Register for Briefing on Recent CFPB and FTC Credit Reporting Workshop

LaDonna Bohling and Leslie Bender will recap their participation in the Consumer Financial Protection Bureau and Federal Trade Commission workshop in Dec. 18 Hot Topic Webinar complimentary for ACA International members.

12/17/2019 1:00 PM

CFPBNewsAdvocacy
Register for Briefing on Recent CFPB and FTC Credit Reporting Workshop

Earlier this month, the Consumer Financial Protection Bureau and Federal Trade Commission held a joint workshop to discuss accuracy in credit reporting. Industry experts, consumer advocates and regulators alike gathered to discuss myriad issues regarding reporting accuracy and the impact it can have on both businesses and consumers.

ACA International was lucky enough to have two members participate as panelists representing the roles, responsibilities and efforts of data furnishers in the credit reporting process.  

Members are invited to join a complimentary Hot Topic webinar Dec. 18, 2019, to hear a first-hand perspective on the event with insights from Leslie Bender, IFCCE, CCCO, chief strategy officer and general counsel at BCA Financial Services Inc., and LaDonna Bohling, IFCCE, chief compliance officer for Receivables Solutions Inc. ACA’s Federal Advocacy Manager Patrick Russell will lead the webinar.

“As a data furnisher, what accuracy means is taking the time to assure we have proper policies and procedures, that we are following them and that we are monitoring our own conduct so that when we get documentation or other information that perhaps varies from what we thought was accurate information about the debt … we can conduct a reasonable investigation,” Bender, who is one of ACA’s Certified Instructors teaching on data privacy and security, said during the workshop panel on Furnisher Practices and Compliance with Accuracy Requirements Dec. 10, ACA previously reported.

Consumers’ credit reports are also prevalent in many aspects of their lives, not just for securing a loan for a vehicle or home. Credit reports may influence their job search as well, for example, the panelists discussed—making accuracy even more important.

“Part of why we furnish data is to provide an economic picture of a consumer that is as portable as our smartphones,” Bender said. “We’re in a mobile society and we love the convenience that technology brings for us,” Bender explained during the workshop. “Our credit report is something we bring with us every place we go.”

Panelists also commented on the future of credit reporting to conclude their discussion.

Bender said the industry can expect to see more state legislative action on data furnishing and credit reporting in 2020 and beyond.

“I think that more and more states will look at this and when you should furnish data,” Bender said.

Bohling spoke on the dispute process panel concluding the Dec. 10 workshop, where she stressed the importance of consumer education and creditors, data furnishers, consumer advocates and regulators working together.

“Consumer education and financial literacy are very important. It is a group effort between the credit reporting agencies and regulators. We’re all making an effort and working together to try to get these things resolved and make it more consumer friendly,” she said.

There also must be a balance between technology and training employees to work with consumers on credit reporting disputes, Bohling explained during the workshop panel.

Register for the Dec. 18 Hot Topic webinar here. A recording will also be available for members following the webinar.

Members also have the opportunity to share their input to the CFPB on credit reporting during a public comment period open through Jan. 10, 2020. The CFPB and FTC seek stakeholder, including industry representatives, consumer advocates and regulators, comments on data in credit reports and credit reporting regulations.  

ACA encourages members and stakeholders to share their input and 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.

Read more on guidance for submitting comments in ACA’s coverage here.


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

Register for Briefing on Recent CFPB and FTC Credit Reporting Workshop

Earlier this month, the Consumer Financial Protection Bureau and Federal Trade Commission held a joint workshop to discuss accuracy in credit reporting. Industry experts, consumer advocates and regulators alike gathered to discuss myriad issues regarding reporting accuracy and the impact it can have on both businesses and consumers.

ACA International was lucky enough to have two members participate as panelists representing the roles, responsibilities and efforts of data furnishers in the credit reporting process.  

Members are invited to join a complimentary Hot Topic webinar Dec. 18, 2019, to hear a first-hand perspective on the event with insights from Leslie Bender, IFCCE, CCCO, chief strategy officer and general counsel at BCA Financial Services Inc., and LaDonna Bohling, IFCCE, chief compliance officer for Receivables Solutions Inc. ACA’s Federal Advocacy Manager Patrick Russell will lead the webinar.

“As a data furnisher, what accuracy means is taking the time to assure we have proper policies and procedures, that we are following them and that we are monitoring our own conduct so that when we get documentation or other information that perhaps varies from what we thought was accurate information about the debt … we can conduct a reasonable investigation,” Bender, who is one of ACA’s Certified Instructors teaching on data privacy and security, said during the workshop panel on Furnisher Practices and Compliance with Accuracy Requirements Dec. 10, ACA previously reported.

Consumers’ credit reports are also prevalent in many aspects of their lives, not just for securing a loan for a vehicle or home. Credit reports may influence their job search as well, for example, the panelists discussed—making accuracy even more important.

“Part of why we furnish data is to provide an economic picture of a consumer that is as portable as our smartphones,” Bender said. “We’re in a mobile society and we love the convenience that technology brings for us,” Bender explained during the workshop. “Our credit report is something we bring with us every place we go.”

Panelists also commented on the future of credit reporting to conclude their discussion.

Bender said the industry can expect to see more state legislative action on data furnishing and credit reporting in 2020 and beyond.

“I think that more and more states will look at this and when you should furnish data,” Bender said.

Bohling spoke on the dispute process panel concluding the Dec. 10 workshop, where she stressed the importance of consumer education and creditors, data furnishers, consumer advocates and regulators working together.

“Consumer education and financial literacy are very important. It is a group effort between the credit reporting agencies and regulators. We’re all making an effort and working together to try to get these things resolved and make it more consumer friendly,” she said.

There also must be a balance between technology and training employees to work with consumers on credit reporting disputes, Bohling explained during the workshop panel.

Register for the Dec. 18 Hot Topic webinar here. A recording will also be available for members following the webinar.

Members also have the opportunity to share their input to the CFPB on credit reporting during a public comment period open through Jan. 10, 2020. The CFPB and FTC seek stakeholder, including industry representatives, consumer advocates and regulators, comments on data in credit reports and credit reporting regulations.  

ACA encourages members and stakeholders to share their input and 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.

Read more on guidance for submitting comments in ACA’s coverage here.


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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