Protecting Your Credit Score Act of 2019

Floor Speech

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Mr. STEIL. Madam Speaker, I thank my colleague from North Carolina for yielding.

Madam Speaker, I rise in opposition to the act.

Like many of my colleagues, I am committed to ensuring that all consumers can have faith in the validity of their credit score. Unfortunately, the bill fails to achieve that goal. It puts consumers at greater risk of having their information stolen.

It threatens to increase the cost of credit by creating more opportunities for trial lawyers and by making scores less protected.

Further, it expands the jurisdiction of the Consumer Financial Protection Bureau, which is completely unaccountable to Congress.

Credit scores are an essential part of our financial system. Both Republicans and Democrats, I believe, agree on that point. We also agree that many Americans have difficulty accessing their credit due to their poor or insufficient credit histories.

With that in mind, we should work together to enhance cybersecurity at credit reporting agencies, reduce fraud, and help consumers get the relief they need in times of crisis.

Our ranking member has been a leader on this issue, introducing amendments and standalone legislation to move the ball forward. Unfortunately, his ideas and the ideas of those on our side of the aisle and other constructive suggestions have not been included in this bill, making it a flawed bill. I urge my colleagues to oppose the legislation.

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