Credit reporting agencies gear up for Waters, Ocasio-Cortez hearing

By PoliticsFOXBusiness

Rep. Maxine Waters' priorities as Chair of the Financial Services Committee

FBN's Edward Lawrence on Rep. Maxine Waters' agenda as Chair of the House Financial Services Committee.

More than a year after the massive Equifax hack was announced, the House Financial Services Committee will hold a hearing on credit bureau accountability later this month after California Democrat Rep. Maxine Waters assumed control of the group this year.

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Fellow committee member, New York Democrat Rep. Alexandria Ocasio-Cortez, tweeted on Monday that Waters had scheduled the hearing for Feb. 26.

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When contacted by FOX Business, a spokesperson for Equifax confirmed that CEO Mark Begor will be in attendance and that the company is “continuing to work constructively with members of the committee and its staff.”

A spokesperson for Experian said it “is, and always has been, fully cooperative with Congress” and it welcomes “the opportunity to continue educating lawmakers and consumers about our business and its benefits.”

TransUnion confirmed that it too will be participating.

Ocasio-Cortez previously took aim at the credit reporting industry, saying on social media earlier this month that “privatized credit scoring is a dice game” and “the credit score system is very broken too.”

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A massive Equifax breach in 2017 compromised the personal information of more than 147 million people. That data included birth dates and Social Security numbers, among a number of other confidential data points.

In the aftermath of the hack, Congress passed legislation in May that allows individuals to freeze, and unfreeze, their credit reports for free. The law took effect in September.