H.R. 3755 · 115th Congress
Comprehensive Consumer Credit Reporting Reform Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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WatersSponsor34 cosponsors · 34 D
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Cohen
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Carbajal0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Fair Credit Reporting Act to revise requirements for disputes regarding consumer credit information reported by a consumer reporting agency (CRA).
What it does: CRS summary · Introduced in House · Sep 13, 2017
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Comprehensive Consumer Credit Reporting Reform Act of 2017
Latest action (Sep 13, 2017): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Sep 13, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.