Representative Maxine Waters of California has introduced sweeping legislation designed to improve the credit reporting system for student loan borrowers and other consumers.
Credit reporting has become a major national issue. Even with critical consumer protection laws like the Fair Credit Reporting Act (FCRA), creditors and credit bureaus often still report inaccurate information about people’s credit histories. This can have serious and damaging consequences – credit reports can be the deciding factor in obtaining housing or employment, and negative information can make a huge difference. And even when negative events are accurately reported on people’s credit reports, their effects can be far-reaching and long-lasting, since damaging credit report information can remain on a consumer’s credit report for many years.
This new bill, called the “Comprehensive Consumer Credit Reporting Reform Act,” is designed to increase protections for consumers and make credit reporting a bit more fair. Here are some of the highlights of the bill:Read More