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Accuracy and Integrity Policy/Procedure Requirements

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Question: 
Does my financial institution have to have policies and procedures regarding accuracy and integrity of furnished information provided to CRA’s?
Answer: 

Under the CFPB’s Regulation V, each furnisher must establish and implement reasonable, written policies and procedures regarding the accuracy and integrity of information relating to consumers that it furnishes to a consumer reporting agency. These policies and procedures must consider the guidelines in Appendix E of the CFPB’s Regulation V and be reviewed and updated periodically.
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Learn more about Jack Holzknecht’s webinar A Banker's Responsibility under FCRA

First published on 08/25/2019

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