Biden Plans to Set Up New Credit Reporting Agency That Takes Sex and Race Into Account

Business Politics U.S.

VP Joe Biden’s campaign released a document this summer that called for the creation of a new credit reporting agency.

The “Unity” document, was intended to bring together the mainstream Democratic Party with the Democratic Socialist Bernie Sanders/Alexandria Ocasio-Cortez wing of the Party.

The theme of the document was the country’s income inequality gap. Proponents of the plans contained in the document foresee closing the income inequality gap by creating a new agency within the Consumer Financial Protection Bureau that would provide an alternative to the three consumer credit-reporting bureaus.

The “public credit reporting agency” is an attempt “to provide a non-discriminatory credit reporting alternative to the private agencies,” the document reads.

Questions remain as to how such an agency could achieve this non-discriminatory reporting, as the three credit bureaus do not have access to the race or sex of consumers.

To make such information public would require a change of the laws governing the Fair Credit Reporting Act, which the Democratic Party seems willing to do.

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