Episode Description
Frances Creighton, President and CEO of the Consumer Data Industry Association (#CDIA) stops by #CreditEcoToGo to talk about the core fundamentals of the credit reporting system and the challenges ahead for 2021. While state and federal regulators have been laser-focused on credit reporting accuracy, Frances tells us there are two bigger challenges. First is ensuring that more people can be included in the credit reporting system in order to gain better access to credit, Second is the policing of fraudsters who are preying on consumers with poor credit and promising them the removal of accurate information from their credit reports. Accuracy ensures that lenders make informed decisions about creditworthiness. The desire to remove negative information or not report negative information, even if accurate, is not a benefit to either the consumer or the lender. If we want the credit ecosystem to work, the truth must be told. #creditreporting #financialservices
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