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WBK Industry News - Federal Regulatory Developments

FTC and CFPB Extend Accuracy in Consumer Reporting Comment Deadline

On December 10, 2019, the FTC and CFPB hosted a public workshop on issues affecting the accuracy of both traditional credit reports and employment and tenant background screening reports.  In conjunction with the workshop, the agencies sought comments on topics relating to these issues.  WBK previously covered these topics

While the original comment deadline was January 10, 2020, the agencies have extended the comment deadline on a range of issues until January 31, 2020.  These issues include: (i) the effect of the removal of most civil judgments and tax liens from credit reports; (ii) recent changes in the reporting of medical debt; and (iii) whether new technologies and data management practices improve accuracy, what government and private sector measures could improve accuracy, and the costs and benefits of these measures.