In a recent supervisory bulletin, the CFPB warned that it is focusing on data furnishers’ compliance with FCRA requirements to investigate consumer credit report disputes.

In particular, the CFPB warns that furnishers should not assume that simply deleting disputed items from consumer reports will generally constitute a reasonable investigation. The CFPB further cautioned that it will continue to monitor furnishers’ compliance with the FCRA regarding consumer disputes and will take appropriate supervisory and enforcement actions to address violations.

Given this increased focus on data furnishers, and that the CFPB also found that not all “employees at supervised institutions had sufficient training to comply with fair credit reporting requirements,” isn’t it time that you took appropriate measures to make sure your employees understand their obligations under the FCRA?

In view of the CFPB’s warning the Consumer Data Industry Association recommends to ramp up on training:  Is Your Training Up to CFPB Examiner’s Expectations? 

Due to the CFPB’s vast rulemaking and enforcement powers, cursory FCRA compliance training—or no training at all—just doesn’t cut it.  So, where can you find wide-ranging, role-specific FCRA training for your employees to meet their compliance-training needs? Look no further!

Visit the CDIA Learning Center to register now and to find out more about each program!

Source:  Consumer Data Industry Association