HFS Subcommittee Considers Testimony On Credit Reporting System

The U.S. House Financial Services Subcommittee on Oversight and Investigations considered testimony from three nationwide consumer reporting agencies ("CRAs") on the accuracy of credit reports and scores, as well as the CRAs' compliance with the Fair Credit Reporting Act ("FCRA") and recent CARES Act amendments to the FCRA.

At the hearing:

• John Danaher, Executive Vice President, Consumer Interactive at TransUnion recommended that (i) Congress enact legislation to facilitate greater use of alternative data, particularly monthly rent payments, (ii) the FTC and CFPB increase oversight of the credit repair industry to improve the consumer dispute process, (iii) the CFPB reinstate the requirements that lenders be the initial recipients of disputes before the disputes are escalated, and that third-party complaint filers attest that they are not credit repair organizations, (iv) policymakers set reporting standards for student loans and (v) policymakers support the