Fair Credit Reporting; Facially False Data

October 26, 2022 CFPB, Regulation lookup 0

Title: Fair Credit Reporting; Facially False Data
Subject: FCRA
Agency: CFPB
Status:
Advisory opinion
Summary:

The Consumer Financial Protection Bureau (Bureau) is issuing this advisory opinion to highlight that a consumer reporting agency that does not implement reasonable internal controls to prevent the inclusion of facially false data, including logically inconsistent information, in consumer reports it prepares is not using reasonable procedures to assure maximum possible accuracy under section 607(b) of the Fair Credit Reporting Act (FCRA).
FR Doc:

2022-23264
Date proposed:
Comments due date:
Effective date:

Oct. 26, 2022
Rule compliance date:
Agency release: CFPB Takes Action to Address Junk Data in Credit Reports
Related Reg Report item(s):

CFPB opinion: Credit reporting agencies have responsibility to assure consumer report accuracy under FCRA