Consumer Credit Firms Need to Investigate Mistakes, CFPB Says

Some consumer credit reporting companies are falling short on their duties to appropriately investigate consumer complaints, and such failures can trigger federal and state enforcers’ lawsuits, the CFPB said.

“Companies that fail to properly address consumer disputes in accordance with the law may face serious consequences,” Rohit Chopra, director of the Consumer Financial Protection Bureau, said in a statement Thursday.

Mistakes on a credit report can follow a consumer for years, potentially forcing them to pay more for loans or miss out on employment or housing opportunities.

CFPB examination teams have found instances where consumer credit reporting companies haven’t sufficiently ...