CFPB and FTC Seek Stakeholder Comments on Credit Reporting

Joint workshop Dec. 10 will focus on issues impacting credit reporting accuracy in recent years.

11/4/2019 9:00 AM

AdvocacyCFPBNewsState
CFPB and FTC Seek Stakeholder Comments on Credit Reporting

Regulators from the Consumer Financial Protection Bureau and Federal Trade Commission will meet with industry stakeholders during a Dec. 10 workshop focused on issues impacting the accuracy of consumers’ credit reports.

As part of the workshop, the CFPB and FTC seek stakeholder, including industry representatives, consumer advocates and regulators, comments on data in credit reports and credit reporting regulations.  

In 2012, the CFPB began conducting supervisory reviews over large credit reporting agencies (CRAs), as well as various providers of consumer financial products or services that furnish information about consumers to CRAs, according to a news release from the bureau.

That same year, the FTC released a study on credit reporting accuracy, however there have been several changes that impact the accuracy of consumer credit reports since that time, the CFPB reports.

“In addition, in 2015, following state investigations regarding various credit reporting issues, the nationwide CRAs agreed to a multi-state settlement that requires stricter standards for matching records, removal of certain public record information, and restrictions on medical debt reporting. Also, new developments, such as the use of machine learning and alternative data in making eligibility determinations, present both opportunities and challenges for the consumer reporting industry,” according to the CFPB.

Stakeholders may comment on the following topics:

  • What are the lessons from the CFPB’s supervisory reviews of CRAs and furnishers on accuracy and dispute obligations? 
  • What are the lessons from CFPB and FTC enforcement cases on furnisher and CRA accuracy obligations?
  • How do furnishing practices differ based on the types of furnishers and information they furnish to CRAs and how does that impact accuracy? 
  • What has been the effect of the removal of most civil judgments and tax liens from credit reports and recent changes in the reporting of medical debt?
  • How do background screening CRAs address accuracy in light of the limited personal identifying information included in public records?
  • What opportunities or challenges does inclusion of non-traditional data in credit reports, credit scoring models, or background screening reports present for accuracy? 
  • Can new technologies and data management practices be used to improve accuracy?
  • How do consumers learn about inaccuracies on their consumer reports and navigate the current dispute process? What are the experiences of victims of identity theft in the dispute process?
  • How have the changes to the dispute process contained in the National Consumer Assistance Plan, which evolved out of the 2015 multi-state settlement, impacted the consumer experience?
  • Once consumers get erroneous information removed from their credit files through the dispute process do they still have difficulties getting loans or other credit?
  • What government measures (including changes in the law) and private sector measures could improve accuracy? What are the costs and benefits of these possible measures?

Comments are accepted until Jan. 10, 2020 and ACA International encourages members and stakeholders to share their input before the Dec. 10, 2019 workshop. ACA staff will also be working with the Federal Affairs and Members Attorney Program committees to contribute comments. Contact ACA's Vice President and Senior Counsel of Federal Advocacy Leah Dempsey at dempsey@acainternational.org to share your input.

To file comments electronically, visit the Federal Register https://www.regulations.gov/docket?D=FTC-2019-0073  or to submit comments in written form:

Write “Accuracy in Consumer Reporting Workshop” on your comment and on the envelope and mail your comment to the following address: Federal Trade Commission, Office of the Secretary, Constitution Center, 400 7th St., SW, 5th Floor, Suite 5610, Washington, D.C., 20024.

Requests to participate as a presenter or panelist at the workshop can be submitted to accuracyworkshop@ftc.gov. If a proposed panelist or commenter is affiliated with an entity that has provided funding for research, analysis, or commentary on relevant topics, please identify such funding and its source in your comment or in your request for consideration as a speaker.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

CFPB and FTC Seek Stakeholder Comments on Credit Reporting

Regulators from the Consumer Financial Protection Bureau and Federal Trade Commission will meet with industry stakeholders during a Dec. 10 workshop focused on issues impacting the accuracy of consumers’ credit reports.

As part of the workshop, the CFPB and FTC seek stakeholder, including industry representatives, consumer advocates and regulators, comments on data in credit reports and credit reporting regulations.  

In 2012, the CFPB began conducting supervisory reviews over large credit reporting agencies (CRAs), as well as various providers of consumer financial products or services that furnish information about consumers to CRAs, according to a news release from the bureau.

That same year, the FTC released a study on credit reporting accuracy, however there have been several changes that impact the accuracy of consumer credit reports since that time, the CFPB reports.

“In addition, in 2015, following state investigations regarding various credit reporting issues, the nationwide CRAs agreed to a multi-state settlement that requires stricter standards for matching records, removal of certain public record information, and restrictions on medical debt reporting. Also, new developments, such as the use of machine learning and alternative data in making eligibility determinations, present both opportunities and challenges for the consumer reporting industry,” according to the CFPB.

Stakeholders may comment on the following topics:

  • What are the lessons from the CFPB’s supervisory reviews of CRAs and furnishers on accuracy and dispute obligations? 
  • What are the lessons from CFPB and FTC enforcement cases on furnisher and CRA accuracy obligations?
  • How do furnishing practices differ based on the types of furnishers and information they furnish to CRAs and how does that impact accuracy? 
  • What has been the effect of the removal of most civil judgments and tax liens from credit reports and recent changes in the reporting of medical debt?
  • How do background screening CRAs address accuracy in light of the limited personal identifying information included in public records?
  • What opportunities or challenges does inclusion of non-traditional data in credit reports, credit scoring models, or background screening reports present for accuracy? 
  • Can new technologies and data management practices be used to improve accuracy?
  • How do consumers learn about inaccuracies on their consumer reports and navigate the current dispute process? What are the experiences of victims of identity theft in the dispute process?
  • How have the changes to the dispute process contained in the National Consumer Assistance Plan, which evolved out of the 2015 multi-state settlement, impacted the consumer experience?
  • Once consumers get erroneous information removed from their credit files through the dispute process do they still have difficulties getting loans or other credit?
  • What government measures (including changes in the law) and private sector measures could improve accuracy? What are the costs and benefits of these possible measures?

Comments are accepted until Jan. 10, 2020 and ACA International encourages members and stakeholders to share their input before the Dec. 10, 2019 workshop. ACA staff will also be working with the Federal Affairs and Members Attorney Program committees to contribute comments. Contact ACA's Vice President and Senior Counsel of Federal Advocacy Leah Dempsey at dempsey@acainternational.org to share your input.

To file comments electronically, visit the Federal Register https://www.regulations.gov/docket?D=FTC-2019-0073  or to submit comments in written form:

Write “Accuracy in Consumer Reporting Workshop” on your comment and on the envelope and mail your comment to the following address: Federal Trade Commission, Office of the Secretary, Constitution Center, 400 7th St., SW, 5th Floor, Suite 5610, Washington, D.C., 20024.

Requests to participate as a presenter or panelist at the workshop can be submitted to accuracyworkshop@ftc.gov. If a proposed panelist or commenter is affiliated with an entity that has provided funding for research, analysis, or commentary on relevant topics, please identify such funding and its source in your comment or in your request for consideration as a speaker.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

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