Experts say CUs must evaluate their credit reporting practices, seek better breach data and prepare for a spike in fraud.
Director Cordray says FIs may face bureau action if they do not report accurate account information to credit reporting companies.
Debt collection generates highest rate of disputes, report released Thursday adds.
Agency adds credit reporting to list of consumer complaint types it's handling.
The rule, which takes effect Sept. 30, will apply to credit reporting agencies with annual receipts of more than $7 million.
Consumer credit reporting will be the topic of the latest field hearing scheduled by the Consumer Financial Protection Bureau.
Consumers rank identity theft alerts, and credit reporting high among services, and they’re willing to pay around $3 or $4 a month to use them.
The rate at which credit card loans have to be written off has fallen sharply since 2010, according to Equifax, one of the three nationwide credit reporting bureaus.