CFPB Implements ID Verification and Credit Bureau Routing Rules for Consumer Complaints
By
Robert Farrington
Summary
The Consumer Financial Protection Bureau (CFPB) has implemented new identity verification requirements for consumers filing complaints, including two-factor authentication via mobile phone and email confirmation. The changes also steer credit reporting disputes back to Equifax, Experian, and TransUnion before the CFPB will accept them. While the agency frames this as cleanup and efficiency measures, consumer advocates argue the new rules create barriers that make it harder for Americans to file complaints against financial companies.
Source
bskyCFPB Implements ID Verification and Credit Bureau Routing Rules for Consumer Complaintsthecollegeinvestor.comKey quotes
· 3 pulledThe CFPB will require users to validate their identity via mobile phone and email confirmation before they are allowed to file a report.
The agency calls it cleanup. Consumer advocates call it a wall.
For borrowers who want to file a complaint against a financial company, here is what you need to know.
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