2Chairman Frank, Ranking Member Bachus and Members of the Committee, thank youfor this opportunity to appear before the Committee on Financial Services. I am StuartPratt, President and CEO for the Consumer Data Industry Association (CDIA).The CDIA, is an international trade association representing approximately 300 consumer data companies that are the nation’s leading institutions in credit and mortgage reportingservices, fraud prevention and risk management technologies, tenant and employmentscreening services, check fraud prevention and verification products, and collectionservices.We commend you for holding this hearing and welcome the opportunity to share our views. Thanks to the leadership of this Committee, the Fair Credit Reporting Act (15U.S.C. 1681
) was materially amended in 2003 through enactment of the Fair andAccurate Credit Transactions Act of 2003.
This Act changed the FCRA in a number of ways that are relevant to today’s hearing.My comments today will focus on:
Our members’ management of the quality of data in their databases, andconsumer dispute processes, which have been stories of hard work and success.
Tying up 30% of the industry’s resources for assisting consumers with repetitivedisputes that are deceptive is a problem worth solving. We believe that deceptive
See Public Law 108-159, “The Fair and Accurate Credit Transactions Act of 2003.”