Should Your Company Just Stop Credit Reporting? [Video]

http://www.insidearm.com/news/00048487-should-your-company-just-stop-credit-repo/

Editor's note: This video has been provided to insideARM by Moss & Barnett. John Rossman is a leading financial services attorney and member of the iA Legal Advisory Board, Consumer Relations Consortium, and Innovation Council. Moss and Barnett content—and all insideARM articles—are protected by copyright. All rights are reserved.

Recent actions by the CFPB – including the issuance of a $19 million penalty against a company for errors in credit reporting – substantially complicated and increased the risk for creditors and debt collectors furnishing consumer information to the credit reporting agencies.

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Due to the cost and risks associated with credit reporting, many creditors are questioning whether to continue reporting consumer data to the credit bureaus or simply cease reporting entirely. In this episode of the Debt Collection Drill video series, Moss & Barnett attorneys Sarah Doerr and John Rossman examine the recent actions by the CFPB and provide specific guidance for how furnishers may assess and address the risks and costs associated with credit reporting in 2022 and beyond.