Published: February 2019

Consumers need stronger credit reporting protections

Consumer Action joined over 80 advocate organizations in supporting the biggest overhaul of the consumer credit reporting industry in years. House Financial Services Committee Chairwoman Maxine Waters’ introduced the Comprehensive Consumer Credit Reporting Reform Act of 2019—legislation that aims to protect consumer data, prevent identity theft, and ensure the accuracy of consumer credit files.

The U.S. credit reporting system impacts almost every American. Millions have experienced financial and emotional distress as a result of incomplete or erroneous information on their consumer credit reports. In fact, the Federal Trade Commission reports that one in five, or roughly 40 million consumers, have had an error on one of their reports. As a result, the Comprehensive Consumer Credit Reporting Reform Act of 2019 was introduced to enhance consumers’ credit reporting rights, create more transparency over the consumer reporting and credit scoring process, and increase the accountability of those who develop credit scoring models.

Lead Organization

American's for Financial Reform (AFR)

Other Organizations

Americans for Financial Reform | A2Z Real Estate Consultants | African American Health Alliance | Allied Progress | BREAD Organization | CAFE Montgomery MD | Center for Digital Democracy | Community Action Human Resources Agency (CAHRA) | Congregation of Our Lady of the Good Shepherd, US Provinces | Consumer Action | Consumer Federation of America | Consumer Federation of California | CWA Local 1081 | Demos | FAITH IN TEXAS | Famicos Foundation | FLARA | Greater Longview United Way | Groundcover News | Mary House, Inc. | Mobilization for Justice Inc. | Multi-Cultural Real Estate Alliance For Urban Change | National Advocacy Center of the Sisters of the Good Shepherd | National Association of Consumer Advocates | National Association of Social Workers | National Center for Law and Economic Justice | National Consumer Law Center (on behalf of its low-income clients) | National Fair Housing Alliance | National Housing Law Project | National Housing Resource Center | National Rural Social Work Caucus | New Economics for Women | Partners In Community Building, Inc. | People Demanding Action | Progressive Leadership Alliance of Nevada | Project IRENE | Prosperity Now | Public Citizen | Public Justice Center | Public Law Center | SC Appleseed Legal Justice Center | Sisters of Mercy South Central Community | Society of St. Vincent de Paul | Tennessee Citizen Action | The Center for Survivor Agency and Justice | The Disaster Law Project | The Greenlining Institute | The Leadership Conference on Civil and Human Rights | THE ONE LESS FOUNDATION | Tzedek DC | U.S. PIRG | Urban Asset Builders, Inc. | Wildfire | Woodstock Institute

More Information

For more information, please visit AFR's website.

Download PDF

Consumers need stronger credit reporting protections   (CoalitionLetterforConsumerFinanceArbitrationBill.pdf)

 

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