Furnishers have an obligation to investigate consumer disputes

Even minor inaccuracies on a credit report can lead to a consumer being denied a loan, housing, or a job. As a result, it is critical that consumers have a meaningful opportunity to correct errors or inaccuracies when they are identified. Over the years, however, companies have relied on a series of legally dubious arguments to try to prevent consumers from being able to resolve problems on their credit reports — and protect themselves from being held accountable — when mistakes are made.

As the federal government agency charged with implementing and administering the federal consumer financial laws, the CFPB is committed to ensuring that companies follow the law. For that reason, the CFPB and the Federal Trade Commission, which together with the CFPB helps enforce fair credit reporting laws, filed an amicus brief yesterday in the U.S. Court of Appeals for the Third Circuit in Ingram v. Waypoint Resource Group, LLC, to ensure that businesses that provide information to credit reporting companies comply with the law and investigate potential inaccuracies or errors as required.

Read the CFPB Blog in detail here.