Credit Reports and Scores

Waters Holds Credit Bureaus Accountable

| Posted in Press Releases

Today, at a full Committee hearing entitled, “Who's Keeping Score? Holding Credit Bureaus Accountable and Repairing a Broken System,” Congresswoman Maxine Waters (D-CA), Chairwoman of the House Financial Services Committee gave the following statement. As Prepared for Delivery Today, this Committee convenes for a hearing on repairing the nation’s broken credit reporting system and holding the majo... Read more »

Committee Democrats to Hold Hearing on Equifax and Credit Reporting Failures

| Posted in Press Releases

On Wednesday, October 25, 2017, House Financial Services Committee Democrats will lead an additional hearing to examine the massive data breach that occurred at Equifax, and to consider and discuss ideas for ensuring the integrity of our country’s consumer reporting system and safeguarding consumer data. The hearing, referred to as a “Minority Day Hearing,” is the second hearing before the Financi... Read more »

At Equifax Hearing, Financial Services Democrats Secure Second Hearing on Credit Reporting Failures

| Posted in Press Releases

Recognizing that the American public deserves answers and a promise to safeguard their personal identifying information, Financial Services Committee Democrats, led by Ranking Member Maxine Waters (D-CA), used an obscure parliamentary maneuver to demand a Minority Day hearing to continue to discuss the numerous issues with the current credit reporting system and to cast more light on the many nega... Read more »

At Full Committee Hearing, Waters Questions Equifax’s Commitment to Consumers

| Posted in Press Releases

Today, at a full committee hearing to discuss the massive security breach at Equifax, one of the nation’s largest credit reporting agencies, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, delivered the following opening statement: As Prepared for Delivery Thank you, Mr. Chairman. The massive breach at Equifax and the company’s subsequent failures are a l... Read more »

Waters Statement on Retirement of Equifax CEO

| Posted in Press Releases

Today, in response to the announcement that Equifax CEO Richard Smith has retired, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “The retirement of Equifax’s CEO, just days before he is scheduled to testify at congressional hearings about the breach that occurred under his watch, does not relieve the company of its duty to ... Read more »

Following Equifax Breach, Ranking Member Waters Reintroduces Comprehensive Credit Reporting Reform Legislation

| Posted in Press Releases

Following the announcement that 143 million American consumers were impacted by the Equifax security breach, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, reintroduced the Comprehensive Consumer Credit Reporting Reform Act, which contains landmark reforms to improve the nation’s credit reporting system. Credit reporting agencies compile and maintain fil... Read more »

Waters Statement on the Equifax Security Breach

| Posted in Press Releases

Following the announcement that nearly half of U.S. population’s personal data was exposed -- including Social Security numbers, birth dates, and addresses -- due to an enormous security breach at Equifax, one of the nation’s major credit reporting agencies, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, made the following statement: “This hack into sens... Read more »

Waters Applauds CFPB Enforcement Action against Experian, Calls for Reforms to Credit Reporting

| Posted in Press Releases

WASHINGTON -- Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, applauded the Consumer Financial Protection Bureau’s enforcement action against Experian, a prominent credit reporting agency, and called for comprehensive legislative improvements to consumer reporting law. “I have long advocated for an overhaul of our nation’s credit reporting system. ... Read more »

Waters Applauds the CFPB’s Work on Credit Reporting Problems, Calls for Comprehensive Legislative Reforms

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, applauded the Consumer Financial Protection Bureau for a new report detailing a range of significant issues in credit reporting and its oversight work in the area, and called for comprehensive reforms to improve the nation’s credit reporting system. “Credit reporting is an area where I have long calle... Read more »

Waters Introduces Comprehensive Bill to Fix Credit Reporting in U.S.

| Posted in Press Releases

Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, introduced landmark legislation to overhaul the American credit reporting system so that it is fairer, more accurate, and less confusing for consumers. Consumer reporting agencies compile and maintain files for about 200 million adults. These reports play an important role in Americans’ lives as mo... Read more »

Why Does Negative Info Linger On Your Credit Report For Up To 7 Years?

| Posted in In Case You Missed It

Credit-related mistakes can follow you link a stink you can’t wash off. Have an account go into collections, miss payments on your student loans, credit cards, mortgage, car loan, and that info can linger on your credit report for up to seven years, even if it’s just a fluke. This is particularly a problem with medical debt, where even someone with otherwise pristine credit is unable to pay a huge... Read more »

