Equifax Says Credit Access and Inclusion Act is Unnecessary Legislation

Equifax Inc, (NYSE:EFX) released a statement on December 3^rd, 2013 after delivering a letter to the U.S. Senate Committee on Banking, Housing, and Urban Affairs in conjunction with the National Consumer Telecom & Utilities Exchange (NCTUE) which outlines their own alternative to SB1613, the Credit Access and Inclusion Act.

SB1613, introduced by Senators Mark Kirk (R-IL) and Joe Manchin (D-WV), would permit telecommunications and utility companies to submit consumer payment information to multiple credit reporting agencies.

Equifax says the bill is unnecessary, citing an already existing data exchange, NCTUE, which is FCRA-compliant and houses both positive and negative telecommunications and utility payment data. NCTUE is a nationwide, member-owned and operated exchange, which is available to NCTUE’s members to aid in their credit decisioning and risk management.

The full text of the letter is available here: http://media.globenewswire.com/cache/23864/file/23545.pdf

Source:  Equifax