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House Democrats propose government-run credit reporting system

Marissa Gamache
Yahoo! Money

"Although credit scores never formally take race into account, they draw on data about personal borrowing and payment history that is shaped by generations of discriminatory public policies and corporate practices that limit access to wealth for Black and Latinx families."

House lawmakers on Tuesday called for sweeping reforms to the credit reporting industry — with some Democrats going so far as proposing a nationally run system, saying the three major bureaus are failing Americans. [...]

The committee also heard testimony on how credit scores — which are calculated from the information found in credit reports — may disadvantage certain groups.

“Although credit scores never formally take race into account, they draw on data about personal borrowing and payment history that is shaped by generations of discriminatory public policies and corporate practices that limit access to wealth for Black and Latinx families,” Amy Traub, associate director of policy and research at Demos, testified at the hearing.