To assess how credit reporting accuracy has been affected by legal and technological developments in recent years, the Consumer Financial Protection Bureau (CFPB) is hosting a workshop Tuesday alongside the Federal Trade Commission (FTC).
Among the new developments to be discussed are the use of machine learning and alternative data in making eligibility determinations, which are believed to present both opportunities and challenges for the consumer reporting industry, the FTC noted in a press release.
Four panel discussions will comprise the event which will focus on a variety of topics related to credit reporting accuracy and regulatory requirements.
The workshop also will feature remarks by FTC Commissioner Noah Joshua Phillips and CFPB Deputy Director Brian Johnson.
The goal of the workshop is to assemble stakeholders from the financial industry, consumer advocates, and regulators to discuss how changes in the credit reporting landscape may affect the accuracy of consumer reports, the bureau said in a press release.
The panels will examine a variety of topics related to credit reporting accuracy, including:
- Lessons from CFPB and FTC enforcement cases regarding credit reporting accuracy obligations;
- Opportunities and challenges presented by non-traditional data in credit reports, credit scoring models or background screening reports;
- Whether new technologies and data management practices be used to improve accuracy;
- Current practices used by information furnishers;
- Compliance with credit reporting accuracy requirements;
- Current accuracy topics for traditional credit reporting agencies;
- Accuracy considerations for background screening; and
- Navigating the dispute process.
The FTC noted that nationwide credit reporting agencies agreed to a multi-state settlement in 2015, requiring stricter standards for matching records, removal of certain public record information and restrictions on medical debt reporting. The settlement came following state investigations regarding various credit reporting issues.
The workshop will be free and open to the public and be held at the Constitution Center, 400 7th St., SW, in Washington, D.C. The event will be webcast live on the FTC’s website.