Over the past few years, it has become all too common to see both the National
Credit Reporting Agencies (NCRAs) and data furnishers appear in the headlines.
A congressionally mandated study by the FTC on reporting accuracy found
that 1 out of 5 (20%) Americans had an error on their consumer credit
report. The study also found that 1 out of 4 (25%) of identified errors
on a consumer’s report might impact their score, and 4 out of 5
(80%) had some type of modification on their report after filing a dispute.
The special report
New Regulatory Expectations for Consumer Credit Bureau Disputes and Reporting highlights the top five expectations for each data furnisher related to
compliance with the Fair Credit Reporting Act (FCRA) and dives into areas
of focus for companies to ensure appropriate controls and accurate completion
of all credit bureau disputes. In addition to credit bureau dispute management,
the paper points out focus areas for establishing prescriptive usage and reporting parameters to provide
a complete credit bureau compliance program.