Congress to consider dramatic overhaul of credit reporting

Waters bill gives CFPB “explicit authority” to monitor credit scoring

The way consumers’ credit data is reported, recorded, and used by the nation’s credit reporting agencies could be about to dramatically change, if a newly introduced bill makes it way through Congress.

On Thursday, Rep. Maxine Waters, D-CA, introduced the new legislation, called the “Comprehensive Consumer Credit Reporting Reform Act of 2016,” which would, according to Waters’ office, “overhaul the American credit reporting system so that it is fairer, more accurate, and less confusing for consumers.”

Read on.

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