Mr. President, I move to proceed to Calendar No. 383, S.J. Res. 127. Mr. President, I rise today to defend something rather simple: Americans' right to access their own credit and background reports.…
Mr. President, I move to proceed to Calendar No. 383, S.J. Res. 127.
Mr. President, I rise today to defend something rather simple: Americans' right to access their own credit and background reports.
We have a law already on the books--the Federal Credit Reporting Act--to protect this right, but we are seeing companies and others finding creative ways to skirt this responsibility, and working Americans are the ones left paying the price. That is why we must pass this joint resolution of disapproval I filed today and reassert this law's authority.
The Fair Credit Reporting Act gives every consumer the right to obtain a copy of the information in their file, entitling them to one free credit report per year from annualcreditreport.com or from ``specialty'' reporting companies like tenant screeners or background check companies. When these companies choose to cheat the system, they are able to make a profit, while American consumers are left in the dark about their own credit.
That is why, in January 2024, the Consumer Financial Protection Bureau, our Nation's consumer watchdog, stepped in to stand up for consumers and hold credit reporting companies, tenant screeners, and others accountable to the law.
Last year, though, the Trump administration threw this work out the window. And while the law is still clear, scrapping CFPB's work was a glaring signal to credit bureaus and background screeners about what they can get away with.
In New Jersey alone, over the past year, there have been over 157,000 complaints with the CFPB about credit reports or other consumer reports--hundreds of them about not being able to get to their credit report or score.
Everyone knows these moments when a credit score matters: applying to rent an apartment, at the car dealership, opening a new credit card. Credit is foundational to people's financial mobility and staying out of financial hardship. Without the transparency consumers deserve, people can go unaware of mistakes in their reports and have no way to get them fixed. Without the accuracy consumers deserve, people's financial stability and mobility are put at risk.
I yield back.
Vote on Motion to Proceed
