Today, the heads of Equifax, Experian, and TransUnion will testify before the House Financial Services Committee for the increase in consumer complaints to the CFPB.
Washington, DC — Ahead of today’s hearing on Consumer Credit Reporting: Assessing Accuracy and Compliance Liz Shrum, Senior Advisor and Spokesperson for the American Association of Consumer Credit Professionals (AACCP), sent a letter to Democratic members of the House Financial Services Committee and their staff encouraging their efforts to make the credit reporting system more responsive to consumers.
The letter is excerpted below and can be read in full here:
“…By representing consumers who have questions about their credit reports or need to dispute inaccurate information to obtain credit at a price they deserve, AACCP members serve as a trusted resource that consumers use to understand and navigate an overly-complex and unresponsive credit reporting ecosystem. AACCP’s members include the country’s largest credit repair organizations, which have been regulated by the Credit Repair Organization Act (CROA) since 1997.
An estimated one in five Americans has an error on at least one of their credit reports. Consumers also frequently encounter other problems on their credit reports, such as unrecognized collection accounts or information that cannot be verified. Like so many other challenges, the chronic flaws in the credit reporting process disproportionately affect moderate to low-income Americans and minorities.
Unfortunately, when consumers discover errors and other problems on their credit reports, they often encounter difficulty getting the credit reporting agencies (CRAs) to respond to their questions or concerns…
…As the only consumer advocates working in the credit system, AACCP is encouraged by this committee’s interest in improving the credit reporting system and supports efforts to make the credit reporting system more responsive to consumers. By using our collective voice and engaging with policymakers, AACCP seeks regulatory certainty for American consumers and the industry works to protect the integrity of the consumer reporting system, and facilitates innovation within our industry.”