CFPB Advises Consumer Reporting Agencies on Streamlined Process for Free Annual Consumer Reports
December 03, 2012
BY KEVIN L. PETRASIC & RYAN A. CHIACHIERE
On November 29, 2012, the Consumer Financial Protection Bureau (CFPB) issued a bulletin (Bulletin) warning that Nationwide Specialty Consumer Reporting Agencies (NSCRA) who are not compliant with the Fair Credit Reporting Acts (FCRA) Regulation V must take immediate steps to comply. In particular, the Bulletin stresses the importance placed by the CFPB on the free annual credit report and reminds NSCRAs regarding their compliance obligation under Section 1022.137 of Regulation V requiring a streamlined process for requesting annual file disclosures from nationwide specialty consumer reporting agencies.