In the Matter of Commonwealth Financial Systems, Inc.

Commonwealth Financial Systems, Inc. allegedly violated the Fair Credit Reporting Act and its implementing Regulation V by failing to establish and implement reasonable written policies and procedures regarding the accuracy and integrity of information it furnishes to CRAs; failing to conduct reasonable investigations of consumer disputes about information Commonwealth furnished to CRAs; failing to report the results of direct dispute investigations to consumers; and furnishing information to CRAs without notifying the CRA that the information was disputed. Commonwealth also allegedly violated the Fair Debt Collection Practices Act by sending debt collection letters to consumers before providing the consumer a verification of the debt, misrepresenting to consumers that they owed alleged debts, and communicating credit information about alleged debts to CRAs but failing to communicate that the debts were disputed, according to the CFPB.

Summary generated from official Consumer Financial Protection Bureau press release