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 needing customer reporting agencies (CRAs) like Equifax, TransUnion, and Experian, to raised make sure that the info on credit rating reports is accurate and complete.
See below for Chairwoman Waters’ floor statement in 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 develops upon reforms that people in the Financial solutions Committee have already been developing for many Congresses.
Mr. Chairman, credit rating is unlike some other company. Individuals are perhaps not clients of credit scoring agencies—they would be the item. Credit scoring agencies package up consumers’ information to market to loan providers, employers along with other organizations. (more…)