Maxine Waters proposes consumer-friendly overhaul of credit reporting industry

My front page Forums Welcome to Pic Me International Maxine Waters proposes consumer-friendly overhaul of credit reporting industry

This topic contains 5 replies, has 3 voices, and was last updated by  maimedscrews 2 weeks, 2 days ago.

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  • #18287

    heavilycorpuscle
    Participant

    Maxine Waters on Tuesday called for a consumer-friendly overhaul of the nation’s credit reporting system as she brought the chief executives of Equifax, Experian and TransUnion to testify before her House committee about what she called a “broken system.”The heads of the three leading credit reporting companies heard bipartisan criticism as Waters, the veteran Los Angeles Democrat, launched her first major legislative initiative as chairwoman of the Financial Services Committee.

    #18288

    elevatesixth
    Participant

    “To credit reporting bureaus, consumers aren’t consumers. They are commodities,” Waters said, adding that dissatisfied Americans can’t just take their business to another company.Although Equifax, Experian and TransUnion collect information from banks and other firms about Americans — their payment history on mortgages, credit cards, auto loans and other debt — they have little direct relationship with consumers. Their customers are the companies seeking a consumer’s credit history.

    #18289

    maimedscrews
    Participant

    The 199-page bill would reduce how long most negative information stays on credit reports to four years from seven years and require credit reporting companies to remove such items within 45 days of the debt being fully paid or settled.

    #18290

    heavilycorpuscle
    Participant

    She wants to restrict credit checks for job applicants to instances in which a credit report is required by federal, state or local law or when it is needed as part of a security clearance. And the bill would shift the burden of removing mistakes on credit reports away from consumers and onto the credit bureaus and financial firms that provide them, as well as provide a new right for consumers to appeal determinations the companies made about disputed information.

    #18291

    elevatesixth
    Participant

    Waters has been pushing the legislation for several years and had tried unsuccessfully to get all three CEOs to testify before the committee when she was in the House minority.After Democrats took over the majority this year and she gained the committee chairmanship, the three executives — Mark Begor of Equifax, Craig Boundy of Experian and James M. Peck of TransUnion — agreed to appear.

    #18292

    maimedscrews
    Participant

    Waters said the changes in her bill might not go far enough and “we need to ask whether the system is so beyond repair that we need to completely rebuild the entire consumer credit reporting sector to truly put consumers first.”

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