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Volume 25 - Number 26

December 22, 2014

Bureau Requires Filings From Credit Reporting Agencies

In response to growing concern over medical debt collection and reporting, the CFPB announced at a recent public field hearing that it will require major credit reporting companies to provide regular accuracy reports as part of ongoing examinations. The reports are to highlight key risk areas for consumers, such as disputes filed with the credit reporting agencies. Some of the metrics in the accuracy report are to include: Furnishers with the most overall disputes: If a credit reporting company continuously experiences a disproportionately large number of consumer disputes about information from a particular furnisher, the CFPB said it expects the credit reporting agency to investigate, identify if there is a problem, and take appropriate action. Industries with the most disputes: ...

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