Political Quotes

“Mr. Chairman, I thank Congresswoman Ayanna Pressley and Chairwoman Maxine Waters for their leadership on this legislation and for advocating for consumers. The credit reporting system in this country is not consumer focused and is in need of a major overhaul. Consumer complaints about their credit reports are one of the most frequently reported issues submitted to the Consumer Financial Protection Bureau. Over 40 million Americans have errors in their credit reports. In fact, just last week one credit reporting company announced it was changing the credit scoring model which could arbitrarily reduce credit scores for millions of Americans without allowing any public input whatsoever. Having poor credit makes it harder and more expensive to borrow money, buy a home, or own a car. It also negatively impacts a person's ability to be approved for an apartment, get car insurance, and even to get a job. The lack of transparency and accuracy in the credit reporting system leaves borrowers at the mercy of credit reporting agencies, which is holding American families back. The Comprehensive CREDIT Act is a much-needed, comprehensive overhaul of the credit reporting system. This bill would enhance consumer rights and increase the accountability and transparency of consumer reporting agencies. Specifically, the bill would help rehabilitate credit for student borrowers with private loans. Right now Americans are experiencing a student loan debt crisis.…”