In an article on September 6, 2013, Law360 quoted Venable partner Jonathan Pompan on a recent bulletin issued by the Consumer Financial Protection Bureau (CFPB). In the bulletin, the CFPB warned “data furnishers,” which are outside the bureau’s jurisdiction, that they could face enforcement actions if they do not promptly address consumer complaints sent to them by credit reporting bureaus.
The CFPB cited problems with credit reporting bureaus’ dispute resolution processes where, in some cases, consumer complaints are not getting sent to the companies that furnished the disputed information. But, the CFPB did say that a recent fix to the system known as e-Oscar allows the credit bureaus to forward those documents on to furnishers.
Pompan said that enhancements to the e-OSCAR system had reportedly been in the works for some time, but CFPB pressure may have expedited the process. He added that “the natural consequence of the enhancements is more data to work, hence, the message of the bulletin.”
The CFPB cited problems with credit reporting bureaus’ dispute resolution processes where, in some cases, consumer complaints are not getting sent to the companies that furnished the disputed information. But, the CFPB did say that a recent fix to the system known as e-Oscar allows the credit bureaus to forward those documents on to furnishers.
Pompan said that enhancements to the e-OSCAR system had reportedly been in the works for some time, but CFPB pressure may have expedited the process. He added that “the natural consequence of the enhancements is more data to work, hence, the message of the bulletin.”