This week, CDIA submitted formal comments advocating changes to the Consumer Finance Protection Bureau’s complaint portal. As with our prior comments and other advocacy efforts, we recommend CFPB modifies the portal to align with requirements outlined in Dodd-Frank Act, ensure that the information collected through the Portal is accurate and used only as contemplated by law, and take steps to end the misuse of the Portal by credit repair organizations and others engaged in credit washing tactics in an effort to remove accurate data from consumer reports.
We will continue to urge regulators to act in accordance with their statutory authority and to stop enabling credit repair tactics that ultimately weaken the entire credit ecosystem.