Credit Reports and Scores

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  • Waters Applauds CFPB Enforcement Action against Experian, Calls for Reforms to Credit Reporting
    Posted in Press Releases on March 24, 2017 | Preview rr
    Tags: Dodd–Frank Wall Street Reform and Consumer Protection Act, CFPB, Credit Reports and Scores

    WASHINGTON -- Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, applauded the Consumer Financial Protection Bureau’s enforcement action against Experian, a prominent credit reporting agency, and called for comprehensive legislative improvements to consumer reporting law. “I have long advocated for an overhaul of our nation’s credit reporting system. That’s why in the past I’ve introduced and will continue to work to advance the Comprehensive Consum... Read more

  • Waters Applauds the CFPB’s Work on Credit Reporting Problems, Calls for Comprehensive Legislative Reforms
    Posted in Press Releases on March 2, 2017 | Preview rr
    Tags: CFPB, Credit Reports and Scores

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, applauded the Consumer Financial Protection Bureau for a new report detailing a range of significant issues in credit reporting and its oversight work in the area, and called for comprehensive reforms to improve the nation’s credit reporting system. “Credit reporting is an area where I have long called for an overhaul to the system. That’s why in the past I’ve introduced and will continue to advocat... Read more

  • Waters Introduces Comprehensive Bill to Fix Credit Reporting in U.S.
    Posted in Press Releases on May 19, 2016 | Preview rr
    Tags: Credit Reports and Scores

    Today, Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, introduced landmark legislation to overhaul the American credit reporting system so that it is fairer, more accurate, and less confusing for consumers. Consumer reporting agencies compile and maintain files for about 200 million adults. These reports play an important role in Americans’ lives as most creditors use them to make decisions about whether to extend credit and on what terms. These repo... Read more

  • Why Does Negative Info Linger On Your Credit Report For Up To 7 Years?
    Posted in In Case You Missed It on October 6, 2014 | Preview rr
    Tags: Credit Reports and Scores

    Credit-related mistakes can follow you link a stink you can’t wash off. Have an account go into collections, miss payments on your student loans, credit cards, mortgage, car loan, and that info can linger on your credit report for up to seven years, even if it’s just a fluke. This is particularly a problem with medical debt, where even someone with otherwise pristine credit is unable to pay a huge hospital bill. So why is seven years? That was the question that Credit.com’s Gerri Detweiler looke... Read more

  • Blemished Credit? Congress Weighs Changes that Could Boost Scores
    Posted in In Case You Missed It on September 21, 2014 | Preview rr
    Tags: Credit Reports and Scores

    Do you think you'd have a better chance to qualify for a home mortgage if negative items in your credit files were erased in four years rather than the current seven? How about if your credit reports included information on your utility bills, rent, cable, mobile phone and other monthly payments? Wouldn't this give a nice jolt to your credit scores, assuming that you've paid these bills on time? Shouldn't this be federal law? Millions of Americans have stakes in the rules governing credit — espe... Read more

  • This Law Would Immediately Improve Your Credit Score
    Posted in In Case You Missed It on September 16, 2014 | Preview rr
    Tags: Credit Reports and Scores

    A high-ranking lawmaker is pushing for Congress to redraw the road map for how credit scores are calculated, with an eye toward giving a little more breathing room to people who have fallen on tough times financially. California representative Maxine Waters, the highest-ranking Democrat on the House Financial Services Committee, is introducing legislation that would modify the Fair Credit Reporting Act in several ways. It would sharply reduce the amount of time negative information stays on your... Read more

  • At Credit Reporting Hearing, Waters Discusses Proposal to Reform Consumer Reporting and Credit Scoring Practices
    Posted in Press Releases on September 10, 2014 | Preview rr
    Tags: Credit Reports and Scores, Speeches and Committee Statements

    WASHINGTON, D.C. – At today’s subcommittee hearing to examine our nation’s credit reporting system, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, commented on the release of her proposal to comprehensively reform our nation’s consumer reporting system. She gave the following statement: “Chair Capito, I’d like to thank you and Chairman Hensarling for granting my request for this important hearing. Our nation’s credit reporting system impacts almost all Americans... Read more

  • Waters Unveils Comprehensive Proposal to Reform Consumer Reporting and Credit Scoring Practices
    Posted in Press Releases on September 10, 2014 | Preview rr
    Tags: Credit Reports and Scores

