What should you do if you learn that your credit report has errors? You can either contact us about how to proceed or send a dispute to the consumer reporting agency (CRA) on your own. There are several ways to initiate the dispute process with the CRAs, including using the dispute form which you may have received when you ordered your credit report; using the CRAs online dispute form; sending a dispute letter by mail (certified mail is recommended but not required); or by telephone. Whichever method you choose, you should remember to keep an accurate record of your dispute, including a copy of your dispute form or letter. If you use the online dispute form, you should take a screen shot of your dispute before sending it.
Findings & Purpose of the Fair Credit Reporting Act
The Fair Credit Reporting Act (commonly known as the “FCRA”) is codified at 15 U.S.C 1861, et seq. In enacting this legislation, the United States Congress made several findings: (A) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system.
Consumer Reporting Agencies Subject to Increased Federal Supervision
Earlier this week, the Director of the Consumer Financial Protection Bureau (“CFPB”), Richard Cordray, spoke at a field hearing were he discussed the CFPB’s new authority to supervise consumer reporting agencies. Starting this September, the CFPB will have the authority to supervise 94% of the credit reporting industry. Until now, consumer reporting agencies (commonly referred to as “credit reporting agencies” or “credit bureaus”), the largest of which are Equifax (including credit files owned by CSC Credit Services), Experian, and Trans Union, have never been subject to like supervision. From conducting on-site examinations to seeking better comprehension of policies and procedures, the CFPB’s supervisory authority will seek to ensure that the consumer financial laws are being followed.
The creation of the consumer bureau, the CFPB, was done so in response to the recent financial crisis experienced by the United States.