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Consumer Reporting Agencies: CFPB Should Define Its Supervisory Expectations

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Report Type Reports and Testimonies
Report Date July 16, 2019
Release Date July 16, 2019
Report No. GAO-19-459
Summary:

Consumer reporting agencies collect vast amounts of information on people, such as their debt and work histories. They package the information into reports and sell it.

We looked at inaccuracies in those reports, which can have real consequences—especially for job seekers or people who need credit. Government and industry representatives said errors can happen in several ways. For example, agencies might match data to the wrong people if they share common names.

We recommended the Consumer Financial Protection Bureau tell agencies what it considers reasonable procedures for assuring accuracy and investigating disputes.

Credit report resting on a computer keyboard with pen and glasses

Credit report resting on a computer keyboard with pen and glasses

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