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ALEXANDRIA, Va. – According to CUNA and NAFCU, credit reporting agencies are better equipped to handle the re-investigation of any credit reporting alleged inaccuracies than the financial institutions.

In comment letters to NCUA on its joint advance notice of proposed rulemaking with the other federal financial regulators, CUNA and NAFCU both stated that information provided by furnishers is generally accurate and that the credit reporting agencies may be better able to handle disputed records as well as resolving the matter more quickly. Additionally, allowing consumers to report errors to the furnishers will increase the time and costs of these disputes for financial institutions.

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