Companies that furnish information to consumer credit report providers are now responsible to investigate consumer disputes and complaints against their firms, according to the Consumer Financial Protection Bureau.
The CFPB released this week a directive concerning all "furnishers," as the reporting firms are known, including credit unions.
Consumers may file a dispute with a consumer reporting company about a credit report item. The reporting company, in turn, must inform the furnisher that the consumer has filed a dispute and forward all relevant information it has about the dispute to the furnisher. The furnisher then must review the information, conduct an investigation and respond to the reporting furnisher.
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