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House Democrats propose government-run credit reporting system

A step toward bringing the Chinese social credit system to the US?

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House lawmakers on Tuesday called for sweeping reforms to the credit reporting industry — with some Democrats going so far as proposing a nationally run system, saying the three major bureaus are failing Americans.

Three pieces of legislation were put forth for discussion, including the National Credit Reporting Agency Act that “would establish the Public Credit Registry (PCR) within the Consumer Financial Protection Bureau, creating a public option for consumers who choose to utilize it.”

Read more: Here’s how to correct a mistake on your credit report

“This is a system that fails people with perfect credit that may be victims of identity theft,” Chairwoman Maxine Waters said at the Financial Services Committee hearing. “This is a system that fails people who get caught in a debt trap because of predatory lending, and this is a system that fails people who don’t have the means to dispute errors that reporting agencies make.”

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