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REGULATORS FOCUSING ON CREDIT REPORT DISPUTE PROCEDURES

A recent Consumer Financial Protection Bureau (CFPB)report indicated that credit reporting errors are a leading consumer complaint. Not surprisingly, these complaints have lead to an increased focus from the regulators – especially related to the obligation of furnishers to properly investigate disputed information in consumer reports. This increased focus should prompt all furnishers of credit report information, including credit unions, to review and revise their dispute procedures. More…