The Consumer Data Industry Association (CDIA) responded to today’s letters to credit bureaus by the House Select Subcommittee on the Coronavirus Crisis with the following statement:
“The credit reporting industry is reviewing the House Select Subcommittee on the Coronavirus Crisis letters in detail. We agree that accurate credit reporting is vital to consumers and to a healthy economy. We are committed to helping consumers resolve discrepancies on their credit reports. We are working diligently across the financial ecosystem to make sure data on consumer credit reports is accurate and comprehensive.
“The dispute process is an important tool to notify credit bureaus about any data that may have been furnished inaccurately, so that we can correct those errors. Recent reports have highlighted trends including increased activity by certain credit repair companies, which can inflate complaint numbers and undermine the process of addressing legitimate requests.”