Yesterday, CEO’s of the three major Credit Reporting Agencies, Equifax, TransUnion, and Experian North America, testified before the House Financial Services Committee at a hearing entitled: Who's Keeping Score? Holding Credit Bureaus Accountable and Repairing a Broken System.

Congressman Patrick McHenry (NC-10), the Ranking Republican on the House Financial Services Committee, pressed the witnesses on their efforts to modernize the credit reporting system, which suffers from a lack of innovation and competition. Ultimately, this leads to complacency and technological inadequacies with catastrophic consequences, such as the 2017 Equifax breach that put two out of every five Americans’ personal information at risk.

Click here or on the image below to watch the Ranking Member’s opening statement.


In his questioning, Ranking Member McHenry highlighted that nowhere is this complacency and lack of technological innovation more evident than the burdensome credit freeze process for the most vulnerable population of Americans: our children.

Watch Ranking Member McHenry’s questioning of Mark Begor, CEO of Equifax; James Peck, President and CEO of TransUnion; and Craig Boundy, CEO of Experian North America by clicking here or on the image below.