WASHINGTON, D.C. – Today the Consumer Data Industry Association (CDIA released the following statement announcing a white paper on the credit reporting industry. This document, prepared by noted Washington-based financial services-consulting firm Federal Financial Analytics (FedFin), led by Karen Petrou, uses years’ worth of publicly available and verifiable data to evaluate the significance of credit reporting for U.S. consumers and the economy. It is a meta-analysis that draws on independent research and studies the broader economic ramifications of the credit reporting industry.
“This study highlights the value credit reports offer to consumers and the entire economy,” said CDIA President and CEO Francis Creighton. “It’s never been more important than right now to better understand how our credit reporting system empowers consumers to fairly engage in the economy. Our study takes a hard-look at how our most vulnerable populations can build credit and gain financial inclusivity. This is critical, fact-based information that policy makers, academics, non-profits and others can use when examining how to address important challenges facing America.”
This study is especially important to share at a time when our economy faces unprecedented challenges and so many people are looking for answers to close the gap of inequality and improve financial inclusion. The benefits of the credit reporting system will be even more evident during the economic recovery.
To view the entire press release, please click here.