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Published: July 2019

Overhauling the nation’s broken credit reporting system

Democratic members of the Financial Services Committee are calling upon Congress to enact legislation to reform the credit reporting system, 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.

Our nation’s credit reporting system impacts almost every American. Many have experienced financial and emotional distress as a result of incomplete or erroneous information on their consumer credit reports. According to the Federal Trade Commission (FTC), one in five, or roughly 40 million consumers, have had an error on one of their reports. The House Financial Services Committee held a markup of ten bills to reform the broken credit reporting system, increase diversity and inclusion efforts in the financial services sector, improve the homebuying process and preserve the affordability of rural housing. Consumer Action joined over 80 coalition advocates in supporting the package of credit reporting bills.

Lead Organization

U.S. PIRG

Other Organizations

Americans for Financial Reform | A2Z Real Estate Consultants | African American Health Alliance | Alaska Public Interest Research Group | Allied Progress | Arkansas Community Organizations | BREAD Organization | CAFE Montgomery MD | Center for Digital Democracy | Cleveland Jobs with Justice | Community Action | Human Resources Agency (CAHRA) | Congregation of Our Lady of the Good Shepherd, US Provinces | Connecticut Fair Housing Center | Consumer Action | Consumer Federation of America | Consumer Federation of California | Consumer Reports | CWA Local 1081 | Delaware Community Reinvestment Action Council, Inc. | Demos | Denver Area Labor Federation | East Bay Community Law Center | FAITH IN TEXAS | Famicos Foundation. | FLARA | Florida Alliance for Consumer Protection | Greater Longview United Way | Groundcover News | Habitat for Humanity of Camp Co, TX | Hawaiian Community Assets | Housing Action Illinois | Housing and Family Services of Greater New York, Inc. | Mary House, Inc. | Maryland Consumer Rights Coalition | Miami Valley Fair Housing Center, Inc. | Mobilization for Justice Inc. | Montana Organizing Project | 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 Association of Social Workers West Virginia Chapter | 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 | New Jersey Citizen Action | New Jersey Tenants Organization | New York Legal Assistance Group | North Carolina Council of Churches | Partners In Community Building, Inc. | PathWays PA | Pennsylvania Council of Churches | People Demanding Action | Progressive Leadership Alliance of Nevada | Project IRENE | Prosperity Now | Public Citizen | Public Justice Center | Public Law Center | Public Utility Law Project of New York | Rocky Mountain Peace and Justice Center | SC Appleseed Legal Justice Center | Sisters of Mercy South Central Community | Society of St. Vincent de Paul | St. Paul UMC | 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. | Virginia Citizens Consumer Council | Virginia Poverty Law Center | West Virginia Center on Budget and Policy | Wildfire | Woodstock Institute | WV Citizen Action Group

More Information

For more information, please visit U.S. PIRG

Download PDF

Overhauling the nation’s broken credit reporting system   (Credit-Reporting-Bills-support-letter.pdf)

 
 
 

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