.
19 hours ago