Sen. John Kennedy (R-La.) Introduces Amendment To Give Consumers More Control Over Their Credit Reports
Mar 07 2018
WASHINGTON, D.C. - U.S. Sen. John Kennedy (R-La.) and Sen. Brian Schatz (D-Hawaii) introduced an amendment to S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, that makes it easier for consumers to protect their credit and fix mistakes in the wake of the Equifax security breach.
The amendment tasks the Big Three credit reporting agencies – Equifax, Experian and Transunion – with developing an online portal for consumers to check their credit reports and credit scores for free. Consumers would be able to easily freeze their credit if they find suspicious activity. They also would be able to find and fix mistakes as well as opt out of having their data shared or sold to third parties.
“The Equifax security breach impacted nearly 150 million people. The credit reporting agencies know what you’re buying and what you owe on your mortgage. The least they can do is help you protect yourself from identity thieves,” said Sen. Kennedy. “This online portal will allow you to look at your credit report 50 times a day if you want to. It will also allow you to freeze your credit if you suspect someone’s stolen your credit card.”
“Credit reporting agencies operate totally in the dark. They sell personal data about consumers, often get it wrong or leave it exposed to hacks, and then charge people to fix the agencies’ mistakes,” said Senator Schatz. “Our legislation would give consumers control of their own personal information and hold reporting agencies accountable for their own mistakes.”