October 25, 2017 — Testimony

NCLC has long advocated for stronger reforms to ensure accuracy and fairness in the U.S. credit reporting system. We have testified many times before Congress, including before this Committee, on the need for reform of the credit reporting system to address issues such as unacceptable error rates, the travesty of the automated dispute system used by the credit reporting agencies or “CRAs,” the unfair impact of medical debt on credit reports, and the problems with use of credit reports for employment purposes.

In fact, on the day that Equifax announced the data breach, NCLC was testifying against six anti-consumer bills before the Subcommittee on Financial Institutions and Consumer Credit.
Ironically, one of the bills under consideration that day (H.R. 2359, the FCRA Liability Harmonization Act) would eliminate punitive damages and limit class action damages under the Fair Credit Reporting Act (FCRA), dramatically reducing the consequences when Equifax and other credit reporting agencies violate the FCRA. We understand that Representative Loudermilk, the lead sponsor of H.R. 2359, has said he will table the bill for now, but we stand ready to vigorously oppose it again if it is moved forward.