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Jeffrey P. Naimon quoted in an American Banker article, “Government shutdowns add new wrinkle to credit bureau reform”

American Banker

Jeffrey P. Naimon

Jeffrey P. Naimon was quoted on February 11, 2019 in an American Banker article, “Government shutdowns add new wrinkle to credit bureau reform,” which discussed an effort to reform the credit bureaus due to the effects on federal workers and consumers during the government shutdown, and the expected push from House Financial Services Committee Chairwoman Maxine Waters for a broad credit bureau reform proposal. The article stated, “The wide-ranging bill, the Comprehensive Consumer Credit Reporting Reform Act, would require the CFPB to issue regulations for the development of credit scoring models, require credit reporting agencies to disclose free credit scores to consumers with their free annual consumer reports. It would also establish requirements related to the sale of credit reports, credit bureau disclosures and credit freezes, among other things. Proposals to allow information such as rent and phone-bill payments to be included in credit reports could also come into play. But even those proposals, which are aimed at helping low-income individuals and minorities build credit histories, pose implementation challenges.”

Naimon noted, “A person could have a crappy credit report on their credit card payments, but they have actually made the last 120 rent payments on time. But there are many millions of landlords. There is such an enormous number that getting any consistent data is going to be kind of difficult.”

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