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Waters Opening Statement at Hearing on Consumer Credit Reporting

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, gave the following statement at the Subcommittee on Oversight and Investigations virtual hearing entitled, “Consumer Credit Reporting: Assessing Accuracy and Compliance.”

Thank you very much, Mr. Green for holding this important hearing on credit reporting. 

In February 2019, one of the first hearings I convened as Chairwoman was a hearing with the three CEOs of Equifax, Experian and TransUnion, the national credit bureaus, to examine the ways in which the current system fails to protect consumers.  

We’ve had several bills through the House to fix the broken credit reporting system, but the Senate failed to act. Unfortunately, consumer credit reporting complaints to the CFPB more than doubled from 2019 to 2020, suggesting a surge in more credit reporting errors during the pandemic. We must learn what is behind these trends and what the credit bureaus must do to protect our consumers.

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