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. That’s why in the past I’ve introduced and will continue to work to advance the Comprehensive Consumer Credit Reporting Reform Act, which would help put a stop to the kind of tricks that Experian was fined for. Experian falsely claimed that the credit scores they gave to consumers were used by lenders to make credit decisions when that was not the case. Instead of being empowered by having their credit score, consumers were given scores that were completely meaningless and may have paid more for credit as a result.
“The Consumer Bureau's recent enforcement actions against Experian, TransUnion, and Equifax once again demonstrate that they are an effective cop on the beat for consumers. They continue to help hardworking Americans, but they would have more tools at their disposal if Congress updated and improved the Fair Credit Reporting Act. Given the important role credit scores play in the lives and financial futures of consumers, and the outsized role they have taken on since the financial crisis, reforms to the system are badly needed.”