Bulletin re: the FCRA’s requirement to investigate disputes and review “all relevant” information
The Fair Credit Reporting Act (FCRA) generally requires a consumer reporting agency (CRA) to notify a furnisher when a consumer disputes the accuracy or completeness of an item of information provided by the furnisher to the CRA. The CRA must also promptly provide the furnisher “all relevant information” regarding the dispute that the CRA timely received from the consumer. The furnisher, in turn, must “conduct an investigation with respect to the disputed information,” “review all relevant information” provided by the CRA, and respond appropriately based on the result of the investigation. The CFPB expects CRAs and furnishers to comply fully with these FCRA requirements, thereby promoting the accuracy and completeness of information in the consumer reporting system.