![]() when we move to a model that allows people to access credit based on their relationships, i say that because i look back on my own family's history, back to the 1920s and 30s for my grandfather was growing up in the jim crow south, where - we had more to do with your relationships, not credit worthiness. making sure we have access to but best credit we can get based on someone being creditworthy. really an important topic, when we worked on for the last five years of my time in the senate. ![]() > thank you mister chairman, and thank, you for being with us this morning. i don't think it's a lot to ask senator scott. it is vital the reports your companies issue be accurate, not include medical debt, period, and avarice be fewer and correctable. lasting workers should have to attend with careless mistake some companies that have too much power over some of their most important aspects of their lives. It's hard enough for americans to get a foothold in the middle class. inaccurate that means renters lose out on a home, making things, of course, worse. it is a highly competitive housing market. yesterday, the committee held a committee about the challenges americans face affording housing. after pressing cfpb to address these errors, i was glad to see they and the ftc announced the request for information on how background screening like tenet screening reports effect renters ability to attain housing. because tenant screening reports aren't as available as a regular credit reports, creditors may cycle through rejection after rejection without even knowing there is an error on their credit report. when tenant screening turns up erroneous eviction filings, people can't find a place to live. another white your evers can have disastrous consequences. your company provide tenant screaming services, another way you have tremendous power over people lives. someone in your family or you've got sick or injured.Ĭfpb found the remaining medical debt on credit reports will disproportionately belong to consumers living in majority minority and lower income neighborhoods. if you have 1000 medical debts, you are no less creditworthy than someone with $500. one of the major reforms announced the removal of all medical deaths of $500 or below on reports. after increasing scrutiny and pressure a year ago, the three if you announced he would significantly change out medical collection that is reported. it's why i'm asking your companies to stop putting medical debt, period, on your reports. no one should have financial future destroyed because of an emergency or a sick family member. medical debt does not correlate with credit risk. nothing really to do with your ability to pay your bills or, at least, it shouldn't. it doesn't matter if you do everything right. Low income families, black and hispanic households, veterans, older americans, are hit particularly hard. one in 20 had errors that affected the likelihood of receiving credit or affected the credits, they are credit right. according to an ftc study, one and five consumers had errors and at least one of three credit reports. today, credit reports are still riddled with errors. but that was far from the only case of costly mistakes by your companies. but that's a breach affected millions of people at once and got a lot of attention. they shouldn't have to spend that kind of time, because some company they've never heard of screwed up. people are busy enough with their children and their jobs and their lives. they were told to constantly monitor this information for inaccuracies. millions of people were forced into a crash course, on how frustrating it can be to deal with credit reporting companies when they make a mistake. the company compromised the personal information of more than 147 million consumers, including social security numbers. No offense, they don't think about you a whole lot. in 2017, when equifax experience the massive data breach, the american public was frankly, shocked, to find out exactly how much credit reporting agencies are involved in their lives. ![]() it is vitally these reports contained only information that is useful and fair and, above all, accurate. when your reports matter this much with consequences this drastic, it's important that you get it right. they essentially managed or mismanaged, it's the case, maybe, americans financial reputations. these companies are not just keepers of consumer data. all of that, in some, sense is in your hands. the information you collect and putting peoples credit reports determined, determines whether people can get a mortgage or buy a car, where interest rates they pay, what credit cards they can get at what rate, whether they will get insurance, what they pay for it, whether they will be able to rent an apartment, whether they will be accepted for a job. as you know, we have talked tremendous power over people's life. ![]() Unions, i'm sorry, biggest credit reporting agencies.
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