On February 27, 2014, the CFPB released Bulletin 2014-01 reminding those persons who furnish consumer information to credit reporting agencies of the person’s duty under the Fair Credit Reporting Act (FCRA) to fully investigate consumer disputes referred to the person by a consumer report agency. Apparently, the CFPB believes that furnishers of credit information to credit reporting agencies did not get the message in the September 4, 2013 CFPB Bulletin 2013-09 on the same subject (see this firm’s 9-05-13 memorandum on CFPB Bulletin 2013-09 on our website www.bmandg.com under Articles). In this current Bulletin 2014-01 the CFPB emphasizes that it is the furnisher’s obligation under the FCRA to investigate disputed information referred to them and it is not sufficient under the requirements of the FCRA to simply direct the consumer reporting agency to delete the item without first conducting an investigation. For your convenience, the text of CFPB Bulletin 2014-01 is reprinted below: CFPB Bulletin 2014-01 Date: February 27, 2014 Subject: The FCRA’s requirement that furnishers conduct investigations of disputed information Debt buyers, debt collectors, and others who furnish information to credit reporting agencies have a variety of obligations under the Fair Credit Reporting Act (FCRA) 1 and Regulation V2. The Consumer Financial Protection Bureau (CFPB) issues this bulletin3 to highlight one of those obligations – the obligation of furnishers to investigate disputed information in a consumer report. The CFPB is concerned that, when a furnisher responds to a consumer’s dispute, it may, without conducting an investigation, simply direct the consumer reporting agency (CRA) to delete the item it has furnished. Click below to download complete memorandum

Complete Memorandum