CFPB directs credit bureaus to screen for nonsensical data in credit reports

Oct. 21, 2022

The Consumer Financial Protection Bureau issued guidance directing consumer reporting companies to take necessary steps to detect and remove conflicting or nonsensical “junk data” from consumer credit reports.

Consumer reporting company’s policies, procedures, and internal controls should further identify and prevent reporting of illegitimate credit transactions for minors, who are often victims of identity theft, the Bureau noted.