Clyburn Praises New CFPB Guidance After Select Subcommittee Investigation Exposes Inadequate Dispute Resolution Practices by Equifax, Experian, and TransUnion
Washington, D.C. (November 14, 2022) – Today, Rep. James E. Clyburn, Chairman of the Select Subcommittee on the Coronavirus Crisis, released the below statement after the Consumer Financial Protection Bureau (CFPB) released new guidance following a Select Subcommittee investigation finding that the three largest nationwide consumer reporting agencies—Equifax, Experian and TransUnion—have not adequately addressing consumer disputes regarding errors in credit reports, in possible violation of the Fair Credit Reporting Act. In an October 13, 2022, letter, Chairman Clyburn requested that CFPB review these practices.
“CFPB’s new guidance underscores the Select Subcommittee’s finding that there are longstanding problems with nationwide consumer reporting agencies’ practices for responding to consumers who challenge errors in their credit reports. This guidance affirms that neither consumer reporting agencies nor data furnishers can skirt federal law when investigating disputes from consumers who report errors in their credit reports and provides helpful guidance to federal and state consumer protection enforcers seeking to bring claims against companies that fail to adequately investigate and resolve consumer report disputes. I applaud CFPB for affirming that Americans have a legal right to challenge potential inaccuracies in their credit reports. Errors in consumer credit reports can have a significant impact on access to loans, employment, housing, and insurance. This new guidance is a significant step forward in ensuring that all Americans can maintain equitable access to these necessities.”