We are in the middle of converting our core database over to an entirely new software package. As part of that conversion, we sent a test file to the credit reporting agencies. The test file has data from April so it was older. Someone at one of the credit reporting agencies uploaded the test file into their actual production database by mistake. Immediately, a number of our customers were alerted by their Identity Theft Protection providers that there were late counters reporting on their credit reports and we began receiving calls. We immediately addressed the issue with the credit reporting agency at fault but with very little helpful response. We had Vice-Presidents and Executive Vice-Presidents making phone calls, asking for the problem to be escalated, only to be told that there was nothing the credit reporting agency could do until they did their normal upload of data two days later. We were told they'd upload the correct file at that time and the problem would be corrected. As you have probably guessed by now, I have VP's who are extremely upset and are asking me to verify what requirements must credit reporting agencies adhere to in situations like this, i.e., how quickly are they required to fix the problem, etc. and what recourse do we have as a financial institution?
I believe a phone call to our attorneys is the next possible step depending on the answers to these questions. Any insights would be great. Thanks!