The U.S. House Financial Services Committee is holding a Subcommittee on Financial Institutions hearing to examine the consumer credit reporting market, with Subcommittee Chairman Andy Barr opening by stressing the importance of accurate credit reports for risk management and access to credit under the Fair Credit Reporting Act. Barr criticised efforts that would reduce the completeness of credit reporting, including removing categories of debt or adopting systems limited to positive information, arguing that an incomplete risk picture would lead lenders to tighten credit or raise prices and could affect financial institutions’ safety and soundness. He also pointed to a rise in questionable and duplicative complaints in the Consumer Financial Protection Bureau (CFPB) consumer complaint database, linking frivolous or fraudulent submissions to slower resolution of legitimate disputes and higher system-wide costs, and referenced his Eliminating Fraud in the CFPB’s Consumer Complaint Database Act as a way to strengthen database integrity. To broaden access for “credit invisible” consumers, he endorsed responsible use of additional data such as rent, telecom and utility payment histories. The subcommittee is expected to hear witness testimony as part of the hearing, and Barr indicated he plans to work with colleagues on potential reforms.
U.S. Financial Services Committee 2026-04-16
U.S. House Financial Services Committee holds Subcommittee hearing on consumer credit reporting completeness and CFPB complaint database integrity
The U.S. House Financial Services Committee’s Subcommittee on Financial Institutions held a hearing on the consumer credit reporting market, with Chairman Andy Barr emphasizing accurate, complete credit reports under the Fair Credit Reporting Act for risk management and access to credit. Barr criticized proposals to remove categories of debt from reports, raised concerns about questionable complaints in the Consumer Financial Protection Bureau’s complaint database and promoted his Eliminating Fraud in the CFPB’s Consumer Complaint Database Act, while supporting responsible use of alternative data such as rent, telecom and utility payments to expand access for “credit invisible” consumers.