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Comprehensive Consumer Credit Reporting Reform Act of 2017

Introduced: September 13, 2017 Introduced by: Waters, Maxine Democratic · California See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Sep 13, 2017

Referred to the House Committee on Financial Services.

Sep 13, 2017

Introduced in House

Plain-English summary Congressional Research Service

Comprehensive Consumer Credit Reporting Reform Act of 2017

This bill amends the Fair Credit Reporting Act to revise requirements for disputes regarding consumer credit information reported by a consumer reporting agency (CRA).

The bill prescribes requirements for:

record maintenance by furnishers of credit information,
CRA action when notified of inaccurate or incomplete information from furnishers, and
injunctive relief for consumers in the event of noncompliance.

The bill limits the circumstances in which a CRA may furnish a consumer report for employment purposes.

No CRA may furnish a consumer report containing any adverse item of information relating to a delinquent or defaulted private education loan of a borrower who has a specified demonstrated history of loan repayment.

The bill revises requirements relating to information contained in credit reports, requires removal of adverse information that resulted from specified fraudulent lending activity, and shortens the time period adverse information stays on reports.

The Consumer Financial Protection Bureau (CFPB) must issue final regulations for development of credit scoring models.

CRAs must disclose free credit scores to consumers with their free annual consumer reports.

Specified lenders must give consumers free copies of any consumer reports and credit scores they used for underwriting before consumers sign the respective loan agreements.

The bill establishes requirements related to credit report sales, required disclosures, and credit freezes.

The CFPB is directed to create a nationwide CRA registry.

What's happening now September 13, 2017

Referred to the House Committee on Financial Services.

Committees of jurisdiction 1