Press announcements Home Passes Pressley Bill to Reform Cracked Credit Rating System

Press announcements Home Passes Pressley Bill to Reform Cracked Credit Rating System

Today, the U.S. House of Representatives passed H.R. 3621, the Comprehensive credit scoring Enhancement, Disclosure, Innovation, and Transparency Act of 2020 (“Comprehensive CREDIT Act”), legislation sponsored by Rep. Ayanna Pressley (D-MA), with a vote of 221 to 189.

H.R. 3621 would overhaul the credit reporting system https://besthookupwebsites.net/xpress-review/ by empowering customers with an increase of control of their information and requiring customer reporting agencies (CRAs) like Equifax, TransUnion, and Experian, to raised make sure the data on credit rating reports is accurate and complete.

See below for Chairwoman Waters’ floor statement in the bill.

As Prepared for Distribution

Mr. Chairman, we increase in strong support of H.R. 3621, the Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency Act, legislation sponsored by Representative Ayanna Pressley of Massachusetts today. This package of bills develops upon reforms that people in the Financial solutions Committee have already been developing for a couple of Congresses.

Mr. Chairman, credit scoring is unlike any kind of company. Individuals are maybe maybe not clients of credit rating agencies—they will be the item. Credit scoring agencies package up consumers’ information to offer to lenders, companies along with other companies.

Regrettably, our bodies of credit rating reporting is poorly broken, and customers don’t have a lot of recourse. It’s typical for credit file to be filled up with unsatisfactory errors which are hard for customers to fix. A Federal Trade Commission (FTC) research discovered that 1 in 5 customers have actually confirmed mistakes within their credit history, and 1 in 20 customers have actually mistakes therefore severe which they is rejected credit or have to spend more for this. Continue reading “Press announcements Home Passes Pressley Bill to Reform Cracked Credit Rating System”