CFPB Hosts CAB Meeting

March 2, 2017

On Thursday, March 2, 2017 the CFPB Consumer Advisory Board (CAB) met to discuss a variety of topics including consumer reporting, a five-year review of enforcement actions, the Bureau’s open credit score initiative, trends and themes, and enhancements to the CFPB consumer complaints database. In prepared remarks, CFPB Director Richard Cordray discussed the agency’s work on credit reporting.  “First, in our earlier exams when we first started supervising the consumer reporting companies for data accuracy, we were surprised to find that their quality control systems were either rudimentary or virtually non-existent,” he said.  “Second, we have imposed extensive corrections to the processes for consumers to dispute the information contained in their credit reports. Third, we are also cleaning up the information that the consumer reporting companies receive from those who furnish it to them.”