We’ve handed the tipping level for an overhaul, however it is transparent that we will be able to’t depend at the credit score bureaus to reform themselves. The newest Equifax information will have to push Congress and regulators to in any case put in force fixes that buyers and advocates have lengthy known as for. That way making credit score studies and rankings fairer and extra correct and clear.
To make sure that data finally ends up at the proper particular person’s document, the CFPB will have to require stricter identity-matching standards than it lately does, reminiscent of the usage of all 9 digits of a Social Security quantity to substantiate an individual’s identification.
Public credit score registry
Credit bureaus gather, retailer and percentage our information with out our permission. It’s time we cause them to responsible to us, now not the firms that pay them to get entry to our (now not all the time correct) credit score data.