The Consumer Financial Protection Bureau (CFPB) recently issued its Supervisory Highlights that cover its findings from examinations in the areas of credit reporting and the furnishing of credit information to consumer reporting agencies (CRAs). A few key takeaways include: The lack of procedures necessary to fit a furnisher’s “nature, size, complexity and scope of activities;” the lack of reasonable procedures relating to allegations of identity theft; the importance of conducting a root-cause analysis; and issues with direct dispute policies and procedures.
