A Senate Banking Committee will examine the accuracy and regulation of credit reports for consumers.
Top credit analysts from the Consumer Financial Protection Bureau (CFPB) along with consumer data trade advocates testify about the practices and faulty credit reports. Subcommittee Chairman Sherrod Brown (D-OH) conducts the hearing titled “Making Sense of Consumer Credit Reports.”
Witnesses include Corey Stone of CFPB's Office of Deposits, Cash, Collections and Reporting Markets; Stuart Pratt of the Consumer Data Industry Association; and Chi Chi Wu of the National Consumer Law Center.
As reported by Bloomberg, "CFPB adopted a rule on direct supervision of credit bureaus in July, and officially began overseeing the companies on Sept. 30. In October it began taking individual complaints from consumers about credit-reporting companies."