News » Committee Chair Wants Big Changes In Credit Reporting

Committee Chair Wants Big Changes In Credit Reporting

March 1, 2019

Businessman hand holding credit history finance document with score indicator. Mortgage approval vector concept. Credit history and rating illustration
House Financial Services Committee Chairwoman Maxine Waters is proposing a major revamping of how the consumer credit reporting industry collects data and reformats it for lenders. The rules are aimed directly at the industry’s big three – Equifax, Experian and TransUnion. Just before executives from those companies began testifying before her committee on Feb. 26, Waters opened the proceedings by saying that credit bureaus collect reams of information on millions of Americans. – “Consumers didn’t choose to entrust these companies with their personal information and do not have the option today of choosing a different company,” she said, and argued that such “commodification of consumers is a core reason why our nation’s consumer credit reporting system is broken.” Her bill would impose numerous new restrictions on the industry. It would increase consumers’ ability to appeal credit report disputes and assist those struggling with medical debt and predatory loans, along with limiting use of credit reports by employers. In a letter to the committee, the U.S. Chamber of Commerce said the potential negative impacts of “unwarranted or punitive changes” to the existing system of credit reporting were significant.

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