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In the News

09-11-2017 -- CDIA Statement on Equifax Security Breach

The Consumer Data Industry Association (CDIA) released the following statement today on the recent security breach at Equifax:

"The consumer credit reporting industry was built on the need to help consumers access credit within an effective and ethical structure that captures accurate information, protects consumers’ privacy and secures their data. The criminal hack at Equifax concerns us and every American because of the impact on individual people and on the consumer reporting system...

The volume of attempted criminal cyberattacks is at an epidemic level in our economy and our companies’ commitment to security is only deepened by the attack on Equifax.

We will continue to monitor the results of the data hack at Equifax closely as it develops and provide accurate and timely updates when appropriate."

To view the entire statement, please click here.

 

09-11-2017 -- Metro 2® Announcement: Reporting Accounts for Consumers Affected by Natural Disasters

We know that many consumers who were impacted by Hurricanes Harvey and Irma may continue to feel the effects of those storms and other natural disasters around the United States.

The Consumer Data Industry Association (CDIA) is reissuing an important Metro 2® announcement on disaster area and forbearance reporting to remind data furnishers how they can work with their customers relative to consumers' storm-related financial problems. The Metro 2® announcement is a reminder to all data furnishers that there is specific guidance available for furnishers who report information about [1] consumers affected by natural and declared disasters (FAQ58), and [2] accounts in forbearance as a result of a natural or declared disaster, or for other reasons (FAQ 45). 

To view the entire Metro 2® announcement, please click here. You can find the FAQ58 and other relevant furnisher information on the Metro 2® portion of the CDIA website.

  

06-29-2017 -- FAQs re. Reporting of Public Records, such as Civil Judgments and Tax Liens

On behalf of Equifax, Experian, and TransUnion, CDIA is releasing a set of FAQs to help consumers and others better understand the March 2017 announcement on the reporting of public records, such as civil judgments, and state and federal tax liens.

  

04-14-2017 -- CDIA Names Francis Creighton New President, CEO

The Consumer Data Industry Association announced today that Francis Creighton has been named the association's new President and CEO, beginning May 15. Creighton currently serves as the Executive Vice President of Government Affairs at the Financial Services Roundtable where he leads a team advocating for the nation's leading financial services companies. 

 "We are pleased that Francis will be joining CDIA as President and CEO," said Rick Trainor, CEO of LexisNexis Business Services and Chairman of the Board of CDIA. "His experience and leadership skills will be a welcome addition to our team, and we look forward to working with him."

To view the entire press release, please click here.

 

04-14-2017 -- CDIA Statement Regarding Ride Sharing Background Checks

The Consumer Data Industry Association (CDIA) today released the following statement on the information-based background checks used by ride sharing companies such as Lyft and Uber, known as transportation network companies. Earlier this month, the Massachusetts Department of Public Utilities released a flawed report on background screenings that relied upon data findings that could violate consumer protections under the Equal Employment Opportunity Commission, the Fair Credit Reporting Act, and state law if a non-government agency made those same findings. The following statement is attributable to Eric J. Ellman, Interim President and CEO of CDIA, the trade association that includes the nation’s leading criminal background check companies.

To view the entire statement, please click here.

 

03-29-2017 -- Equifax, Experian, and TransUnion to Offer Free Credit Security Freezes for Active Duty Military

The Consumer Data Industry Association (CDIA) today announced that the three nationwide consumer reporting agencies, Equifax, Experian, and TransUnion, will begin offering free credit file security freezes for eligible members of the United States Armed Forces beginning in the first half of 2018. Under these new guidelines, active duty servicemembers will be able to place, lift and remove a security freeze on their credit files at no charge, regardless of whether they have been the victim of identity theft or not.

To view the entire press release, please click here.

To view the FAQ regarding free credit security freezes for active duty military, please click here.

 

03-13-2017 -- Reporting of Public Records, such as Civil Judgments and Tax Liens

The following statement is regarding Equifax, Experian, and TransUnion’s reporting of public records, such as civil judgments and state and federal tax liens on consumer credit reports. The statement is attributable to Eric J. Ellman, Interim President & CEO at Consumer Data Industry Association (CDIA).

To view the entire statement, please click here.

 

10-18-2016 - - Mississippi Agrees to Join National Consumer Assistance Plan

The following statement may be attributed to Eric J. Ellman, Interim President & CEO, Consumer Data Industry Association, in response to the credit reporting announcement made today by the Mississippi state attorney general's office.

“The three nationwide credit reporting agencies (CRAs) have agreed to initiatives designed to improve Mississippi consumers’ understanding of and access to their credit reports.
    
The Mississippi plan follows collaborative discussion with Mississippi Attorney General Jim Hood and includes benefits already in development as part of the National Consumer Assistance Plan (NCAP), which the CRAs announced in 2015 following discussions with a group of state attorneys general. Details are available at http://NationalConsumerAssistancePlan.com.

To view the entire Press Release, please click here.

 

09-12-2016 - - Stuart Pratt to Leave CDIA; 

Search for Replacement is Underway; 
Eric Ellman to serve as Interim CEO

At the CDIA Board meeting in June, Stuart Pratt, who has been with CDIA for 31 years and who has served as our president and CEO for the past 13 years, announced his intention to leave CDIA effective September 9, 2016.  It is important to know that while we are sorry to see him go, we cannot complain when others recognize the talent we have here at CDIA.  Stuart will be leaving CDIA for a company as the business leader of its global public policy and industry relations teams. 

