Complaints management & FCRA compliance: CFPB report & bulletin

All entities under CFPB supervision should expect increased regulatory attention and examination of their complaints management processes and be prepared to provide regulators with evidence of responsiveness to the consumer complaints, including Board and senior management commitment; documentation of intake/resolution; policies and procedures; tracking; audits; and third-party relationship monitoring. Consumer reporting agencies and furnishers should anticipate enhanced scrutiny with regard to accuracy in consumer information reporting and attention to dispute resolution. Notably, CFPB has previously stated expectations that complaint responses should be timely, substantive, complete, and consistent between consumer groups.