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MoFo Reenforcement The Enforcement Blog

CFPB Again Reports on Reports

Posted in CFPB, Credit Reports

Just last week we posted about the CFPB’s report on consumers without credit reports or with limited credit histories. This week, the CFPB has turned its attention to consumers with reports — specialty consumer reports.

On its blog, the CFPB explained that specialty consumer reporting agencies compile and sell reports containing various personal data, such as a consumer’s employment, insurance, or banking background. The CFPB advised consumers to check their reports for accuracy, providing a list of consumer reporting agencies, divided by category. It reminded consumers that  consumer reporting agencies are required by law to provide a consumer with his or her report, and generally have 30 days to investigate reported errors and five days to notify the consumer of the results.

The CFPB did give consumers some responsibility for the accuracy of their reports, explaining that the consumer is “in the best position to know whether the information in [his or her] personal reports is accurate and complete.”