Reps. Waters, McHenry Weigh Need for Credit Reporting Overhaul Amid Breach
The U.S. credit reporting system needs to be overhauled, House Financial Services Committee Chairman Maxine Waters, D-Calif., and ranking member Patrick McHenry, R-N.C., agreed during a hearing Tuesday. Waters suggested the U.S. might need to completely rebuild the credit reporting…
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industry to “put consumers first.” She urged support for her Comprehensive Consumer Credit Reform Act, which amends the Fair Credit Reporting Act, revising requirements for disputes over consumer credit information reported by consumer reporting agencies. McHenry said the credit reporting system is broken. The Fair Credit Reporting Act, which governs the industry, was written for the pre-internet era, he said. The three companies testifying are an oligopoly, he said. Equifax CEO Mark Begor expressed regret about the 2017 cyber breach (see 1809070053). Since the incident, the company has invested more than $80 million to assist affected consumers, including a free identity theft protection service that expires in November, he said. Experian North America CEO Craig Boundy said his company supports a federal data security and breach notification standard. TransUnion CEO James Peck committed to working with the committee, regulators and industry to make credit reporting “stronger, fairer and more accurate.”