The Consumer Data Industry Association made the following statement about today’s Consumer Financial Protection Bureau report:
“We are reviewing the CFPB report in detail. We agree that responding to legitimate consumer complaints and getting credit reports right are paramount. As the CFPB notes, credit reporting plays a critical role in consumers’ lives. That’s why we are committed to expanding credit access to all consumers.
“The CFPB report highlights trends including increased activity by certain credit repair companies, which can inflate complaint numbers and undermine the process of addressing legitimate requests. We are committed to continuing to work with the FTC and CFPB to protect consumers against these harmful and abusive tactics.”