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CFPB DIRECTOR: STOP LETTING INDUSTRY VIOLATE THE FAIR CREDIT REPORTING ACT


550% increase in credit reporting complaints to CFPB in the past six months

For Immediate Release

THURSDAY, SEPTEMBER 24, 2020


(This release is also available at the National  Consumer Law Center (NCLC.org). Washington, D.C. – A coalition of 21 consumer, faith, and advocacy groups sent a letter today to Consumer Financial Protection Bureau Director Kathy Kraninger urging her to revoke the permission that the Bureau granted the credit reporting industry to violate the 30-day deadline imposed by the Fair Credit Reporting Act (FCRA) for investigating disputes. In an April 1, 2020 guidance, the CFPB had permitted credit and consumer reporting agencies (CRAs) — and the banks, lenders and debt collectors that report information to the CRAs — to exceed the 30 days due to “reductions in staff, difficulty intaking disputes, or lack of access to necessary information.”

The groups urged Director Kraninger to rescind the permission to exceed the 30-day deadline in part because of a dramatic increase in complaints to the CFPB from consumers alleging delays in resolving their disputes.  The letter states: FULL RELEASE