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Public Statements

Consumer Financial Protection Bureau

Statement

By:
Date:
Location: Unknown

In response to language I successfully added to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau this week released their study of consumer credit scores, examining the difference in access that consumers have to credit information about themselves versus the access that lending institutions have. The CFPB found that 1 out of 5 consumers receive a "meaningfully different" score than the lender receives. While some large financial institutions have claimed that consumers aren't harmed by the current system, this study confirms that many are. As the CFPB begins to actively monitor the credit bureaus, I will be working with them to help level the playing field to ensure consumers are given the most accurate and effective tools possible.


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