Wyden, Senators Urge Fix to Broken Credit Reporting System, Accountability for Credit Reporting Agencies

Senators Urge CFPB to Reform An Industry That Affects Employment, Housing, And Can Ruin Lives

Washington, D.C. – U.S. Sen. Ron Wyden (D-Ore.) said today he has joined with U.S. Sens. Brian Schatz (D-Hawaii), Sherrod Brown (D-Ohio), Elizabeth Warren (D-Mass.), Jack Reed (D-R.I.), Chris Van Hollen (D-Md.), and Ben Ray Luján (D-N.M.), to urge the Consumer Financial Protection Bureau (CFPB) to take concrete steps to reform the credit reporting industry.

The senators urged CFFB Director Rohit Chopra to use the CFPB’s existing supervisory, rulemaking, and enforcement authority over the largest nationwide consumer reporting agencies, in order to improve the accuracy of credit reports, streamline the dispute resolution process, and hold consumer reporting agencies accountable for addressing persistent errors.

“In an industry that affects all Americans so directly, 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 altogether; they might face obstacles applying for a job, getting a mortgage, or renting an apartment,” the senators wrote. “These impacts can persist for years, putting innocent people in positions that are nearly impossible to resolve. … Accordingly, we request you take immediate action to protect consumers and introduce much-needed accountability into the credit reporting system.”

The full text of the letter is here.

A web version of this release is here.