President Joe Biden Plans to Replace 3 Big Credit Bureaus


For years, three big credit reporting bureaus have controlled the lives of millions of Americans. Equifax, TransUnion, and Experian have done nothing but grow stronger as more and more Americans apply for loans and seeking credit reports.

Biden proposed a plan back in 2019, before his presidency, that would introduce a public registry in the Consumer Financial Protection Bureau (CFPB) and prevent Equifax, TransUnion, and Experian, from continuing to monopolize the credit reporting industry.

While a primary push for this is "economic equality," it is a great way to eliminate false credit reports and other issues. Numerous studies have shown that false credit reports are frequent and are a hassle for consumers to dispute and correct. “Today, credit reports, which are issued by just three large private companies, are rife with problems: They often contain errors, they leave many ‘credit invisible’ due to the sources used to generate a credit score,” Biden’s plan for investing in communities through housing states.

How will this be done?

Algorithms and personal foreseen payments (utilities rather than medical bills) will be used to determine loan qualifications.

However, according to the Consumer Data Industry Association, the "[current] private credit reporting system is better than one that is public." They state that innovation is the primary push to stay private.

At this point, there is not a significant amount of information to be found. However, we can expect push-back from the current credit bureaus and lenders.

To read the proposed plan in Demos, please visit:

Additionally, here is the fully proposed plan by Joe Biden and Bernie Sanders.

PDF • 853KB

While we do not typically write articles surrounding credit, due to our principles and teachings, this is a big move in the direction of millions of American's financial lives and should be reported.