2021-06-29 17:18:15
U.S. House Committee on Financial Services is Live
Hybrid Hearing - A Biased, Broken System: Examining Proposals to Overhaul Credit... (EventID=112868)
Overview
The U.S. credit reporting system is unique because it relies on consumer data for use and profit by private companies. In contrast, the consumer relies on a credit score and report for many aspects of life. Credit scores and credit reports are increasingly relied upon by creditors and employers, housing providers, insurers, and even law enforcement. Despite this, it has been nearly two decades since Congress enacted comprehensive reform of the consumer reporting system, and there are numerous shortcomings with the current system. In 2017, Equifax experienced a cybersecurity breach so massive that it affected approximately 148 million consumers. In addition to releasing the personally identifiable information of approximately half of all Americans, this breach also highlighted deficiencies in the credit reporting system, including the lack of an effective dispute process for consumers who find errors in their credit reports.
Many have experienced financial and other forms of extreme distress due to incomplete or erroneous information on their consumer credit reports. While a few targeted, if not temporary, provisions relating to consumer reporting were enacted into law in 2018 and included in the CARES Act in 2020, many have argued for comprehensive reforms to make the system more equitable and more accountable to consumers. Other jurisdictions, like California and the European Union, have taken steps to empower consumers to have more control over their data.
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