July 23, 2021
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 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.”
About the National Consumers League
The National Consumers League, founded in 1899, is America’s pioneer consumer organization. Our mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad. For more information, visit www.nclnet.org.