Debt buyers, debt collectors, and others who furnish information to credit reporting agencies have a variety of obligations under the Fair Credit Reporting Act (FCRA) 1 and Regulation V2. The Consumer Financial Protection Bureau (CFPB) issues this bulletin3 to highlight one of those obligations – the obligation of furnishers to investigate disputed information in a consumer report.
Pursuant to the FTC’s authority to enforce the Fair Debt Collection Practices Act (‘‘FDCPA’’), 15 U.S.C. 1692l(a), and Section 5 of the Federal Trade Commission Act (‘‘FTC Act’’), 15 U.S.C. 45, the Commission issues this final Statement of Policy Regarding Communications in Connection with the Collection of Decedents’ Debts (‘‘Statement’’).1 When a person dies, creditors and the debt collectors they hire usually have the right to collect on the person’s debts from the assets of his or her estate.
Outdated – See OCC 2020-11
For more recent information, refer to Comptroller’s Handbook,