Consumer credit rating bureaus and lenders won’t face federal penalties for failing to complete timely investigations of disputed items on consumer credit reports due to staffing issues from the new coronavirus pandemic.
The Consumer Financial Protection Bureau said Wednesday that it “does not intend to cite in an examination or bring an enforcement action” against any consumer credit bureau or lender that does not meet established deadlines for responding to a disputed item on a credit report, as long as companies show a “good-faith effort” to investigate disputes “as quickly as possible.”
The three-page guidance document also highlights the importance ...
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