The Consumer Financial Protection Bureau (CFPB) spotlighted its credit reporting complaints in a recent report submitted in February 2017. The bureau also submitted a special advisory report detailing ongoing problems in the credit-reporting industry.
According to these reports, 76% of credit-reporting complaints received by the CFPB concern the accuracy of information in consumers’ credit reports. Regarding Nevada consumers, the report highlighted over 13,000 separate complaints, many of which concerned consumers residing here in Las Vegas and Henderson.
Regarding furnishers of information (e.g. banks, credit card companies, etc.), the bureau stresses the importance of policies and procedures for proper recordkeeping to avoid credit reporting mistakes. The CFPB recommends that furnishers update their employee training and institute oversight and compliance procedures to prevent these issues in the future.
Regarding credit bureaus, the reports make clear that they must vet information coming from the furnishers to ensure accuracy. The CFPB expects that the bureaus will adhere to the 30-day timeline for resolving consumer disputes outlined in the Fair Credit Reporting Act, and provide notices describing the outcome of each investigation.