Democrats and Republicans in Congress agree: The system that determines credit scores is 'broken' via CNBCMakeIt
Democrats and Republicans in Congress have a message for American credit bureaus: The current system for determining credit scores isn't working.
Members from both political parties grilled the CEOs of the three major U.S. credit bureaus — Equifax, Experian and TransUnion — on Tuesday, calling for accountability and change. Chairwoman Maxine Waters, D-Calif., called the hearing to discuss the current state of the bureaus after the massive 2017 Equifax data breach and to discuss proposed bills that aim to reform the current credit reporting system.
Waters and McHenry have both proposed bills in the past to improve the credit bureaus, but Waters said Tuesday that she would be"introducing legislation ... to see what we can do to protect our consumers more and strengthen the entire system." "The reality today is that, if you have a credit file, your information is probably on the dark web," McHenry said during Tuesday's hearing.
"If you agree that exposing this kind information — information like you have in your credit reports — creates harm and therefore you're unwilling to share it, why are your lawyers arguing in federal court that that there was no injury and no harm created by your data breach?" Porter asked. Additionally, Equifax hired 1,000 full-time IT and security employees and plans to spend $1 billion on technology and security through 2020 to improve its systems.
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