House subcommittee weighs FCRA changes, CFPB complaint limits
Representative Young Kim promoted legislation to incorporate alternative data, such as rent and utility payments, into credit reporting.
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Representative Young Kim promoted legislation to incorporate alternative data, such as rent and utility payments, into credit reporting.
A House subcommittee debated Republican-led bills to reform the Fair Credit Reporting Act, aiming to cap litigation damages and limit CFPB complaints to reduce 'credit washing,' while Democrats and consumer advocates warned these changes would shield credit bureaus from accountability.
Subcommittee Chairman defending current credit framework
Barr's version of this story ↗CFPB Director criticized by Democrats
Committee Chairman mentioned as absent
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