‘Disruptive’ changes to FCRA could impact financial access
While the Fair Credit Reporting Act (FCRA) should be examined for necessary amendments and modernized, CUNA has concerns about the negative impact that could result from “well-intentioned but overly disruptive changes to the system. CUNA submitted a letter for a House Financial Services Committee hearing Tuesday on proposals to overhaul the credit reporting system.
“The credit reporting system plays a critical role in the financial lives of Americans as the data collected and maintained are influential metrics for many lending decisions… CUNA supports the purpose of the FCRA and its importance in ensuring consumers’ financial information is handled and used in an appropriate and responsible manner,” the letter reads. “Credit unions, as both users and furnishers of information to the credit reporting agencies (CRAs), have a substantial interest in promoting the accuracy and quality of the data contained in the system.”
CUNA added that bills considered in the hearing would make “sweeping changes” to the credit reporting framework, most notably:
- Establishing limits on the data contained in credit reports;
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