FTC-CFPB workshop looks at accuracy in credit and background screening reports

Share This Page

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.
 

Comments

Civil service exams and non exam hires ... How does someone's past cause delays in aquiring a equal opportunity job when. Seekers are hesitent to trust job fair offers and information for true professionalism as resource for employment..?

With all the hacking going our Social Security numbers and our credit reports are being spread around like honey and they are not being kept private,every doctor, hospital has to have our Social Security numbers, drivers license numbers ,then Experian was hacked and information was used to obtain a lot of items before the public was even informed, Something has to be done to protect our information or we might as well write it on our shirts & walk around with it! What solutions do you per pose to solve this epidemic?

Thank you for this wonderful opportunity. I pray that everyone will sign up for this workshop, I read every message that you send. I am 73 and need to be educated on every situation and scam that comes up new every day. Thank you for helping to educate us all.

I would like to see the law changed for the 7 year reporting of paid collections. My father was ill, i put my life on hold to care for him. I have paid off several collections in hopes I might be able to have a home. But now that I am 60, I have a 57$ collection, that I paid, that is destroying my chances of ever having a home. I don't believe this is "fair". I think it should be changed for paid items. Otherwise it gives no incentives to try very hard and pay debts. It ruins you for life if you are 60.

If a company takes adverse action against you, like denying your application for credit, insurance, or employment, based on information in your report, you're entitled to a free copy of your credit report. You must ask for your report within 60 days of getting the notice of the action. The notice will give you the name, address, and phone number of the credit reporting company.

You can dispute any items on the report that aren't accurate. This FTC article about disputing items on your credit report tells more.

Being an older person, 61, disabled, and a victim of identity theft several times due to breaches within major companies. These companies are BCBS, Equifax, Certegy, major companies that had all of mine and my husbands information. In one month alone there were 57 inquiries on my Experian report plus companies I had never had dealings with but they were able to open credit in my name and SSN, which is now ruined. it is sad when we have companies reporting our credit and they have been breached. Since the Equifax breach our credit has gotten worse on their site especially. isn't it ironic we can't get a mortgage, car or credit card because of Equifax who is reporting this trash on our credit reports. Something needs to happen to help us, the innocent people out here who need someone to speak up for us. Now we suffer because of the mishandling of our credit reports, it seems all I have done is babysit them to make sure nothing is showing up but once again 7 more items were on my report just 5 days ago. The irony of it all is not one bit funny. I will sign up for this work shop.

Get help with identity theft at www.IdentityTheft.gov, or call 1-877-438-4338. You can create an identity theft report, and use it to prove to businesses that someone stole your identity. You can put a freeze on your credit report to make it hard for scammers to open new credit in your name. You have a right to get fraudulent information removed (or "blocked") from your credit report, and stop creditors and debt collectors from reporting fraudulent accounts.

Add new comment

Comment Policy

Privacy Act Statement

It is your choice whether to submit a comment. If you do, you must create a user name, or we will not post your comment. The Federal Trade Commission Act authorizes this information collection for purposes of managing online comments. Comments and user names are part of the Federal Trade Commission’s (FTC) public records system (PDF), and user names also are part of the FTC’s computer user records system (PDF). We may routinely use these records as described in the FTC’s Privacy Act system notices. For more information on how the FTC handles information that we collect, please read our privacy policy.