Exposing False Info: CFPB Demands Accurate Credit Reports

CFPB calls on credit reporting agencies to correct inaccuracies

A report released by the Consumer Financial Protection Bureau (CFPB) found that credit reporting agencies failed to correct errors on credit reports due to identity theft or as a result of human trafficking.

The CFPB found consumer reporting companies failed to ensure the accuracy of credit reports, including by failing to exclude information resulting from alleged identity theft or human trafficking. The CFPB also found furnishers – companies that provide information to consumer reporting companies – failed to correct false or fraudulent information sent to consumer reporting companies.

“Survivors of human trafficking and victims of identity theft have the right to block information improperly placed on their credit report,” said CFPB Director Rohit Chopra. “We will be taking additional steps to ensure that companies correct false and inaccurate information on credit reports.”

The CFPB says it is using its authority to direct credit reporting agencies to improve processes and ensure information on credit reports is accurate.

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