CFPB Bulletin Highlights Furnisher Responsibilities

Ensure compliance with the Fair Credit Reporting Act.

November 1, 2013

The Consumer Financial Protection Bureau (CFPB) released a bulletin in September stressing that, under the Fair Credit Reporting Act (FCRA), furnishers of information to credit bureaus are responsible for investigating consumer disputes forwarded by the consumer reporting agencies (CRAs).

Furnishers are also responsible for reviewing all relevant information provided with the disputes, including documents consumers submit.

Furnishers should:

  • Maintain a system reasonably capable of receiving from CRAs information regarding disputes, including supporting documentation;
  • Conduct an investigation of the disputed information including reviewing “all relevant information” forwarded by the CRA and; the furnisher’s own information with respect to the dispute;
  • Report the results of the investigation to the CRA that sent the dispute;
  • Provide corrected information to every nationwide CRA that received the information if the information is inaccurate or incomplete; and
  • Modify or delete the disputed information, or permanently block the reporting of the information if it’s incomplete or inaccurate, or can’t be verified.

The CFPB monitors consumer complaints and takes appropriate supervisory and enforcement actions to address any FCRA violations.

Although the bulletin is geared toward CFPB-supervised institutions (total assets greater than $10 billion), all furnishers of credit bureau information should review the suggested guidelines to ensure compliance with the FCRA.

CFPB Bulletin 2013-09, other bulletins, and more information are available at