Can Congress Fix the Broken Credit Reporting System?

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Can Congress Fix the Broken Credit Reporting System?

**Picture from Housingwire.com**
In the Senate hearings there were two major concerns:
1) Federal Trade Commission and Consumer Finance Protection Bureau's lack of ability to penalize credit bureaus when they make mistakes;
2) Consumers lack of control over their information

10,000,000 people are affected by credit reports that contain material errors. And after 2 years, the vast majority of mistakes have not been corrected.

Without the ability to penalize these credit bureaus, they have no motivation to act in the consumer's best interest.

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