Ayanna Pressley: “My bill, the Comprehensive CREDIT Act, will greatly improve a fundamentally flawed credit reporting system, providing…”

“My bill, the Comprehensive CREDIT Act, will greatly improve a fundamentally flawed credit reporting system, providing much-needed relief for families across the country. It works to protect consumers from unfair and misleading credit reporting practices, affirming the rights of all Americans to an equitable and transparent credit reporting process. My bill takes the burden off consumers while holding credit reporting agencies accountable and restoring fairness to the system. I thank my colleague from Tennessee (Mr. Cohen) for offering this amendment. CRAs are all too quick to add penalties and negative marks to credit reports, but the same urgency never seems to be applied to improving those reports. Once borrowers take the steps prescribed in this bill to improve their credit reports, they deserve to have the reports updated to reflect that in a reasonable timeframe. Credit scores are meant to be predictive, and the best predictor of future behavior is their most recent behavior. Our bill takes the burden off of consumers while holding debt reporting agencies accountable and restoring fairness to the system. This amendment would further strengthen our bill by ensuring that these changes happen in a timely manner. Mr. Chair, I am proud to support this amendment, and I urge my colleagues to do the same. Mr. McHENRY. Mr. Chair, I claim time in opposition to the amendment. The Acting CHAIR. The gentleman from North Carolina is recognized for 5 minutes. Mr. McHENRY.…”