| Topics and Issues | Credit repair (34) |
In September 2023, the American Association of Consumer Credit Professionals (AACCP) petitioned the CFPB to amend 12 C.F.R. Part 1022 – Fair Credit Reporting (Regulation V). The petition was signed by Matt Liistro, sometimes known as the “Credit Admiral” who says, through his company that it offers “superior credit repair” services.
This petition seeks to have the CFPB amend 12 CFR Part 1022 Appendix E I(b)(2)(iii) to add, following “credit limit,” add “date payment received, scheduled payment amount, and actual amount paid” so that the provision would read:
“Includes the credit limit, date payment received, scheduled payment amount, and actual amount paid if applicable and in the furnisher’s possession;”
The petition notes that
The US Credit System has never mandated credit bureau reporting, and nor should it. However, when a lender is reporting data and participating in the system, it should not be able to withhold some data for its own self benefit, and to the potential detriment of the consumer and/or the credit system.
This amendment seeks to compel the furnishers of data, that if they are reporting data, then they must report these attributes of their data if they have them available.
The effects of this amendment will be a more fair, equal, and accurate system. The bureaus already have systems in place to accept these attribute data and are in fact accepting them now from many furnishers. The furnishers’ ability to comply with the amended rule should be amply evident from the fact that 88% of the market was previously reporting these attribute fields in 2013.
In 2022, the AACCP president was John Heath, the founder and CEO of Lexington Law. The Secretary and Treasurer of AACCP was Eric Kamerath, the SVP and Chief Legal Officer at Progrexion. Matt Liistro was a Director of AACCP.