WASHINGTON–Consumer reporting companies failed to ensure the accuracy of credit reports, including by failing to exclude information resulting from alleged identity theft or human trafficking, according to the CFPB’s newest a Supervisory Highlights.
The CFPB said it further found furnishers – companies that provide information to consumer reporting companies – failed to correct false or fraudulent information sent to consumer reporting companies.
The CFPB said it continues to prioritize examinations of consumer reporting companies and furnishers.
The Specifics
Specifically, the CFPB said the Supervisory Highlights found:
- Consumer reporting companies failed to block or remove information related to identity theft and human trafficking. “Examiners found that companies refused to honor consumer requests to block information associated with identity theft based on overbroad criteria; failed to inform consumers when blocks were denied or rescinded; failed to provide victims of identity theft with summaries of rights; and failed to timely block all information resulting from human trafficking identified by consumers.”
- Consumer reporting companies accepted information from unreliable furnishers. “Examiners found companies accepted information from furnishers that may have been no longer providing reliable, verifiable information about consumers,” the CFPB said. “For example, consumer reporting companies continued to include information from furnishers that failed to respond to all or nearly all disputes or that issued the same responses to all disputes.”
- Furnishers provided information to consumer reporting companies they knew was false. “Examiners found that auto loan furnishers continued to share incomplete or inaccurate information for several months or even years after learning the information was false, incomplete, or inaccurate. In other instances, furnishers provided information even after they determined the information was fraudulent or due to identity theft.”
- Furnishers did not follow requirements for dispute investigations and identity theft. “Examiners found that some furnishers continued to furnish information that consumers were disputing without indicating the information was in dispute. In other instances, furnishers failed to conduct investigations into the accuracy of information consumers disputed.”
In response to the CFPB’s findings, the involved consumer reporting companies and furnishers are taking corrective actions, the CFPB said.
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