On December 10, 2019, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) will host a public workshop. Through the workshop, industry representatives, consumer advocates, and regulators will discuss the accuracy of traditional credit reports and employment and tenant background screening reports. Interested individuals may submit comments through January 10, 2020 at https://www.regulations.gov/docket?D=FTC-2019-0073.
Potential topics for discussion include:
- What are the lessons from the CFPB’s supervisory reviews of CRAs and furnishers on accuracy and dispute obligations?
- What are the lessons from CFPB and FTC enforcement cases on furnisher and CRA accuracy obligations?
- How do furnishing practices differ based on the types of furnishers and information they furnish to CRAs and how does that impact accuracy?
- What has been the effect of the removal of most civil judgments and tax liens from credit reports and recent changes in the reporting of medical debt?
- How do background screening CRAs address accuracy in light of the limited personal identifying information included in public records?
- What opportunities or challenges does inclusion of non-traditional data in credit reports, credit scoring models, or background screening reports present for accuracy?
- Can new technologies and data management practices be used to improve accuracy?
- How do consumers learn about inaccuracies on their consumer reports and navigate the current dispute process? What are the experiences of victims of identity theft in the dispute process?
- How have the changes to the dispute process contained in the National Consumer Assistance Plan, which evolved out of the 2015 multi-state settlement, impacted the consumer experience?
- Once consumers get erroneous information removed from their credit files through the dispute process do they still have difficulties getting loans or other credit?
- What government measures (including changes in the law) and private sector measures could improve accuracy? What are the costs and benefits of these possible measures?
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