Credit Scores/Reporting

Groups Urge CFPB to Ensure Fair Credit Reporting Act Deadlines are Met

CFA joined 21 consumer, faith, and advocacy organizations in sending a letter to Consumer Financial Protection Bureau (CFPB) Director Kraninger urging the CFPB to rescind language in its April 1, 2020 Guidance. The Guidance permitted credit and consumer reporting agencies and information furnishers to exceed the statutory deadlines imposed by the Fair Credit Reporting Act (FCRA) for investigating disputes. The letter is prompted by the dramatic increase in complaints to the Bureau from consumers regarding delays in the processing of their disputes, from about 2,000 during the April 1 to September 23, 2019 period to about 13,000 for the same period in 2020, which equates to a 550% increase.