The bill focuses on oversight of consumer reporting agencies by the CFPB and dispute processes, among other amendments to the existing law.
Legislation that would create oversight of consumer reporting agencies by the Consumer Financial Protection Bureau, sponsored by U.S. Reps. Josh Gottheimer, D-N.J., and Tom Reed, R-N.Y., passed in the U.S. House of Representatives 234-179 June 29.
The Protecting Your Credit Score Act, H.R. 5332, amends the Fair Credit Reporting Act.
The House Financial Services Committee issued a report on the bill in March and recommended its approval.
The bill as approved:
- Establishes an online consumer portal landing page for consumer access to certain credit information at no cost and at any time.
- Allows the Consumer Financial Bureau to establish, by rule, appropriate standards for consumer reporting agencies under the Fair Credit Reporting Act relating to administrative, technical and physical safeguards to protect records and information.
- Improves the dispute process for consumer reporting agencies and allowing courts to order injunctive relief.
- Requires agencies to reveal which other organizations or people they’ve sold your credit score or data to in the past two years — potentially including banks, credit card companies, car dealers, employers, landlords, and insurance companies.
Read more on relevant legislation impacting the accounts receivable management industry in ACA’s 2020 Advocacy Booklet.
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