In a recent podcast discussion titled “Episode 9: Consumer Data Collection and Usage”, Eric J. Ellman, the Senior Vice President of Public Policy & Legal Affairs at the Consumer Data Industry Association (CDIA), spoke with RegFi hosts Jerry Buckley and Sasha Leonhardt about the dynamics of consumer data collection and usage, providing indispensable insights into this dynamic landscape.
Ellman shared his expertise on the regulatory landscape that governs consumer data, focusing particularly on potential ramifications of enlarging the scope of the Fair Credit Reporting Act (FCRA) to cover data brokers. This could shape how data is collected, processed, and used by businesses around the world.
The conversation also touched upon the topic of alternative data in determining creditworthiness. As credit underwriting and risk assessment continue to evolve, this discussion merits attention. Alternative data has the potential to improve the breadth and quality of financial inclusivity by providing singular insights into consumer behavior.
In turn, this could revolutionize how businesses assess credit risk, enabling more accurate and comprehensive evaluation of potential customers, clients or partners.
Ellman’s depth of knowledge presented in this discussion can potentially shape industry dialogues and lead to more efficient and just practices in consumer data usage. For banking, finance, legal, and other professionals whose work intersects with data privacy and credit reporting, this episode presents an opportune moment to update and extend their worldview.