Waters Applauds the CFPB’s Work on Credit Reporting Problems, Calls for Comprehensive Legislative Reforms

WASHINGTON, D.C. - Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, applauded the Consumer Financial Protection Bureau for a new report detailing a range of significant issues in credit reporting and its oversight work in the area, and called for comprehensive reforms to improve the nation’s credit reporting system.

“Credit reporting is an area where I have long called for an overhaul to the system. That’s why in the past I’ve introduced and will continue to advocate for the Comprehensive Consumer Credit Reporting Reform Act, to enhance consumers’ credit reporting rights, create more transparency in the consumer reporting and credit scoring process, and increase the accountability of those who develop credit scoring models. Congress must act to fix this broken system.

“I commend the Consumer Financial Protection Bureau for the steps they are taking to address problems in credit reporting. This is yet another demonstration of the critical role that the Consumer Bureau plays in ensuring that hardworking Americans are protected in the financial marketplace.

“The Consumer Bureau's work in this area is important, but the law they are enforcing must also be updated by Congress. The last comprehensive update to this law was in 2003, and since then credit reporting has taken on an outsized role in the lives of most Americans.”

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