US Senator Ron Wyden and colleagues urge to fix faulty credit reporting system and accountability of credit reporting agencies

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November 14, 2021 – Washington, DC – U.S. Sen. Ron Wyden (D-Ore.) said last week he joined U.S. Sens. Brian Schatz (D-Hawaii), Sherrod Brown (D-Ohio), Elizabeth Warren (D-Mass.), Jack Reed (DR.I.), Chris Van Hollen (D-Md.) and Ben Ray Luján (DN.M.), to urge the Consumer Financial Protection Bureau (CFPB) to take concrete steps to reform the insurance industry credit assessment.

The senators urged CFFB Director Rohit Chopra to use the CFPB’s existing oversight, regulatory and enforcement authority over the largest national consumer intelligence agencies to improve reporting accuracy. credit card, streamline the dispute resolution process and hold consumer reporting agencies accountable for handling persistent errors.

“In an industry that so directly affects all Americans, even a small error rate means tens of millions of people can be denied jobs or housing through no fault of their own. As a result of simple mistakes, consumers may pay more for credit or be denied loans outright; they may face obstacles in applying for a job, getting a mortgage, or renting an apartment,” the senators wrote. “These impacts can linger for years, placing innocent people in positions that are nearly impossible to resolve. … Accordingly, we call on you to take immediate action to protect consumers and introduce much-needed accountability into the credit reporting system.

The full text of the letter is here.
Source: Senator Ron Wyden

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