Some call on Congress to hold Equifax, Experian and Transunion more accountable – WSOC TV

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Many consumers complain about the three credit bureaus: Equifax, Experian, and TransUnion.

After all, their decisions can affect how much you pay for loans, insurance, and even cell phone plans.

For example, Jason Stoogenke of Action 9 reported a problem that keeps coming up: “death by a credit bureau.”

In 2014, he spoke with Kim Chandler. She went to put her student loans in her name and said, “The bank manager told me he was sorry to be the one who informed me, but that I was deceased.”

She didn’t even know it could happen. “Because I am very much alive. “

Just before the pandemic, Jacqueline Hubbard told Stoogenke a similar story. “It impacts your whole life,” she said.

A month later, Stoogenke reported on a Charlotte man and two other people suing Equifax for death by credit bureau. They finally settled the matter.

Last week, an attorney for the National Consumer Law Center testified before Congress, demanding that the government do more to hold credit reporting agencies accountable.

She accused the agencies of “unacceptable error rates”, nightmarish “litigation system (s)”, “racial disparities” and “the unfair impact of medical debt” on credit scores.

She also claimed that the system stigmatized “consumers who have gone through hard times as irresponsible deadbeats”.

She made several suggestions, including:

  • Have a negative credit moratorium for everything that happened during the pandemic.
  • Limit the amount of medical debt that plays a role in your credit score.
  • Limit the length of time negative information is kept in your file.

House committee leader Maxine Waters (D-Calif., 43rd District) posted on the committee page:

“Good credit is a gateway to wealth. Yet for too long our credit reporting system has prevented people of color and low income people from accessing the capital to start a small business; access to mortgages to become a homeowner; and access to credit to deal with financial emergencies.

She added: “We need significant and bold legislative solutions to transform this failing system. So I encourage my colleagues to join me in reassessing how we determine creditworthiness and learning how we can harness new technologies to build a more just and equitable credit system.

Stoogenke emailed the three credit bureaus for their reaction to all of this. They did not respond in time for this report.

(Watch below: Action 9: What should you check before driving a rental car?)


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