Chapter 11: Industry Associations
IN THIS LESSON
What is the CDIA?
The Consumer Data Industry Association (CDIA) plays a crucial role in the data-driven landscape of today's society. As a leading trade association, the CDIA represents consumer reporting agencies, credit bureaus, and other entities involved in the collection, analysis, and distribution of consumer data.
With a focus on responsible data management, the CDIA advocates for the fair and ethical use of consumer information while maintaining data security and privacy. Through its efforts, the CDIA promotes the importance of accurate and reliable credit reporting, encouraging transparency and accountability within the industry.
By fostering collaboration and best practices, the CDIA helps to ensure that consumers' personal information is protected while enabling businesses to make informed decisions based on reliable data.
Data Users
Data users are individuals and organizations who rely on data to make informed decisions regarding creditworthiness, risk assessment, and lending practices. Banks, credit bureaus, financial institutions, and credit-scoring companies are just a few examples of data users in this industry.
By harnessing the power of data, these entities can evaluate borrowers' repayment patterns, credit histories, and financial behaviors. This information allows them to create comprehensive profiles, calculate credit scores, and determine interest rates. Ultimately, data users in the credit industry contribute to the efficient allocation of credit, enabling individuals and businesses to access the funds necessary to thrive and grow.
Data Furnishers
A data furnisher in the credit industry plays a critical role in shaping the financial landscape by providing accurate and up-to-date information to credit bureaus. These entities collect and furnish consumer credit data, such as loans, credit card balances, and payment history, to help lenders make informed decisions. A data furnisher ensures that the credit data they supply is complete, accurate, and reported in a timely manner. By doing so, they contribute to the overall integrity of the credit ecosystem, enabling individuals to access loans, mortgages, and other forms of credit. With their expertise and adherence to industry standards, data furnishers facilitate transparency and accountability in the credit industry, ultimately benefitting both consumers and lenders alike.
eOscar
e-OSCAR is a web-based, Metro2 compliant, automated system that enables Data Furnishers (DFs) and Credit Reporting Agencies (CRAs) to create and respond to consumer credit history disputes. CRAs include Equifax, Experian, Innovis, and TransUnion, their affiliates, or Independent Credit Bureaus and Mortgage Reporting Companies. e-OSCAR also provides for DFs to send “out-of-cycle” credit history updates to CRAs.
The system primarily supports Automated Credit Dispute Verification (ACDV) and Automated Universal Dataform (AUD) processing, as well as a number of related processes that handle registration, subscriber code management, and reporting.
ACDVs initiated by a CRA on behalf of a consumer are routed to the appropriate Data Furnisher based on the CRA and subscriber code affiliations indicated by the DF. The ACDV is returned to the initiating CRA with updated information (if any) relating to the consumer’s credit history. If an account is modified or deleted, Carbon Copies are sent to each CRA with whom the DF has a reporting relationship.
AUDs are initiated by the DF to request out-of-cycle credit history updates. The system is used to create the AUD and route it to the appropriate CRA(s) based on Subscriber Codes specified by the DF in the AUD record. The e-OSCAR AUD process is intended to provide the CRA with a correction to a consumer's file for consideration outside of the regular activity reporting cycle process. e-OSCAR may not be used to add or create a record on a consumer's file or as a substitute for "in-cycle" reporting to the CRAs.
