The CFPB confirmed credit reporting remains a high priority for the agency by issuing a special Supervisory Highlights devoted to credit reporting earlier this month. The report was generally complimentary of the strides that credit reporting agencies have made but indicated significant concerns with furnishers’ compliance with the FCRA and its accompanying regulation, Regulation V.
Here are the key take-aways concerning furnisher compliance:
About the Author. Caren Enloe is a partner with Raleigh’s Smith Debnam and leads the firm’s consumer financial services litigation and compliance team. Actively involved in the consumer financial services industry, she is currently the co-vice chair of the American Bar Association’s Debt Collection and Bankruptcy Subcommittee, a member of the North Carolina Bankers Association’s Bank Counsel Committee and a member of NARCA’s Defense Bar and ACA’s Member Attorney Program. Enloe blogs regularly about consumer financial services issues and can be followed on twitter: @confinservlaw.