On April 1, 2020, the Consumer Financial Protection Bureau (CFPB) issued a Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act which, among other things, eased the rules involving Fair Credit Reporting Act (FCRA) dispute requirements. The FCRA generally requires consumer reporting agencies and furnishers to investigate disputes within 30 days of receipt of the consumer’s dispute. The CFPB is extending the 30-day period to 45 days if the consumer provides additional information that is relevant to the investigation during the 30-day period. In addition, in light of the COVID-19 pandemic, the CFPB will consider a consumer reporting agency’s or furnisher’s individual circumstances and does not intend to cite in an examination or bring an enforcement action against a consumer reporting agency or furnisher making good faith efforts to investigate disputes as quickly as possible, even if dispute investigations take longer than the statutory timeframe.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
To View this Resource
A quick registration is required to view our resources. You will only be asked to do this one time (unless you don't save your browser cookies).