Today, the U.S. House of Representatives passed H.R. 3621, the Comprehensive credit scoring Enhancement, Disclosure, Innovation, and Transparency Act of 2020 CREDIT that is(“Comprehensive Act), legislation sponsored by Rep. Ayanna Pressley (D-MA), by a vote of 221 to 189.
H.R. 3621 would overhaul the credit system that is reporting empowering customers with increased control of their information and needing customer reporting agencies (CRAs) like Equifax, TransUnion, and Experian, to higher make sure the data on credit rating reports is accurate and complete.
See below for Chairwoman Waters’ floor statement in the bill.
As Ready 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 many Congresses.
Mr. Chairman, credit rating is unlike other company. Individuals are perhaps perhaps perhaps not clients of credit rating agencies—they will be the item. Credit scoring agencies package up consumers’ information to market to loan providers, companies along with other companies.
Regrettably, our bodies of credit rating reporting is poorly broken, and customers have actually small recourse. It really is typical for credit history to be full of unsatisfactory errors which are burdensome for customers to improve. A Federal Trade Commission (FTC) research discovered that 1 in 5 customers have actually confirmed errors inside their credit file, and 1 in 20 customers have mistakes so severe which they could be rejected credit or have to spend more for this. Continue reading “Pr announcements Home Passes Pressley Bill to Reform Cracked Credit Rating System”