The Consumer Financial Protection Bureau has made public the procedures it will use as it examines credit bureaus and other consumer reporting companies. They will serve as a field guide for CFPB examiners as they verify that consumer reporting companies are complying with their requirements under consumer protection laws.
Examiners, for example, will assess whether a company has reasonable procedures in place to ensure the quality of the information about consumers that appears in their reports. They will determine whether companies conduct reasonable investigations when consumers dispute the accuracy or completeness of their files. The systems, procedures, and policies used by the company for tracking, handling, investigating, and resolving consumer inquiries, disputes, and complaints will be evaluated.
