US HB3821 | 2019-2020 | 116th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on July 18 2019 - 25% progression, died in committee
Action: 2019-07-18 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Revises requirements related to credit reporting agencies and the reporting of adverse credit information. Credit reporting agencies are prohibited from using social security numbers in credit reports and as a method of verifying a consumer's identity. The Consumer Financial Protection Bureau must supervise and examine the cybersecurity of certain credit reporting agencies. The bill prohibits a credit reporting agency from reporting paid, medically-necessary debt if the debt was paid over a year prior. A credit reporting agency is also prohibited from reporting certain adverse credit information related to financial abuse, unfair or fraudulent mortgage lending, or fraudulent private student lending. The bill extends the time credit reporting agencies have to place a credit security freeze when receiving such a request by phone or through electronic means from one to three business days. It also extends the time agencies have to remove a freeze from one hour to three days.

Tracking Information

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Title

To amend the Fair Credit Reporting Act to make improvements to the regulation of consumer reporting agencies and protect consumers, and for other purposes.

Sponsors


History

DateChamberAction
2019-07-18HouseReferred to the House Committee on Financial Services.
2019-07-18HouseIntroduced in House

Subjects


US Congress State Sources


Bill Comments

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