Consumer complaint received 2024-10-04
Product: Credit reporting or other personal consumer reports — Credit reporting
Issue: Incorrect information on your report — Account information incorrect
Company: TRANSUNION INTERMEDIATE HOLDINGS, INC. (NY)

XXXX XXXX XXXX XXXX has been and continue with total disregard to the laws that govern proper and correct credit reporting by data furnishers. XXXX has been furnishing inaccurate and incorrect to Transunion for over five years. The following items are inaccurate... missing Paid As Agreed remarks dating from XX/XX/XXXX to XX/XX/XXXX, date of last payment, amount past due, worst payment status date, number of times 90 days late, date account was closed, date account was opened, proof that you provided a Truth in Lending full disclosure.

The law requires companies to delete disputed unverified information from consumer reports.

Credit reports are used to make decisions that affect every facet of peoples lives. Credit reports compiled by consumer reporting companies are used by lenders, insurers, employers, landlords, and othersyet these reports frequently contain errors. By one estimate, one in five Americans has an error on at least one credit report. Accordingly, it is critical that people have a meaningful opportunity to correct inaccuracies on their reports. Thats why Congresswhen it passed the Fair Credit Reporting Act ( FCRA ) required credit reporting companies, and the companies that give them information, to respond appropriately when notified of errors. 

As the federal government agency charged with implementing and administering the federal consumer financial laws, the CFPB is committed to ensuring that companies meet the obligations put on them by Congress in the law. For that reason, yesterday the Consumer Financial Protection Bureau ( CFPB ) and the Federal Trade Commission ( FTC ), which both enforce fair credit reporting laws, filed an amicus brief in the XXXX XXXX XXXX XXXX for XXXX XXXX XXXX in XXXX XXXX XXXX XXXX Bank, to help ensure that companies that provide information to credit reporting companies comply with the law. Specifically, they must tell credit reporting companies to remove information that they can not verify after someone identifies the information as wrong. 

Companies responsibility to remove unverified information The FCRA provides people multiple ways to dispute inaccurate information on their credit reports. Commonly, people dispute the accuracy of information on their credit reports with a credit reporting company, such as XXXX, XXXX, or TransUnion. In response, the credit reporting company often refers the dispute to the company that provided the disputed information. When a person submits a dispute to a credit reporting company, and it is passed along to the company that originally provided the disputed information, the company is then required to conduct its own investigation into the disputed information. 

If a company that provided disputed information to a credit reporting agency is unable to determine whether the information is true or not, the law requires them to tell the credit reporting company the information could not be verified so that the credit reporting company will stop reporting it. Nonetheless, some companies have argued that if they are unable to determine that the disputed information is false, they are free to tell the consumer reporting company to continue providing the information on reports. 

Thats wrong, as the CFPB and FTCs brief explains. In the FCRA, Congress put express requirements on companies with respect to information that can not be verified. Those requirements would be meaningless if companies could continue providing unverified information and telling credit reporting companies that they could continue sharing it. 
The law requires companies to delete disputed unverified information from consumer reports. 

Credit reports are used to make decisions that affect every facet of peoples lives. Credit reports compiled by consumer reporting companies are used by lenders, insurers, employers, landlords, and othersyet these reports frequently contain errors. By one estimate, one in five Americans has an error on at least one credit report. Accordingly, it is critical that people have a meaningful opportunity to correct inaccuracies on their reports. Thats why Congresswhen it passed the Fair Credit Reporting Act ( FCRA ) required credit reporting companies, and the companies that give them information, to respond appropriately when notified of errors. 

As the federal government agency charged with implementing and administering the federal consumer financial laws, the CFPB is committed to ensuring that companies meet the obligations put on them by Congress in the law. For that reason, yesterday the Consumer Financial Protection Bureau ( CFPB ) and the Federal Trade Commission ( FTC ), which both enforce fair credit reporting laws, filed an XXXX brief in the XXXX XXXX XXXX XXXX for XXXX XXXX XXXX in XXXX XXXX XXXX XXXX Bank, to help ensure that companies that provide information to credit reporting companies comply with the law. Specifically, they must tell credit reporting companies to remove information that they can not verify after someone identifies the information as wrong. 

Companies responsibility to remove unverified information The FCRA provides people multiple ways to dispute inaccurate information on their credit reports. Commonly, people dispute the accuracy of information on their credit reports with a credit reporting company, such as XXXX, XXXX, or TransUnion. In response, the credit reporting company often refers the dispute to the company that provided the disputed information. When a person submits a dispute to a credit reporting company, and it is passed along to the company that originally provided the disputed information, the company is then required to conduct its own investigation into the disputed information. 

If a company that provided disputed information to a credit reporting agency is unable to determine whether the information is true or not, the law requires them to tell the credit reporting company the information could not be verified so that the credit reporting company will stop reporting it. Nonetheless, some companies have argued that if they are unable to determine that the disputed information is false, they are free to tell the consumer reporting company to continue providing the information on reports. 

Thats wrong, as the CFPB and FTCs brief explains. In the FCRA, Congress put express requirements on companies with respect to information that can not be verified. Those requirements would be meaningless if companies could continue providing unverified information and telling credit reporting companies that they could continue sharing it.