Leaders of Experian, TransUnion and Equifax will testify today before the committee.
04/26/2023 1:10 P.M.
2 minute read
The Senate Committee on Banking, Housing and Urban Affairs will conduct a hearing, “Oversight of the Credit Reporting Agencies,” with testimony from Mark Begor, CEO, Equifax Inc.; Chris Cartwright, president and CEO, TransUnion; and Brian Cassin, CEO, Experian, on Thursday, April 27.
This year, the credit reporting agencies (CRAs) are no longer including medical collection debt under at least $500 on credit reports. Effective July 1, 2022, the CRAs announced they will no longer include medical debt that was paid after it was sent to collections on consumer credit reports.
U.S. Sen. Sherrod Brown, D-Ohio, chair of the Senate Banking Committee, has addressed the CFPB’s role in credit reporting changes, saying at an April 2022 hearing focused on the bureau’s semiannual report to Congress, “After increasing scrutiny from the CFPB, last month the three credit reporting bureaus – Equifax, Experian, and TransUnion – all announced they would finally change how they report medical collection debt. These changes are expected to remove nearly 70% of medical debt in collections from credit reports. This is a positive first step that will make sure people with medical debt don’t see their credit ruined simply because they or a loved one got sick.”
ACA is also working on advocacy materials for this hearing, including a letter (PDF) to the committee on medical debt credit reporting issues.
The hearing is at 10 a.m. EST and can be watched online.
Join Us at Washington Insights
Credit reporting is one of the main issues slated for discussion at ACA’s Washington Insights Fly-In May 15-17, and there is still time for members to join us.
Activity in Washington, D.C., stands to have a major impact on our ability to operate and provide employment. We are excited to get members back into the Capitol to advocate for our industry’s latest pressing issues.
Our registration numbers are growing and we’re seeking to have as much representation from members in different states across the U.S.—the goal being to show Congress and regulators the reach of our industry and to have power in numbers during Capitol Hill meetings.