Errors on U.S. Consumer Credit Reports Getting Tougher Oversight
December 13, 2012
Consumers could face fewer roadblocks in resolving credit report errors now that the Consumer Financial Protection Bureau has assumed oversight of the three major credit reporting firms: Experian, Equifax, and TransUnion. A report from the agency said the three credit bureaus could do more to settle errors on consumer's credit reports. Credit reporting firms resolve an average of 15 percent of items that consumers dispute internally, the report found, transferring the other 85 percent on to so-called furnishers such as banks, card issuers, and other companies with information on a borrower's behavior. CFPB director Richard Cordray said, "The documentation consumers mail in to support their cases may not be getting passed on to the data furnishers for them to properly investigate and report back to the credit reporting agency."
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