When consumers apply for credit, housing, or employment, consumer reports are often used to help decide whether they can get that loan, apartment, or job. With so much at stake, the accuracy of those reports is of the utmost importance. On December 10, 2019, the FTC and CFPB will host a workshop to discuss issues related to the accuracy of traditional credit reports and background screening reports used by prospective employers and landlords.
A lot has happened in consumer reporting since the FTC’s 2012 study on accuracy in credit reports and the follow-up study a few years later. The CFPB has conducted supervisory reviews of large credit reporting agencies, as well as providers of consumer financial products or services that furnish information about consumers to CRAs. Then there was the 2015 multistate AG settlement requiring stricter standards for matching records, removing certain public record information, and restricting medical debt reporting. And tech developments once on the horizon – for example, the use of machine learning and alternative data in making eligibility determinations – are right here, right now.
Who will be around the table at the December 10th event? We hope to have a wide-ranging public conversation among consumer advocates, industry representatives, and regulators. The FTC and CFPB just posted a list of discussion topics and would like your feedback. Save a step and file your comment online. We’ll leave the public record open until January 10, 2020. Interested in volunteering as a presenter or panelist? Email us as AccuracyWorkshop@ftc.gov. (By the way, if you’re affiliated with a group that has provided funding for research, analysis, or commentary on relevant topics, please provide details in your comment or in your request for consideration as a speaker.)
The workshop – it’s free and open to the public – is set for the FTC’s Constitution Center conference facility, 400 7th St., SW, in Washington, D.C. We’ll also webcast it live on the FTC event page.
Mark December 10th on your calendar and follow the Business Blog for updates on the agenda.