If a financial institution furnishes information about consumers to a credit reporting agency, the Fair Credit Reporting requirements found in 12 CFR 1022.40 apply. In a nutshell, you must ensure that the information you provide is accurate and investigate any direct disputes of this information. Specifically, furnishers must establish and implement reasonable written policies and procedures regarding the accuracy and integrity of the information related to consumer that it furnishes to a consumer reporting agency. While these rules have been in effect for quite some time, we still run into institutions that are essentially complying with the requirement, but they do not have written policies and procedures. We also see institutions that fail to provide staff training.
Kevin explains more in the video.
Published
2024/08/26
