The credit reporting system requires the use of accurate and reliable data. Data furnishers and consumer reporting agencies structure their business around compliance with the Fair Credit Reporting Act to assure accuracy. CDIA recently filed an amicus brief on Sessa V. TransUnion, a case that examined not only the accuracy of the credit report but the legality of the loan itself.
The case which has resulted in a joint amicus filed by the CFPB, FTC and an amicus from many other consumer-advocacy organizations, raises two key questions.
- Is a CRA required to act as a tribunal and resolve legal issues relating to a consumer’s liability for a debt?
- Second, and alternatively, are CRAs entitled to rely on the information furnished by Plaintiff’s creditor because the CRA had no notice (from Plaintiff, the creditor, or anyone) that the information was inaccurate or that the creditor was not a reliable data furnisher?
Join Jennifer Sarvadi, Partner at Hudson Cook, LLP and Eric Ellman, Senior Vice President of Public Policy and Legal Affairs as they discuss the importance of this case, its implications, and how the FCRA governs the rights and responsibility of data furnishers, CRAs, users and consumers to have reliable and accurate data.
