Credit Reporting Companies Under Questioning for Legal Practices

The hearing of the House Financial Services Committee on last Tuesday centered on “repairing the nation’s broken credit reporting system,” reports Paste Magazine. During this hearing, the three main credit facilities of Equifax, Experion, and TransUnion were present, questioning their legal practices.

Further Information

The hearing was held to urge the three major credit bureaus to take accountability for their actions, particularly following the data breach that Equifax encountered in 2017. This data breach leaked millions of personal information from Americans, including their Social Security Numbers.

Room for Discussion

With the hearing aimed to repair the broken credit system in the United States, committee members California Representative and UC-Irvine Law professor, Katie Porter, as well as New York Democrat Alexandria Ocasio-Cortez were present to question these bureaus.

Mark Begor, reigning as the current CEO of Equifax, was grilled by Porter and Ocasio-Cortez. The aggressive line of questioning practised by the two freshman lawmakers urged Begor to state that he would be “uncomfortable” sharing his personal details, especially those involving his Social Security Number, address, and birthdate, citing the risk for identity theft.

Following Begor’s line of reasoning, Porter then questioned why Equifax lawyers were working towards dismissing the case. According to CBS, lawyers working for the said company stated that there were no lasting effects of the data breach in 2017.

Consumer Consent

Ocasio-Cortez wasted no time during her time. CBS notes that while consumers own their data, these credit bureaus have the ability to gain access to personal information without the consent of people. With numerous data breaches, consumer rights and information are being fought for by these lawmakers.