ATLANTA—The U.S. Court of Appeals for the Eleventh Circuit has sided with Chase Bank in a Fair Credit Reporting Act (FCRA) lawsuit, determining the bank upheld its requirements under the law to conduct a “reasonable” investigation into the plaintiff’s dispute of inaccurate information furnished to the credit reporting agencies (CRAs).
The amicus brief argued that the FCRA requires furnishers and CRAs to investigate factual inaccuracies, not legal disputes, but the court did not address that point in its final decision, noted NAFCU in its analysis.
As CUToday.info reported, there is another lawsuit concerning this issue that is still outstanding; NAFCU and other organizations filed a similar amicus brief in that case.
In the lawsuits, the CFPB has filed amicus briefs in support of the plaintiffs, arguing that data furnishers and CRAs should investigate legal disputes in addition to factual disputes.
The Bureau is currently considering whether to amend Regulation V, which imposes legal duties on consumer reporting agencies, data furnishers, and users of consumer reports, and furnishers of information to consumer reporting agencies, NAFCU noted.
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