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| Topics and Issues | Accuracy (39) COVID-19 (41) |
In November 2022, the CFPB issued the 28th edition of Supervisory Highlights. Here, as noted in a press release, the report discusses
legal violations identified during the CFPB’s supervisory examinations in the first half of 2022. The report details key findings across consumer financial products and services, including how consumer reporting companies and data furnishers continued to violate the Fair Credit Reporting Act (FCRA) by failing to promptly address and update incorrect information on credit reports. Today’s report also highlights instances where mortgage servicers charged impermissible fees when homeowners went to make their mortgage payments
The press release highlights “inaccurate information in credit reporting” where
CFPB examiners found that one or more of the nationwide consumer reporting companies failed to report to the CFPB the outcome of their reviews of complaints about inaccuracies on consumers’ credit reports. In response to these findings, the consumer reporting companies changed their policies, procedures, and practices to be more transparent in handling such complaints. Additionally, CFPB examiners found violations of the accuracy obligations of the FCRA by furnishers, including finding that auto loan furnishers were reporting inaccurate information about consumer loans despite knowing that the information was inaccurate. In response to these findings, furnishers corrected the inaccurate information for affected consumers and made it easier for consumers to submit disputes directly to the furnishers.
The Bureau reminded the public that it “has recently brought an enforcement action pertaining to inaccurate credit reporting and has highlighted the pervasive issue of inaccurate information on credit reports. Inaccurate medical debt information has plagued this space, and people have often been coerced to make payments on debts they do not actually owe.”