The CDIA Board of Directors has retained Korn Ferry, a highly recognized search firm, to aid us in finding the right leader to build on our Association's past success.  As a Board, we have reaffirmed our commitment to CDIA's members, our mission, and to the CDIA staff.  CDIA staff, which averages 16 years at the association, is well-equipped to continue meeting our needs during this transition.  

Since a new CEO will not be on-board by the time Stuart leaves CDIA, the Board has appointed Eric J. Ellman to serve as interim CEO.  Eric, who has been with CDIA for nearly 19 years, is well-equipped to handle the association in the interim period. 

The search committee is working diligently to find a new CEO for CDIA.  The chair of the Search Committee is Rick Trainor of LexisNexis Risk Solutions, who is also the Chair-Elect of the CDIA Board.  The members of the committee are Jason Engel (Experian); Julia Houston (Equifax); Chris Jarrard, (CBC Companies); Cathy Madden, (TransUnion); and Walt Wojciechowski, (MicroBilt). Any member interested in offering input to the search process can contact Lorraine Lavet (lorraine.lavet@kornferry.com) or Conrad Woody (conrad.woody@kornferry.com) at Korn Ferry.  

Please join us to wish Stuart well in his next role.  We are pleased that Eric will be stepping in to serve as interim CEO, and we are excited for the next chapter in CDIA's 110-year history under a new leader.  

Sincerely, 

John J. ("J.") Kelley, III, Chairman, CDIA Board of Directors (Equifax)
Rick Trainor, Chair, Search Committee and CDIA Chair-Elect (LexisNexis Risk Solutions) 

 

08-05-2015 - - CDIA Letter Regarding CFPB Complaint Data

RE: Postpone Production of the CFPB Monthly Complaint Report

Dear Director Cordray

On behalf of our members, I am writing you to express our deep concern with the decision to start
publishing Monthly Complaint Reports prior to the CFPB determining how such data should be
normalized (including setting these data into a proper context) and whether or not any
normalization strategy can address the concerns we express in this letter.

To read the entire letter, please click here.  

 

05-20-2015 - - Equifax, Experian, TransUnion Respond to Credit Reporting Announcement by State Attorneys General

Thirty-One States Join National Consumer Assistance Plan Launched in March

To view the entire Press Release, please click here.

 

 03-09-2015 - -  Equifax, Experian and TransUnion Launch National Consumer Assistance Plan to Enhance Credit Report Accuracy, Consumer Experience  

Equifax, Experian and TransUnion today announced a National Consumer Assistance Plan that will enhance their ability to collect complete and accurate consumer information and will provide consumers more transparency and a better experience interacting with credit bureaus about their credit reports. The plan was announced after cooperative discussions and an agreement with New York Attorney General Eric Schneiderman.

To view the entire Press Release, please click here

To view the National Consumer Assistance Plan, please click here

 

05-07-2013 -- Stuart K. Pratt, president and CEO of CDIA, testified before the Subcommittee on Consumer Protection, Product Safety, and Insurance of the Senate Commerce Committee. The title of the hearing was “Credit Reports: What Accuracy and Errors Mean for Consumers." He provides a compelling testament to the accuracy of credit reporting data and future steps the CRAs are taking relative to data integrity and dispute resolution processes.

Stuart's Testimony  

Question and Answer Session

02-18-2013 -- USA Today: Credit reports serve consumers well: Opposing view

02-17-2013 -- ABC World News

Stuart is interviewed by ABC World News regarding the FTC accuracy study. The reporter inaccurately points consumers to the FTC if they have any issues rather than the CFPB.

02-15-2013 -- Stuart responded to a recent New York Times editorial that addressed credit reporting issues
02-11-2013 -- FTC Report Confirms Credit Reports Are Accurate
02-10-2013 -- 60 Minutes Show on Credit Reporting Industry

60 Minutes contacted CDIA in early December and indicated they were working on a credit reporting story. They wanted to get an individual to go on camera and answer some questions they had. The questions pertained to credit report accuracy and the dispute process. Nothing more particular than that. 

Knowing 60 Minutes reputation for favoring the sensational at the expense of the factual, we decided the better alternative was to respond in writing to any questions they had rather than on camera where most of our responses would be edited out of context, if at all.

When we told them that we would not go on camera but would respond to any particular questions they had, they agreed. We also decided to send them a statement that covered the issues of accuracy and consumer disputes.

You can see that they took little or no notice of either written document in their show. Instead they produced a story in which the conclusion had already been predetermined. All they needed was to backfill the story with anecdotes and slanted interviews that fit their conclusions. 

Therefore, we wanted to provide a more complete and factual overview of the credit reporting industry and the emphasis it places on the accuracy of data we maintain and the thorough and timely manner in which consumer disputes are handled. 

Following is a release we provided to the media based on an early promotion that 60 Minutes put out. It’s followed by the statement we sent to them earlier in response to some of their questions.

CDIA Says "60 Minutes" Story Misleads On Credit Report Accuracy

CDIA Statement to 60 Minutes

CDIA Responses to 60 Minutes Questions