Tips for Guiding Consumers on Credit Report Access

If a consumer asks for resources on pulling their credit report and reviewing their accounts, here is how you can help.

1/14/2020 2:00 PM

News
Tips for Guiding Consumers on Credit Report Access

With the new year in full swing, consumers are likely taking a look at their finances, taxes and credit to budget for bills, a vacation or other significant expense.

For the accounts receivable management industry working with consumers on resolving any debts, it’s a good time to brush up on tips for them to access and review their credit report.

The Federal Trade Commission recently launched a blog series on all things consumer credit, including why their credit matters; getting a credit report; reading a credit report; and fixing a credit report.

It’s helpful reading for industry professionals to know about resources offered by regulators and to guide consumers through the process of getting their credit report or what to do if they dispute the information.

In fact, the FTC and Consumer Financial Protection Bureau are seeking feedback about credit report disputes and several other topics during a public comment period on accuracy in consumer reporting that ends Jan. 31.

The regulators held a workshop with stakeholders, including ACA International members LaDonna Bohling and Leslie Bender, in December.

Among the topics included in the request for comment, the FTC and CFPB are addressing how consumers learn about inaccuracies on their consumer reports and navigate the current dispute process as well as the experiences of victims of identity theft in the dispute process.

Accounts receivable management industry professionals can play a key role here and help consumers.

“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,” Bohling, IFCCE, chief compliance officer at Receivable Solutions LLC, said during the workshop.

ACA staff will be working with the Federal Affairs and Members Attorney Program committees to contribute comments before the Jan. 31 deadline. Contact ACA's Vice President and Senior Counsel of Federal Advocacy Leah Dempsey at dempsey@acainternational.org to share your input.

Visit the FTC’s blog for more information on consumer resources and ACA members may find more helpful tools by accessing the ACA SearchPoint Library and clicking on the Credit Reporting tab.


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

Tips for Guiding Consumers on Credit Report Access

With the new year in full swing, consumers are likely taking a look at their finances, taxes and credit to budget for bills, a vacation or other significant expense.

For the accounts receivable management industry working with consumers on resolving any debts, it’s a good time to brush up on tips for them to access and review their credit report.

The Federal Trade Commission recently launched a blog series on all things consumer credit, including why their credit matters; getting a credit report; reading a credit report; and fixing a credit report.

It’s helpful reading for industry professionals to know about resources offered by regulators and to guide consumers through the process of getting their credit report or what to do if they dispute the information.

In fact, the FTC and Consumer Financial Protection Bureau are seeking feedback about credit report disputes and several other topics during a public comment period on accuracy in consumer reporting that ends Jan. 31.

The regulators held a workshop with stakeholders, including ACA International members LaDonna Bohling and Leslie Bender, in December.

Among the topics included in the request for comment, the FTC and CFPB are addressing how consumers learn about inaccuracies on their consumer reports and navigate the current dispute process as well as the experiences of victims of identity theft in the dispute process.

Accounts receivable management industry professionals can play a key role here and help consumers.

“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,” Bohling, IFCCE, chief compliance officer at Receivable Solutions LLC, said during the workshop.

ACA staff will be working with the Federal Affairs and Members Attorney Program committees to contribute comments before the Jan. 31 deadline. Contact ACA's Vice President and Senior Counsel of Federal Advocacy Leah Dempsey at dempsey@acainternational.org to share your input.

Visit the FTC’s blog for more information on consumer resources and ACA members may find more helpful tools by accessing the ACA SearchPoint Library and clicking on the Credit Reporting tab.


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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