The Consumer Data Industry Association (CDIA) made the following statement about this week’s Consumer Financial Protection Bureau (CFPB) report:
“CDIA is reviewing the CFPB report in detail. Consumers, credit reporting agencies, banks and regulators continue to share a common goal when it comes to credit reports: they should be as accurate and reliable as possible. The nationwide credit reporting agencies (NCRAs) are working diligently across the financial ecosystem to achieve that goal.
“Our industry continues to evolve policies and procedures with the best interests of consumers in mind. This includes changes to the reporting of medical collection debt and the extension of free weekly credit reporting through the end of 2023 to help consumers manage their financial health during a period of rising inflation and unprecedented economic uncertainty.
“It also includes the creation of online dispute centers at each of the three major bureaus to streamline the handling of consumer disputes, as well as our industry’s support for sample dispute letters and templates—such as those provided by the Federal Trade Commission (FTC)–as tools that can help consumers to summarize all of the information needed to dispute information on their credit files.
“Finally, certain credit repair companies falsely promise consumers they can remove negative, but accurate information from their credit report and drive activity which inflates complaint numbers and undermines the process of addressing legitimate requests. This issue deserves continued regulatory and enforcement attention. We are committed to continuing to work with the CFPB and the FTC to protect consumers against the harmful and abusive tactics caused by unethical credit repair companies.
“The NCRAs play an important role in the financial lives of consumers. Our credit bureau members take that responsibility seriously and are committed to expanding access to credit for all consumers.”