Today, the CFPB issued a bulletin stating its intention to monitor complaints lodged against furnishers of credit information to consumer reporting agencies.  (here)  The CFPB explained how it expects furnishers to comply with FCRA:

In general, with respect to disputes received by furnishers from CRAs, the CFPB expects each furnisher to comply with the FCRA by: (1) Maintaining a system reasonably capable of receiving from CRAs information regarding disputes, including supporting documentation; (2) Conducting an investigation of the disputed information including reviewing: a. “all relevant information” forwarded by the CRA and; b. the furnisher’s own information with respect to the dispute; (3) Reporting the results of the investigation to the CRA that sent the dispute; (4) Providing corrected information to every nationwide CRA that received the information if the information is inaccurate or incomplete; and (5) Modifying or deleting the disputed information, or permanently blocking the reporting of the information if the information is incomplete or inaccurate, or cannot be verified. Any furnisher not currently maintaining a process that meets these requirements should take immediate steps to comply with the requirements of the law.   The CFPB is monitoring complaints received from consumers and will prioritize examinations and other actions on the basis of risks posed to consumers. If the CFPB determines that a furnisher has engaged in any acts or practices that violate the FCRA or other Federal consumer financial laws and regulations, it will take appropriate supervisory and enforcement actions to address violations and seek all appropriate corrective measures, possibly including remediation of harm to consumers. The CFPB will continue to review furnisher compliance with these requirements during examinations and investigations.