Patrick McHenryChairman

Washington, September 12, 2014 - Subcommittee Reviews the Credit Reporting System

On Wednesday the Financial Institutions and Consumer Credit Subcommittee held a hearing to review the roles and responsibilities of consumer reporting agencies.

"According to the FTC, nearly 20% of Americans have errors on their credit report. Furthermore, 5% of Americans have errors that could expose them to higher interest rates or lose access to consumer credit through no fault of their own," said Subcommittee Chair Shelley Moore Capito (R-WV). "Today we will learn more about the systems that credit bureaus have in place to resolve discrepancies on a consumer credit report. We must work together to ensure that consumers who have legitimate discrepancies on their credit report can have them removed as quickly as possible."

MEMBER SPOTLIGHT

Rep. Mick Mulvaney | Mulvaney on the CFPB

Rep. Mulvaney tells the Credit Union Times the CFPB is “a wonderful example of how a bureaucracy will function if it has no accountability to anybody.”

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