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CFPB Reports on Credit Disputes

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Last week, the CFPB released a report entitled, Disputes on Consumer Credit Reports. The purpose of the report was to document how disputes can appear in credit record data, the characteristics of consumers whose disputes appear on their credit reports, and what happens to accounts that have been reported as being disputed.

Here at AFSA, we’re glad that the CFPB is looking at credit disputes. And we think more research is needed. The report used the CFPB’s Consumer Credit Panel (CCP) to examine the frequency and outcomes of certain disputed information on credit reports. However, it did not look at how many of disputes were submitted by credit repair organizations.

We encourage the CFPB to study how many disputes are submitted by credit repair organizations, how many of those disputes are actually valid, and the effect that frivolous and duplicative disputes have on consumers and the credit system.

As the CFPB warned consumers, “Credit repair companies often promise to improve your credit report by contacting credit reporting agencies on your behalf and challenging items on the reports. The fees these types of companies may charge are often high. You also can’t remove negative information if it’s accurate, and you might end up paying for no results.”

In 2016, the Bureau found that more than half of people who submitted complaints with the CFPB about credit repair chose the issue “fraud or scam” to describe their complaints. An in-depth study of credit repair organizations could help fulfill the Bureau’s mission to protect consumers.

CFPB Reports on Credit Disputes
Nov 08, 2021

Last week, the CFPB released a report entitled, Disputes on Consumer Credit Reports. The purpose of the report was to document how disputes can appear in credit record data, the characteristics of consumers whose disputes appear on their … Read the rest

November’s Featured Business Partner Is FICO
Nov 08, 2021

November’s Featured Business Partner is FICO. FICO is the world’s leading provider of analytics software, solutions & services that transform the way organizations understand their customers & optimize business processes

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Drotman Appointed AFSA Chair
Nov 05, 2021

During its AFSA’s Annual Meeting, Jim Drotman, Executive Vice President, U.S., Canada and International with Ford Motor Credit Company, was appointed Chair of the association’s Board of Directors. Drotman succeeds Tom Hudgins, President… Read the rest

Paper Covers Privacy Legislation
Nov 04, 2021

On Monday, AFSA’s State Government Affairs (SGA) team published their November white paper covering consumer privacy legislation. Consumer privacy has risen to be one of the most crucial legislative issues in the country. In 2018, California… Read the rest

CFPB Names New Chiefs for Supervision and Enforcement Positions
Nov 03, 2021

Last week, the Consumer Financial Protection Bureau named two new leaders in the supervision and enforcement departments of the Bureau.

Lorelei Salas will join the CFPB as Assistant Director for Supervision Policy and will also serve as … Read the rest

LISTEN | Managing Risk Under the Umbrella of Uncertainty
Nov 02, 2021

In this episode of the Extra Credit Podcast, we chat with Solomon SemereSenior Director, Credit and Marketing Strategy and Craig Stockum, Sales Director both with LexisNexis Risk Solutions about the uncertain risk environment in whichRead the rest

D&I Working Group Webinar w/ Social Innovation Leader, Brittany Young
Nov 01, 2021

Please join AFSA’s Diversity & Inclusion Working Group webinar on November 10 at 3:00 p.m. ET to hear from Brittany Young about how to help build better communities and empower people.

Brittany is a Baltimore native with a diverse technical… Read the rest

Chopra Testifies Before House, Senate Panels
Nov 01, 2021

Last week, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra testified before the Senate Banking and House Financial Services Committees in separate oversight hearings. The discussions spanned a variety of topics, including… Read the rest

2021 Investors Conference Registration Open
Nov 01, 2021

The AFSA Credit Summit for Fixed Income Investors is back for 2021 and coming right to your home or office.

Join finance industry executives, debt issuers, and investors virtually on Tuesday, December 7 for a fast-paced, single day conference… Read the rest

FTC Issues New Safeguards Rule
Oct 29, 2021

The Federal Trade Commission (FTC) has issued its final Safeguards Rule, as AFSA mentioned was likely at our Annual Meeting this past week.

The Safeguards Rule was mandated by Congress under the 1999 Gramm-Leach-Bliley Act.

  • The first rule
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