Blemished Credit? Congress Weighs Changes that Could Boost Scores

| Posted in In Case You Missed It

Do you think you'd have a better chance to qualify for a home mortgage if negative items in your credit files were erased in four years rather than the current seven? How about if your credit reports included information on your utility bills, rent, cable, mobile phone and other monthly payments? Wouldn't this give a nice jolt to your credit scores, assuming that you've paid these bills on time? S... Read more »

This Law Would Immediately Improve Your Credit Score

| Posted in In Case You Missed It

A high-ranking lawmaker is pushing for Congress to redraw the road map for how credit scores are calculated, with an eye toward giving a little more breathing room to people who have fallen on tough times financially. California representative Maxine Waters, the highest-ranking Democrat on the House Financial Services Committee, is introducing legislation that would modify the Fair Credit Reportin... Read more »

At Credit Reporting Hearing, Waters Discusses Proposal to Reform Consumer Reporting and Credit Scoring Practices

| Posted in Press Releases

WASHINGTON, D.C. – At today’s subcommittee hearing to examine our nation’s credit reporting system, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, commented on the release of her proposal to comprehensively reform our nation’s consumer reporting system. She gave the following statement: “Chair Capito, I’d like to thank you and Chairman Hensarling for granting my r... Read more »

Waters Unveils Comprehensive Proposal to Reform Consumer Reporting and Credit Scoring Practices

| Posted in Press Releases

WASHINGTON, D.C. – Citing the countless Americans who have experienced heartbreak, frustration and devastation as a result of incomplete or erroneous information on their credit reports, today Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, released a proposal that would make sweeping reforms to our nation’s consumer reporting system. The draft proposal, entitled t... Read more »

Credit Reports Would Be Overhauled Under a New Bill

| Posted in In Case You Missed It

A new bill in Congress seeks to overhaul the consumer credit-reporting system by lessening the period over which loan defaults and bankruptcies are included in credit reports. The bill’s introduction comes a month after Fair Isaac Corp. announced it would tweak its widely used FICO credit score to no longer penalize consumers for past failure to pay a bill if the bill has been paid or settled with... Read more »

Waters Proposes Sweeping Credit Reporting Reforms

| Posted in In Case You Missed It

The ranking democrat on the House Financial Services Committee wants to fundamentally change the rules on how lenders report consumer payments and debts to the credit bureaus, which could create a path to homeownership for millions of Americans currently shut out by mortgage lending restrictions. U.S. Rep. Maxine Waters, D-Calif., is introducing a bill that would eliminate medical debt from credit... Read more »

Credit Score Overhaul Introduced In House

| Posted in In Case You Missed It

The top Democrat on the House Financial Services Committee is proposing an overhaul of credit reporting rules that would help consumers ensure their scores are accurate. Rep. Maxine Waters (Calif.) is introducing legislation on Wednesday that provides more leeway to consumers to avoid and fix problems on their credit reports created by any wrong or outdated information. “A person’s credit report i... Read more »

The Bill That Could Radically Improve Your Credit Score

| Posted in In Case You Missed It

The top Democrat on the House Financial Services Committee is proposing sweeping changes to a law that governs the way lenders report consumer payments to credit bureaus. The move could help millions of Americans get better interest rates on mortgages, auto financing and student loans. Rep. Maxine Waters (D-Calif.) plans to introduce the Fair Credit Reporting Improvement Act of 2014 on Wednesday t... Read more »

Cummings, Markey, Waters Respond to GAO Report on Medical Credit Cards

| Posted in Press Releases

Today, Congressmen Elijah E. Cummings (D-MD), Ranking Member of the House Committee on Oversight and Government Reform, Senator Ed Markey (D-MA) and Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee announced the release of a Government Accountability Office (GAO) report on medical credit cards and related products, including installment loans, offered by... Read more »

Waters Calls for Hearing on Medical Debt Legislation

| Posted in Press Releases

Following today’s report by the Consumer Financial Protection Bureau (CFPB) finding that consumers’ credit scores may be overly penalized for medical debt, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, welcomed the Bureau’s findings and called upon Committee Chairman Jeb Hensarling to hold a hearing on the issue, and on legislation Waters has introduced to addres... Read more »

Democratic Lawmakers Call on FTC to Review Marketing Practices of Consumer Reporting Agencies

| Posted in Press Releases

A coalition of Democratic lawmakers on the House Financial Services Committee today called on the Federal Trade Commission (FTC) to review the online marketing practices of nationwide Consumer Reporting Agencies, or CRAs. Specifically of concern are the offers of purported “free” services that often put consumers at risk of inadvertently purchasing expensive products and services, such as credit m... Read more »



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