    WASHINGTON, D.C. – Citing the countless Americans who have experienced heartbreak, frustration and devastation as a result of incomplete or erroneous information on their credit reports, today Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, released a proposal that would make sweeping reforms to our nation’s consumer reporting system. The draft proposal, entitled the “Fair Credit Reporting Improvement Act of 2014,” will enhance requirements on the consumer report... Read more

  • Credit Reports Would Be Overhauled Under a New Bill
    Posted in In Case You Missed It on September 10, 2014 | Preview rr
    Tags: Credit Reports and Scores

    A new bill in Congress seeks to overhaul the consumer credit-reporting system by lessening the period over which loan defaults and bankruptcies are included in credit reports. The bill’s introduction comes a month after Fair Isaac Corp. announced it would tweak its widely used FICO credit score to no longer penalize consumers for past failure to pay a bill if the bill has been paid or settled with a collection agency. Both moves aim to increase access to new credit for some people who have had f... Read more

  • Waters Proposes Sweeping Credit Reporting Reforms
    Posted in In Case You Missed It on September 10, 2014 | Preview rr
    Tags: Credit Reports and Scores

    The ranking democrat on the House Financial Services Committee wants to fundamentally change the rules on how lenders report consumer payments and debts to the credit bureaus, which could create a path to homeownership for millions of Americans currently shut out by mortgage lending restrictions. U.S. Rep. Maxine Waters, D-Calif., is introducing a bill that would eliminate medical debt from credit reporting, which accounts for more than half of all unpaid debts in collection, and which the Consu... Read more

  • Credit Score Overhaul Introduced In House
    Posted in In Case You Missed It on September 10, 2014 | Preview rr
    Tags: Credit Reports and Scores

    The top Democrat on the House Financial Services Committee is proposing an overhaul of credit reporting rules that would help consumers ensure their scores are accurate. Rep. Maxine Waters (Calif.) is introducing legislation on Wednesday that provides more leeway to consumers to avoid and fix problems on their credit reports created by any wrong or outdated information. “A person’s credit report is too important in determining access to a wide array of opportunities for these reports to contain ... Read more

  • The Bill That Could Radically Improve Your Credit Score
    Posted in In Case You Missed It on September 9, 2014 | Preview rr
    Tags: Credit Reports and Scores

    The top Democrat on the House Financial Services Committee is proposing sweeping changes to a law that governs the way lenders report consumer payments to credit bureaus. The move could help millions of Americans get better interest rates on mortgages, auto financing and student loans. Rep. Maxine Waters (D-Calif.) plans to introduce the Fair Credit Reporting Improvement Act of 2014 on Wednesday to update the 44-year-old consumer protection law with nearly 20 new provisions or fixes. Chief among... Read more

  • Cummings, Markey, Waters Respond to GAO Report on Medical Credit Cards
    Posted in Press Releases on July 21, 2014 | Preview rr
    Tags: Credit Reports and Scores, GAO

    Today, Congressmen Elijah E. Cummings (D-MD), Ranking Member of the House Committee on Oversight and Government Reform, Senator Ed Markey (D-MA) and Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee announced the release of a Government Accountability Office (GAO) report on medical credit cards and related products, including installment loans, offered by financial institutions. Cummings, Markey and Waters requested a GAO study in 2013 in response to co... Read more

  • Waters Calls for Hearing on Medical Debt Legislation
    Posted in Press Releases on May 20, 2014 | Preview rr
    Tags: CFPB, Credit Reports and Scores

    Following today’s report by the Consumer Financial Protection Bureau (CFPB) finding that consumers’ credit scores may be overly penalized for medical debt, Congresswoman Maxine Waters, Ranking Member of the Financial Services Committee, welcomed the Bureau’s findings and called upon Committee Chairman Jeb Hensarling to hold a hearing on the issue, and on legislation Waters has introduced to address the problem. Waters released the following statement. “I welcome today’s report by the Consumer Fi... Read more

  • Democratic Lawmakers Call on FTC to Review Marketing Practices of Consumer Reporting Agencies
    Posted in Press Releases on December 18, 2013 | Preview rr
    Tags: Credit Reports and Scores, FTC

    A coalition of Democratic lawmakers on the House Financial Services Committee today called on the Federal Trade Commission (FTC) to review the online marketing practices of nationwide Consumer Reporting Agencies, or CRAs. Specifically of concern are the offers of purported “free” services that often put consumers at risk of inadvertently purchasing expensive products and services, such as credit monitoring or identity theft services. The concerns were expressed in a letter to FTC Chairwoman Edit... Read more



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