The House passed Ayanna Pressley’s credit score reform bill. Here’s what it would do.
"American families are finding themselves trapped in cycles of debt, simply for trying to afford basic needs like healthcare and education."
Congresswoman Ayanna Pressley speaks on the House floor in support of H.R. 3621 – the Comprehensive Credit Rating Enhancement, Disclosure, Innovation, and Transparency (CREDIT) Act of 2020, legislation she sponsored to affirm the right of all consumers to a fair and transparent credit reporting process.
Rep. Ayanna Pressley says she is “thrilled” that the House of Representatives passed her bill to reform the credit report system, though the legislation’s future in the Senate is unclear.
The House approved the Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency (CREDIT) Act on a mostly party-line vote Wednesday afternoon.
Pressley — who has championed often-arcane financial reform bills during her first term in Congress — says the legislation would address a “fundamentally flawed” system that can impede upward economic mobility in a country where “our credit reports are our reputations.”
“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,” the Massachusetts congresswoman said in a statement. “American families are finding themselves trapped in cycles of debt, simply for trying to afford basic needs like healthcare and education.”
2020 is your year for a better credit score
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