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6 critical steps to address enhanced CRA standards

Amy Gennarini | December 20, 2016

When 31 state attorneys general and three of the largest U.S. credit reporting agencies (CRAs)—TransUnion, Experian, and Equifax—settled an investigation in 2015 that looked into consumer complaints, the spotlight focus went far beyond just the CRAs involved and included furnishers, those entities which provide information relating to consumers to one or more consumer reporting agencies for inclusion in a consumer report. The settlement will likely require furnishers to make extensive changes in their policies, procedures, and processes to significantly enhance data accuracy and integrity.

Collecting and reporting accurate data has frequently been one of the biggest challenges for furnishers when reporting credit information. In fact, according to a recent analysis of U.S. Consumer Financial Protection Bureau data, 70 percent of all credit reporting complaints filed by customers are related to incorrect information. Examples of incorrect information include failing to report...

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