FOR IMMEDIATE RELEASE: April 16, 2026
CONTACTS: Jarice Thompson jarice@ourfinancialsecurity.org
Congress Must Reject This Handout to Credit Reporting Agencies and Instead Strengthen the CFPB and the Credit Reporting Error Protections That People Rely On
A package of bills under consideration does nothing to enforce existing protections or rein in data brokers, and helps lawbreakers hide from public scrutiny
WASHINGTON, D.C. — Today, Americans for Financial Reform called on Congress to adopt comprehensive reforms for the credit reporting industry and the unregulated data broker market, rather than rolling back existing protections.
The current monopolistic credit reporting market is dominated by a few firms that function as an unaccountable gatekeeper to economic opportunity. For too long, these entities have traded in inaccurate information, entrenching themselves in the lives of everyday people without their direct consent or oversight.
At the same time, a shadow market of unregulated data brokers continues to operate unchecked. These brokers harvest and sell the personal data of millions to the highest bidder, often for purposes that are opaque and discriminatory.
Instead of addressing these problems, Congress is considering a package of bills that will accelerate the harm of these widespread abusive practices and do nothing to protect people. We call on policymakers to expand rather than reduce consumer rights to fix credit reporting errors, protect people from coercive medical debt collection, protect people from data broker abuses and surveillance.
Additional Resources:
CFPB Proposes Rule to Stop Data Brokers from Selling Sensitive Personal Data to Scammers, Stalkers, and Spies (December 2024)
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