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Pr announcements Home Passes Pressley Bill to Reform Cracked Credit Scoring System

lundi, mai 4th, 2020

Pr announcements Home Passes Pressley Bill to Reform Cracked Credit Scoring 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), by way of a vote of 221 to 189.

H.R. 3621 would overhaul the credit system that is reporting empowering customers with an increase of control of their information and requiring consumer reporting agencies (CRAs) like Equifax, TransUnion, and Experian, to raised make certain that the details on credit rating reports is accurate and complete.

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

As Ready for Distribution

Mr. Chairman, we increase today in strong help of H.R. 3621, the Comprehensive credit scoring Enhancement, Disclosure, Innovation, and Transparency Act, legislation sponsored by Representative Ayanna Pressley of Massachusetts. This package of bills builds upon reforms that Members of the Financial solutions Committee have now been developing for a couple of Congresses.

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

Unfortuitously, our bodies of credit rating reporting is defectively broken, and customers don’t have a lot of recourse. It really is typical for credit history to be filled up with unsatisfactory errors which are problematic for customers to improve. A Federal Trade Commission (FTC) research unearthed that 1 in 5 consumers have actually confirmed mistakes inside their credit history, checkmatepaydayloans.com hours and 1 in 20 customers have actually mistakes therefore serious which they will be denied credit or have to spend more because of it. What this means is about 42 million customers have mistakes inside their credit history, and 10 million have errors that may be life changing. (suite…)