Congressman Denver Riggleman Gives Address In Defense of Consumer Protections

June 26, 2020
Press Release

Washington D.C.— Congressman Denver Riggleman gave a speech on the floor of the House of Representatives today in strong opposition to H.R. 5332 and in defense of consumer protections.  The “Protecting Your Credit Score Act of 2019” would create a database compiling the three major credit reporting agencies and would put consumer data at risk.

“Creating a one-stop-shop for the credit report, personal information, and social security number of every individual would be disastrous in the event of a cyber hack or data breach,” said Congressman Riggleman. “We need to find targeted solutions that focus on increasing the cybersecurity capability at credit reporting agencies, increase competition and increase access to credit for consumers and businesses rather than put forward proposals that undermine the consumer reporting system and further empower unelected bureaucrats at the expense of the free market."

You can watch Congressman Riggleman’s speech here. His full remarks as prepared for delivery can be found below.

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Thank you, Madam Speaker, 

I rise today in opposition of H.R. 5332, the Protecting Your Credit Score Act. 

Although I applaud my friend from New Jersey’s efforts on this legislation and share his interest in ensuring credit reports are complete, accurate, and transparent, this bill fails to achieve that goal.

The passage of H.R. 5332 will have harmful and unintended consequences for consumers.  It is, simply put, yet another veiled attempt to socialize the credit reporting and scoring industry that will cause harm to hardworking Americans.

The bill is disguised as pro-consumer, but H.R. 5332 will decrease competition, increase the cost of credit for consumers, provide opportunities for trial attorneys to exploit the litigation system, and expand the authority of the Consumer Financial Protection Bureau. 

It undermines the Fair Credit Reporting Act and our ability to maintain a nationwide credit reporting system that benefits businesses and consumers. 

This bill will create a conflicting patchwork of interpretations of the Fair Credit Reporting Act that will lead to confusion among financial institutions and raise costs for all consumers. 

While my colleague named his bill the “Protecting Your Credit Score Act of 2019”, it does little to protect consumers and their data.  Quite to the contrary, it expands and increases the risk of harm to consumers affected by a data breach.

This bill mandates the three nationwide credit reporting agencies create a shared online “portal” and would create significant cybersecurity vulnerabilities for consumers and companies.  All while creating opportunities for bad actors to manipulate and take advantage of consumer data.

Creating a one-stop-shop for the credit report, personal information, and social security number of every individual would be disastrous in the event of a cyber hack or data breach. 

We need to find targeted solutions that focus on increasing the cybersecurity capability at credit reporting agencies, increase competition and increase access to credit for consumers and businesses rather than put forward proposals that undermine the consumer reporting system and further empower unelected bureaucrats at the expense of the free market. 

Thank you, Madam Speaker, I yield the balance of my time.


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