CFPB and FTC to Host Joint Workshop on Accuracy in Consumer Reporting
Last week, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) announced that they would host a joint workshop on December 10 to discuss issues that impact the accuracy of consumer credit reports.
The two federal regulators have not provided the names of the panelists or presenters, but they have requested interested stakeholders to submit suggested topics for discussion or provide specific information 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?
Although the workshop will be on December 10, comments may be submitted until January 10, 2020. Comments can be submitted here.