Reed Smith’s Robert Jaworski recently wrote an article on New York Attorney General Eric Schneiderman’s settlement agreement (Agreement) with the three national consumer reporting agencies (CRAs). In the article, he provides a summary of the Agreement and the impact of the settlement on CRAs, users of the credit reports, those that furnish the CRAs with information contained in the reports and consumers.
Robert Jaworski writes: “Two recent studies – a 2012 study by the Federal Trade Commission and a 2014 study by the Consumer Financial Protection Bureau – concluded that a large percentage of credit reports provided by CRAs contain inaccuracies. These studies identified various causes for these inaccuracies, the most important being incomplete or inaccurate information provided by Furnishers or by consumers, fraud and identity theft, the processes used by the CRAs to match information requested by Furnishers to the correct consumer files, and the difficulties consumers experience when trying to rectify errors through the CRAs’ dispute processes.”
To read the full article from the June 2015 edition of E-Finance & Payments Law & Policy Journal, click here.