"A new era of FCRA scrutiny for consumer data furnishers" by Jessica L. Pollet (Law360)
Furnishers provide information to consumer reporting agencies on over 1.3 billion consumer credit accounts or other tradelines each month, with the three largest national consumer reporting agencies holding the personal information of over 200 million consumers. Given the extent of the consumer data that is shared, scrutiny of the consumer reporting industry is intense, with consequences for those who run afoul of relevant laws and regulations.
Within the past month, the Consumer Financial Protection Bureau filed a consumer reporting enforcement action against a furnisher, Fair Collections & Outsourcing Inc., and announced a joint consumer reporting workshop with the Federal Trade Commission.
Originially published in Law360; reprinted with permission.