The Consumer Financial Protection Bureau has made public the procedures it will use as it examines credit bureaus and other consumer reporting companies. They will serve as a field guide for CFPB examiners as they verify that consumer reporting companies are complying with their requirements under consumer protection laws.

Examiners, for example, will assess whether a company has reasonable procedures in place to ensure the quality of the information about consumers that appears in their reports. They will determine whether companies conduct reasonable investigations when consumers dispute the accuracy or completeness of their files. The systems, procedures, and policies used by the company for tracking, handling, investigating, and resolving consumer inquiries, disputes, and complaints will be evaluated.

Also on the checklist is making sure reporting companies disclose file information and credit scores to consumers who make a request, that they have trained personnel to explain the information in the disclosures to consumers, that proper efforts are made to address identity theft, and that due diligence is made to protect active duty military personnel from targeted fraud.

The procedures released on Sept. 6 are an extension of the CFPB's Supervisory and Examination Manual. The examination process will be an ongoing one, with pre-examination scoping and review of information, data analysis, onsite examinations, regular communication with supervised entities, and follow-up monitoring. When necessary, examiners will work closely with the CFPB's enforcement staff.

The CFPB has issued similar procedures for other companies under its supervision, such as mortgage originators, mortgage servicers, and payday lenders. The new “Examination Procedures for Larger Participants of the Consumer Reporting Market,” which goes into effect on Sept. 30, is available online.