Credit Bureaus to Get Close Look for Coronavirus Response, CFPB Says

CFPB director Kathleen Kraninger warned credit reporting bureaus and the lenders that furnish data to them to comply with federal coronavirus relief requirements amid a surge in complaints to the consumer watchdog agency.

The Consumer Financial Protection Bureau will closely monitor the industry’s compliance with the CARES Act and subsequent agency guidance, despite the challenges the pandemic presents, Kraninger told the Consumer Data Industry Association on Friday.

“Consumers expect that their credit report should reflect accurate information of their financial history, and when it does not, the Bureau is ready to help them resolve those issues,” Kraninger said in remarks ...