The nation's major credit reporting agencies faced renewed scrutiny from Co...
WASHINGTON - The nation’s major credit reporting agencies faced renewed scrutiny from Congress on Tuesday, as lawmakers consider legislation overhauling the industry.
“Our nation’s consumer credit reporting system is broken,” said Representative Maxine Waters, chairwoman of the House Financial Services Committee. “I’m troubled to the point where I do think that we need to start thinking about how we reimagine it and rebuild it from the ground ... We will be introducing legislation.”
The panel’s top Republican, Representative Patrick McHenry, agreed the industry was in need of a makeover. However, he emphasized a desire to see more companies compete with the three largest agencies. Legislation beefing up protections around consumer data is seen by analysts and lobbyists to be a rare area of common ground in the current Congress, where Democrats control the House and Republicans control the Senate.
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