The nation’s major credit reporting agencies faced renewed scrutiny from Congress on Tuesday, as lawmakers consider legislation overhauling the industry, Reuters reported. Top executives from the three major credit reporting agencies — Equifax Inc, Experian Plc and TransUnion — had to defend their business models before skeptical lawmakers who appeared eager to order changes to the sector following Expedia’s massive data breach, disclosed in 2017. House Financial Services Committee Chair Maxine Waters (D-Calif.) has a draft bill that would limit the reach of such credit reports, shorten the time adverse information remains on consumers’ records, and make it easier for consumers to dispute errors on their reports. Several Democrats made clear they were dissatisfied with the current state of the country’s credit reporting, arguing consumers lack control over their own data. The panel’s top Republican, Rep. Patrick McHenry (R-N.C.), agreed the industry was in need of a makeover. However, he emphasized a desire to see more companies compete with the three largest agencies.
