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Schatz: New CFPB Action Will Help Address Credit Report Errors

Schatz Led Calls To CFPB Fix The Broken Credit Reporting System, Hold Credit Reporting Agencies Accountable For Persistent Errors

WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i) today commended the Consumer Financial Protection Bureau (CFPB) on newly issued guidance to consumer reporting companies about their obligation to screen for and eliminate errors from consumers’ credit reports. In November, Schatz urged the agency to help improve the accuracy of credit reports, streamline the dispute resolution process, and hold consumer reporting agencies accountable for addressing persistent errors.

“Mistakes on credit reports have real impacts. It may mean people will end up having to pay more for credit or be denied loans altogether. It also might make it harder to land a job, get a mortgage, or rent an apartment. This new guidance is a good first step to helping eliminate these kinds of errors. But CFPB can and should do more to hold credit reporting agencies accountable for these mistakes,” said Senator Schatz.