The Consumer Data Industry Association (CDIA) responded to today’s letter from the House Select Subcommittee on the Coronavirus Crisis to the Consumer Financial Protection Bureau (CFPB) with the following statement:
“The credit reporting industry shares the goal of the U.S. House of Representatives’ Select Subcommittee on the Coronavirus Crisis to help ensure consumer protections are maintained throughout the COVID-19 pandemic and as the nation continues to recover. The role of consumer reporting agencies is a critical one in the financial ecosystem, serving consumers and financial institutions as they make important decisions. Recently, the three nationwide credit reporting agencies took joint action to continue offering free weekly credit reports to consumers in the U.S. through the end of 2023. We are continuously working to enhance the reliability of data depended upon by consumers and financial institutions.
“Consumer reporting agencies help consumers correct information about themselves on their credit files through the dispute process. Disputes are investigated in accordance with the Fair Credit Reporting Act to resolve any discrepancies and appropriately update the consumer’s credit, or to inform consumers that disputed information has been investigated and determined to be reported accurately. All disputed items that consumers submit directly to consumer reporting agencies relating to their credit files are processed pursuant to the FCRA. Recent reports have highlighted trends including increased activity by certain credit repair companies, which can inflate complaint numbers and undermine the process of addressing legitimate requests. The credit reporting industry will continue to collaborate with the CFPB and policymakers to better serve consumers and continue to deliver innovative solutions to increase economic opportunities for consumers.”