AFSA staff attended the Federal Trade Commission (FTC)/Consumer Financial Protection Bureau (CFPB) Workshop on Accuracy in Consumer Reporting on December 10, 2019. The Workshop assembled panels to discuss various aspects of the credit reporting system and steps that policymakers, furnishers, consumer reporting agencies, and others can take to improve the accuracy of consumer reports.
Representatives from the Consumer Data Industry Association, national consumer reporting agencies (Experian, Equifax, and TransUnion) and lenders participating in the event made it very clear that the largest threat to the accuracy and stability of credit reporting systems is the deluge of frivolous, repetitive credit disputes coming from unscrupulous credit repair organizations. These disputes clog up the mechanisms that should be focusing on legitimate disputes.
On the same day as the Workshop, the CFPB issued Supervisory Highlights on Consumer Reporting. The FTC and CFPB have invited stakeholders to submit comments on the issue of consumer reporting accuracy by January 10, 2019. AFSA will submit a letter reiterating that data furnishers are in desperate need of relief from the unrelenting surge of frivolous and repetitive credit disputes that divert resources away from serving customers.
FTC/CFPB Workshop on Accuracy in Consumer Reporting
Dec 11, 2019
AFSA staff attended the Federal Trade Commission (FTC)/Consumer Financial Protection Bureau (CFPB) Workshop on Accuracy in Consumer Reporting on December 10, 2019. The Workshop assembled panels to discuss various aspects of the credit… Read the rest
AFSA: Congress Should Address Causes, Not Symptoms in Credit Reporting Issues
Dec 10, 2019
The American Financial Services Association today submitted a comment letter to the House Financial Services Committee regarding to H.R. 5332, the “Protecting Your Credit Score Act of 2019.” The letter expresses concerns… Read the rest
AFSA Attends Critical CCPA Meetings & Hearings
Dec 09, 2019
In the first week of December, AFSA’s State Government Affairs team attended the three hearings held by the California Attorney General’s Office on the California Consumer Privacy Act (CCPA) in Los Angeles, Fresno and San Francisco.… Read the rest
AFSA Releases Debt Collection Study
Dec 06, 2019
The American Financial Services Association (AFSA) today released Impact of Collection Call Restrictions on Consumer Delinquencies in Vehicle Finance and Installment Lending. The study was performed in conjunction with CenturyLink’s… Read the rest
Misguided and Misinformed on APR
Dec 05, 2019
Americans of all stripes rely on consumer credit to pay for the things they need. From cars to homes, vacations to home renovations, consumer credit is an integral part of financing Americans’ ways of life. Now, though, some members … Read the rest
LISTEN | Obstacles to Digital Adoption on the Extra Credit Podcast
Dec 05, 2019
On episode five of the AFSA Extra Credit Podcast, we're speaking with John Findley, CEO of LemonadeTraining, a company that helps businesses develop game-based education programs. We talk a bit about game-based training, but really… Read the rest
AFSA’s Cyber Monday Sale!
Dec 02, 2019
AFSA is getting in on the cyber Monday craze!
If you register for the 2020 Vehicle Finance Conference & Expo between now and 11:59 p.m. ET this evening, you will be for a chance to win
A FREE ROOM NIGHT AND A $50 BELLAGIO GIFT CARD!
Hurry … Read the rest
Think of AFSAEF this Giving Tuesday!
Dec 01, 2019
Happy Thanksgiving from AFSA
Nov 28, 2019
From all of us at AFSA, we hope that you and yours have a safe and happy Thanksgiving.… Read the rest
CFPB Director Highlights Role in Financial Education
Nov 25, 2019
In an interview published last week with Yahoo! Finance, Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger placed a spotlight on her agency’s increased focus on financial education.
Kraninger told Yahoo that