CFPB Finds Banks Do Not Comply with the FCRA
The Consumer Foundation Protection Bureau examines banks to see if they are in compliance with their obligations under the Fair Credit Reporting Act.
The Bureau has released a report in which its examiners found that bank employees did not have sufficient training or familiarity with the requirements of the FCRA to implement it properly. The deficiencies resulted in failure to communicate appropriate and accurate account information to the credit bureaus, failure to indicate when account information had been disputed by consumers, and inability to determine whether disputes had been fully investigated. Such failures caused the financial institutions to be unaware of and therefore repeatedly fail to respond to communications from consumers about their accounts.
The report confirms what observers have long said–the banks just don’t do a good job investigating consumer disputes. Query, why don’t they do a good job? Possible answers are, (A) They don’t care? or (B) they are just cheap? If you answered A and B, you are right!