New Bill Could Change The Entire U.S. Credit Reporting Industry

“Good credit is a gateway to wealth,” said House Committee on Financial Services chair Maxine Waters, D-Calif., said Tuesday. “Yet, for far too long, our credit reporting system has kept people of color and low-income persons from access to capital to start a small business; access to mortgage loans to become homeowners; and access to credit to meet financial emergencies.”

Waters added that the House passed two bills out of the committee before the pandemic – the Comprehensive CREDIT Act and the Protecting Your Credit Score Act of 2021– which “provide long overdue reforms to our credit reporting system.”

Both bills are now back under consideration.

Waters noted that creating a credit reporting agency that is consumer-oriented “would be a major upgrade over today’s broken, biased credit reporting system.”

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