House Committee Hearing on Credit Reporting

On February 26, 2019, a House Committee held an important hearing on the credit reporting agencies. The CEOs of Experian, Equifax and Trans Union

were witnesses. Here are some excerpts. Congresswoman Katie Porter’s line of questioning was covered on MSNBC by Lawrence O’Donnell. VIDEO:
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Clips like these exploded on Twitter. The top videos (Porter, AOC, Tlaib) received 600,000, 360,000 and 380,000 views, respectively!

[email protected] to Equifax CEO: “if you agree that exposing information like what exists in your credit reports creates harm…WHY are your lawyers arguing in federal court that there was no injury & no harm created by your data breach?”


Porter, again: The Equifax CEO declined to reveal his SSN in the hearing today b/c he’d be “concerned about identify theft.” So @RepKatiePorter asked why Equifax’s lawyers are arguing in court that there was “NO INJURY” created by their data breach that revealed millions of SSNs. WATCH:

Congresswoman Maxine Waters:
[email protected]: “Why should consumers pay $19.95 a month, when a lot of what is being offered can be done for free?” Equifax CEO: “…consumers that want to avail themselves of it.” Waters: “I don’t think that’s a sufficient answer to that question.”

🔥 @NydiaVelazquez: “Do you think developing products…to help consumers guard against your OWN negligence…allows you to profit, in part, from your own deficient practices?”
CEOs of Equifax, Experian, & Transunion: *sit awkwardly*


@RepAOC explains how credit bureaus profit off of consumer data: “So consumers own their data, but credit bureaus collect their data without their consent?” Equifax CEO: Yes.

[email protected]: “Credit scores are life altering pieces of information…1 in 5 consumers have an error on their report. If parachutes has a 1 in 5 error rating, I don’t think a lot of people would do skydiving.” #ProtectConsumers

Today, @RepPressley asked the Equifax CEO “if anyone was fired and held accountable for this breach?”
CEO Mark Begor: “No one received a bonus.”


[email protected] asks the CEO of TransUnion why a hack into their system in Hong Kong wasn’t considered a breach. She also reveals that they didn’t have two-factor authentication set up. 😶 #ProtectConsumers

AOC round 2, with Chi Chi and Jennifer

[email protected]: “Do you think that [credit bureaus] are structurally incentivized to #ProtectConsumers more than creditors?” Chi Chi Wu of @NCLC4Consumers: “Absolutely not.”

“A credit score is supposed to measure the likelihood of being 90 days late over a 2-year payment period. Do you think that the current scoring algorithms & structures are being designed with that specific metric in mind?” Jennifer Brown, @UnidosUS: “Absolutely not.”

[email protected] on the three credit reporting bureaus: “We have an oligopoly of three major corporations that are trying to collect as much data as possible without consumer consent.” #ProtectConsumers

Pressley, round 2

Here, @RepPressley speaks about her first-hand experience being a young Hill staffer using a check casher. “I know what it is to be under-banked and credit invisible.” #ProtectConsumers


Today, @RashidaTlaib, asked the three CEOs of credit bureaus, “What does a credit score say about the person’s driving history or their potential for accidents?” None of them could answer. #ProtectConsumers



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