Released: July 23, 2021

Consumer groups call on FTC, CFPB to update credit reporting study

Contact: .(JavaScript must be enabled to view this email address) 202-544-3088, Consumer Action; Carol McKay, [email protected], (412) 945-3242, National Consumers League

Washington, DC—Leading consumer groups are calling on the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) to update a key 2012 study on the accuracy of consumer data at the credit bureaus in a letter sent to both agencies.

The National Consumers League and Consumer Action, two leading consumer advocacy organizations working to promote pro-consumer policies on the federal level, noted in their letter to FTC Chairwoman Khan and Acting CFPB Dirctor Ueijo that policy leaders in Congress and the White House had been citing the 2012 credit reporting study in recent hearings and events and they were concerned that the data policymakers were using was almost 10 years old.

“Much has happened since 2012 that impacts the accuracy of consumer data, starting with the rise of technology, increased data breaches by bad actors, the NCAP settlement and of course a pandemic and economic crisis. It is critical that we re- examine the accuracy of the credit bureau data in light of these developments…” the Consumer Action and National Consumers League letter reads. “…We worry about the unintended consequences if policymakers fashion new laws based on old facts.”

A full copy of the letter can be found here.