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After 5 decades of private credit reporting, it's time for a change

Chi Chi Wu
The Hill
The Biden administration should implement its public credit registry proposal to shift power away from an oligopoly that exercises inordinate control over consumers’ financial prospects and towards a fairer system that better respects consumers and reduces racial inequality.

Credit reports and credit scores play an outsized role in our economic lives. They determine our ability to obtain credit and its price; whether we can buy a house or rent an apartment; and even our ability to get a job. A credit report can make or break a consumer’s financial life. Yet this system has serious structural problems, which have become more glaringly apparent as the COVID-19 pandemic decimates the health and financial well-being of millions, especially Black, Brown, and low-income communities. The Biden administration should address these structural problems by implementing one of its bold proposals, establishing a public credit registry.

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