On numerous occasions in 2020, the House of Representatives passed legislation that contained language to undermine the safety and soundness of credit reporting and credit scoring. Though they claimed their efforts would help lower-income Americans, in reality they would reduce the accuracy of credit scores, lock consumers out of credit markets, and likely raise interest rates for borrowers. These destructive policy proposals will almost certainly be resurrected in the new Congress and this time, thanks to a Democratic trifecta in Congress and the White House, they could become law.
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