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 way of a vote of 221 to 189.
H.R. 3621 would overhaul the credit reporting system by empowering customers with increased control of their information and needing customer reporting agencies (CRAs) like Equifax, TransUnion, and Experian, to higher make certain that the details on credit reports is accurate and complete.
See below for Chairwoman Waters’ floor statement regarding the bill.
As Ready for Distribution
Mr. Chairman, I rise 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 Members of the Financial solutions Committee have already been developing for a couple of Congresses.
Mr. Chairman, credit scoring is unlike every other company. Individuals are maybe perhaps not clients of credit rating agencies—they would be the item. Credit scoring agencies package up consumers’ information to market to loan providers, companies as well as other organizations.
Regrettably, our bodies of credit rating reporting is poorly broken, and consumers don’t have a lot of recourse. Read More