Congress considers credit-reporting overhaul

Source: Jayme Deerwester, USA Today

House Committee on Financial Services chair Maxine Waters, D-Calif., said that the House passed two bills out of committee before the pandemic – the Comprehensive CREDIT Act and the Protecting Your Credit Score Act of 2021– which "provide long overdue reforms to our credit reporting system."  Both bills are now back under consideration.

Waters heard from consumer-protection advocates who proposed replacing the privately-run three-credit bureau system with a public credit registry.  Also proposed:

Prohibiting the use of credit score information for purposes unrelated to credit decisions. Reduce the amount of time negative information remains on your credit report. Limit the reporting of medical debt.

Read Full Article: Congress considers credit-reporting overhaul




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