October 21, 2019 — Letter

The undersigned consumer groups write in support of the Consumer Credit Control Act, sponsored by Senator Jack Reed. This bill would amend the Fair Credit Reporting Act to give consumers, not credit bureaus or banks, the ultimate decision-making power over our credit reports. It addresses a paradox repeatedly pointed out in the aftermath of the Equifax data breach – that the credit bureaus hold vast amounts of sensitive information about hundreds of millions of American consumers, which they sell for hefty profits, yet we have very little control over how this information is used or disseminated.

The Consumer Credit Control Act provides this control to consumers.