[Congressional Record Volume 169, Number 70 (Wednesday, April 26, 2023)]
[Senate]
[Page S1390]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. REED (for himself and Mr. Van Hollen):
  S. 1327. A bill to amend the Fair Credit Reporting Act to require 
that a consumer authorize the release of certain information; to the 
Committee on Banking, Housing, and Urban Affairs.
  Mr. REED. Madam President, I am joined by Senator Van Hollen in 
introducing the Consumer Credit Control Act, which gives consumers 
greater control over when and how their consumer reports are shared by 
consumer reporting agencies.
  Our current consumer reporting system is backwards. Consumer 
reporting agencies collect massive amounts of personal information on 
consumers, often without their knowledge, in order to compile consumer 
reports. These reports are then shared with financial institutions and 
others, often without consent.
  Following Equifax's failure several years ago to secure valuable 
personally identifiable information it collected on approximately 147 
million Americans, it remains clear that this system needs to change. 
Indeed, the National Consumer Law Center's Chi Chi Wu stated in 
testimony before the House Financial Services Committee that the 
Equifax breach ``means half of the US population and nearly three-
quarters of the consumers with active credit reports are now at risk of 
identity theft due to one of the worst--if not the worst--breaches of 
consumer data in American history. These Americans are at risk of 
having false new credit accounts, phony tax returns, and even spurious 
medical bills incurred in their good names.'' To make matters worse, 
the risks of identity fraud may only increase with time. As Ed 
Mierzwinski, U.S. PIRG's Federal Consumer Program Director, explains 
``unlike credit card numbers, your Social Security Number and Date of 
Birth don't change and may even grow more valuable over time, like gold 
in a bank vault. Much worse, they are the keys to `new account identity 
theft.' ''
  The Consumer Credit Control Act aims to address these concerns and 
fix the current upside down system. Our legislation, at no cost to the 
consumer, seeks to give Americans greater control over when and how 
their consumer reports are released when applying for new credit, a 
loan, or insurance. It also requires consumer reporting agencies to 
verify a consumer's identity and secure the consumer's permission 
before releasing consumer reports in instances that are particularly 
susceptible to identity theft and fraud. Additionally, our legislation 
requires every consumer reporting agency to take appropriate steps to 
prevent unauthorized access to the consumer reports and personal 
information they maintain.
  These changes are intended to make it tougher for criminals to open 
new fraudulent credit or insurance accounts in other people's names. 
They will also dramatically cut down on so-called ``trigger leads,'' 
where the credit reporting bureaus sell the fact that a consumer is 
shopping for a mortgage to other lenders. That causes prospective 
homebuyers to get inundated with hundreds of calls offering alternative 
mortgages. The credit bureaus say that these ``trigger leads'' help 
consumers by making sure they have access to the most attractive 
financing, but in reality they are a nuisance and add unnecessary 
stress to the already stressful process of buying a home.
  I urge our colleagues to cosponsor the Consumer Credit Control Act, 
and I thank Senator Van Hollen, the National Consumer Law Center, on 
behalf of its low-income clients, U.S. PIRG, the Center for Digital 
Democracy, Consumer Action, the Consumer Federation of America, 
Consumer Reports, the National Association of Consumer Advocates, and 
Public Citizen for their support.

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