Earlier this month the CFPB released a statement on Supervisory and Enforcement practices regarding the Fair Credit Reporting Act and Regulation V in light of the CARES Act.
The Bureau recognizes the serious impact the COVID-19 pandemic is having on the financial well-being of many consumers and on the operations of many supervised entities, including actors in the consumer reporting system, and the challenges of this unique and rapidly evolving situation. The Bureau reiterates its prior guidance encouraging financial institutions to work constructively with borrowers and other customers affected by COVID-19 to meet their financial needs.
While companies generally are not legally obligated to furnish information to consumer reporting agencies, the Bureau encourages them to continue furnishing information despite the current crisis. Furnisher’s providing accurate information to consumer reporting agencies produces substantial benefits for consumers, users of consumer reports, and the economy as a whole.
The FCRA generally requires that consumer reporting agencies and furnisher’s
investigate disputes within 30 days of receipt of the consumer’s dispute. The 30-day period may
be extended to 45 days if the consumer provides additional information that is relevant to the
investigation during the 30-day period.
The Bureau is aware that some consumer reporting agencies and furnisher’s may face significant
operational disruptions that pose challenges for them in investigating consumer disputes. For
example, some consumer reporting agencies and furnisher’s may experience significant
reductions in staff, difficulty intaking disputes, or lack of access to necessary information, rendering them unable to investigate consumer reporting disputes within the time frames the
Please be patient as CRA’s get the information out to you. We are committed to releasing the most accurate information during these times and after this crisis is over knowing consumer’s credit will be affected.