CFPB concerns assistance on getting rid of incorrect information from credit reports

The Consumer Financial Protection Bureau today provided assistance to customer reporting business about their legal responsibility to screen for and get rid of incorrect information from customers’ credit reports. According to CFPB, a reporting business’s policies and treatments must have the ability to spot and eliminate irregular account details, such as conflicting information on whether an account is paid completely. Companies must likewise have the ability to spot details that undoubtedly isn’t real, such as an account developed prior to an individual was born.

Complaints about “incorrect information on your report” represent the biggest share of credit or customer reporting problems sent to the CFPB for a minimum of the last 6 years, and the firm gets more problems about credit reporting than any other topic, CFPB stated.


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