In the wake of a security breach at one of the nation’s largest credit reporting agencies, Rep. Maxine Waters (D-CA) has reintroduced the Comprehensive Consumer Credit Reporting Reform Act.
It is estimated 143 million American consumers were impacted by the recent Equifax security breach.
Waters, who serves as ranking member of the Committee on Financial Services, said the measure contains landmark reforms to improve the nation’s credit reporting system.
“Consumers should not have to suffer the consequences for a credit reporting system that is so clearly broken,” Waters said. “In most cases, consumers would have the option of ending ties with a company, like Equifax, that is unable to keep their identifiable information confidential. Unfortunately, consumers currently don’t have that option. My bill is a complete overhaul of our nation’s credit reporting system, taking the burden off of the consumer while holding credit reporting agencies accountable.”
Waters said the bill would bring accountability to the credit reporting industry by enhancing consumer and creditor confidence in the integrity of information within consumer credit reports and restoring fairness in the system.
Officials said the legislation is supported by Americans for Financial Reform, the National Consumer Law Center, AFL-CIO, Consumer Action, the Consumer Federation of America, Consumers Union, Demos, Greenlining Institute, International Brotherhood of Teamsters and the National Association of Consumer Advocates, among other organizations.