Waters begins crackdown on credit reporting industry
House Democrats this week are kicking off work on the biggest overhaul of the consumer credit reporting industry in years, marking the first major legislative effort launched by new Financial Services Committee Chairwoman Maxine Waters.
The California Democrat is proposing a sweeping set of changes to how Equifax, Experian and TransUnion — the industry’s three dominant firms — collect data on consumers and repackage it for lenders to gauge a borrower’s creditworthiness.
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