Just last week we posted about the CFPB's report on consumers without credit reports or with limited credit histories. This week, the CFPB has turned its attention to consumers with reports — specialty consumer reports.
On its blog, the CFPB explained that specialty consumer reporting agencies compile and sell reports containing various personal data, such as a consumer's employment, insurance, or banking background. The CFPB advised consumers to check their reports for accuracy, providing a list of consumer reporting agencies, divided by category. It reminded consumers that consumer reporting agencies are required by law to provide a consumer with his or her report, and generally have 30 days to investigate reported errors and five days to notify the consumer of the results.
The CFPB did give consumers some responsibility for the accuracy of their reports, explaining that the consumer is "in the best position to know whether the information in [his or her] personal reports is accurate and complete."
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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