Credit Unions Must Investigate Consumer Credit Report Disputes

A new bulletin from the Consumer Financial Protection Bureau spells out the bureau’s expectations for companies that furnish information for credit reports.

The Fair Credit Reporting Act allows consumers to file a dispute with a consumer credit reporting agency (CRA) about an item on their credit report. The act then requires the CRA to notify a furnisher when a consumer disputes the accuracy or completeness of information provided by the furnisher to the CRA. The CRA must also promptly provide the furnisher “all relevant information” regarding the dispute that the CRA received in a timely way from the consumer.

CFPB Bulletin 203-09, released Sept. 4, specifically addresses furnishers’ obligation to review all relevant dispute information provided by the CRA. The bureau expects each furnisher to fulfill its legal obligations by:

  • Receiving information and investigating disputes: When a consumer files a dispute about a credit report item, companies need to be able to receive information about the dispute and must investigate the consumer’s concerns.
  • Providing investigation results: Furnishers must report the results of the investigation to the consumer reporting company that sent the dispute originally.
  • Correcting inaccurate information: Furnishers are required to report the results of the investigation to nationwide consumer reporting companies if those companies may have received inaccurate or incomplete credit information. Furnishers also have to modify, delete, or permanently block disputed information that is incomplete, inaccurate, or cannot be verified.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News.