Rep. Pressley Announces House Passage of Comprehensive CREDIT Act of 2020
WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07) announced the House passage of H.R. 3621 – the Comprehensive Credit Rating Enhancement, Disclosure, Innovation, and Transparency (CREDIT) Act of 2020, her bold legislative package to protect consumers from unfair credit reporting practices and affirm the right of all Americans to an equitable and transparent credit reporting process. The Comprehensive CREDIT Act passed out of the House of Representatives with 221 lawmakers voting in the affirmative.
“I’m thrilled that my colleagues in the House voted to create a credit reporting system that works for all by passing my bill, the Comprehensive Credit Reporting Enhancement, Disclosure, Innovation and Transparency (CREDIT) Act. When credit reports determine where you can live, work and how much you will have to pay for everything from a car to a college degree, consumers deserve a system that ensures equity, transparency and accountability. American families are finding themselves trapped in cycles of debt, simply for trying to afford basic needs like healthcare and education. The Comprehensive CREDIT Act will greatly improve a fundamentally flawed credit reporting system, providing much needed relief for families across the country.”
The Congresswoman’s full remarks on the Comprehensive CREDIT Act can be viewed here.
The Comprehensive CREDIT Act addresses the deep flaws in the credit reporting system and includes tenets of several bills introduced by members of the House Financial Services Committee, including Congresswoman Pressley’s Student Borrower Credit Improvement Act, which establishes protections for private student loan borrowers similar to those that already exist for borrowers with federal student loans.
The Comprehensive CREDIT Act has broad support from consumer, civil rights, labor, community, and industry organizations including Americans for Financial Reform, Consumer Federation of America, Leadership Conference on Civil and Human Rights, National Consumer Law Center, National Fair Housing Alliance, Public Citizen, and National Association of Realtors, among others.
Congresswoman Pressley has remained a staunch advocate for consumer and borrower protections. Last year, she introduced H.R. 5021, the Ending Debt Collection Harassment Act, legislation that requires the Consumer Financial Protection Bureau (CFPB) to regulate the debt collection industry. She also led a letter with Financial Services Committee Chairwoman Maxine Waters (D-CA) and Congresswoman Katie Porter (D-CA) to CFPB Director Kathleen Kraninger slamming the CFPB’s decision to roll back protections that prevent debt collectors from harassing Americans.
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