In a letter to Senators Crapo and Brown, consumer groups including CFA express their support for S. 2362, the Control Your Personal Credit Information Act of 2018. The bill would amend the Fair Credit Reporting Act to give consumers, not credit bureaus or banks, the ultimate decisionmaking power over access to our credit reports. It addresses a paradox repeatedly pointed out in the aftermath of the Equifax data breach – that the credit bureaus hold vast amounts of sensitive information about hundreds of millions of American consumers, which they sell for hefty profits, yet we have very little control over how this information is used or disseminated. S. 2362 provides this control to consumers.
