On July 11, the House Financial Services Committee held a markup for a series of bills designed to reform the credit reporting system and the Fair Credit Reporting Act (“FCRA”).  Each bill passed on a party-line vote.  The associated hearing was titled “Who’s Keeping Score? Holding Credit Bureaus Accountable and Repairing a Broken System.”

In her opening statement, Committee Chairwoman Maxine Waters (D-CA) stated her belief that “our credit reporting system is deeply broken.” She added that “[c]onsumers make more complaints about the credit reporting process to the Consumer Financial Protection Bureau than any other issue,” and that it “is exceedingly common that credit reports are filled with errors.”

The Committee considered the following credit reporting reform bills, each introduced by a Democratic member:

The bills can now be considered by the full House of Representatives.  Were they to pass the full House, the lack of Republican supports suggests they would face significant challenges in the Senate.