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New Regulatory Expectations for Consumer Credit Bureau Disputes and Reporting

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.

Category: Servicing