Washington, D.C. – Today, the U.S. House of Representatives passed the Protecting Your Credit Score Act of 2020 (H.R. 5332), a bipartisan bill sponsored by Rep. Josh Gottheimer (NJ) that would increase protection of consumer data, transparency of credit reporting, and accountability of the credit reporting agencies, furnishers, and companies that develop credit scoring models.
Specifically, this bill will create a single online consumer platform that will provide unlimited consumer access to credit reports and scores, allow consumers to initiate disputes about reporting issues, and let consumers track and protect their credit data. The bill will also increase accountability of the three largest credit reporting agencies, Equifax, Experian, and TransUnion by requiring preventive audits to increase credit report accuracy. Further, the legislation will establish a CFPB ombudsman to increase supervision and enforcement of all credit reporting agencies.
“This bill is an important step in making credit reports more accessible to consumers and fixing a broken system for credit reporting disputes,” said Rachel Gittleman, Financial Services Outreach Manager with the Consumer Federation of America. “Especially during the current financial crisis and its aftermath, consumers need easy-to-use tools to better understand their credit history and initiate disputes. We commend this bipartisan effort but urge Congress to go further to protect consumer credit during the COVID-19 emergency, including a moratorium on negative credit reporting.”
Congress has not passed significant credit reporting reform in 17 years. Since the start of the COVID-19 emergency, the Consumer Financial Protection Bureau (CFPB) has received a record-setting volume of complaints and credit reporting (along with debt collection) tops the complaint database for the most complained about product overall. Further, the Federal Trade Commission (FTC) found that 21% consumers have verified errors in their credit reports, while 13% had errors that affected their credit scores.
“We applaud the House of Representatives for their work to increase transparency and accountability in the credit reporting system,” said Rachel Weintraub, Legislative Director and General Counsel with CFA. “Further, we urge the Senate to pass this important, bipartisan legislation to fix glaring issues in the credit reporting system. This modest legislation is long overdue and especially needed during the current financial crisis.”
Source URL: Read More
The public content above was dynamically discovered – by graded relevancy to this site’s keyword domain name. Such discovery was by systematic attempts to filter for “Creative Commons“ re-use licensing and/or by Press Release distributions. “Source URL” states the content’s owner and/or publisher. When possible, this site references the content above to generate its value-add, the dynamic sentimental analysis below, which allows us to research global sentiments across a multitude of topics related to this site’s specific keyword domain name. Additionally, when possible, this site references the content above to provide on-demand (multilingual) translations and/or to power its “Read Article to Me” feature, which reads the content aloud to visitors. Where applicable, this site also auto-generates a “References” section, which appends the content above by listing all mentioned links. Views expressed in the content above are solely those of the author(s). We do not endorse, offer to sell, promote, recommend, or, otherwise, make any statement about the content above. We reference the content above for your “reading” entertainment purposes only. Review “DMCA & Terms”, at the bottom of this site, for terms of your access and use as well as for applicable DMCA take-down request.
Acquire this Domain
You can acquire this site’s domain name! We have nurtured its online marketing value by systematically curating this site by the domain’s relevant keywords. Explore our content network – you can advertise on each or rent vs. buy the domain. Buy@TLDtraders.com | Skype: TLDtraders | +1 (475) BUY-NAME (289 – 6263). Thousands search by this site’s exact keyword domain name! Most are sent here because search engines often love the keyword. This domain can be your 24/7 lead generator! If you own it, you could capture a large amount of online traffic for your niche. Stop wasting money on ads. Instead, buy this domain to gain a long-term marketing asset. If you can’t afford to buy then you can rent the domain.
We are Internet Investors, Developers, and Franchisers – operating a content network of several thousand sites while federating 100+ eCommerce and SaaS startups. With our proprietary “inverted incubation” model, we leverage a portfolio of $100M in valued domains to impact online trends, traffic, and transactions. We use robotic process automation, machine learning, and other proprietary approaches to power our content network. Contact us to learn how we can help you with your online marketing and/or site maintenance.