Within the past few months, some upcoming and recently passed legislation have arisen. This legislation will affect credit data, eviction records, and business security standards..
Coalition to Improve Credit Education urges Congress to pass CROA reform
The Coalition to Improve Credit Education created a petition on change.org to encourage the House Financial Services Committee to pass legislation that would make it easier for millions of Americans to gain access to innovative credit education. The Petition outlines how a misinterpretation of current law — CROA — has created a barrier that prevents the nationwide consumer reporting agencies from providing consumers with financial education tools and services. The petition notes that existing law is preventing vulnerable consumers and small business owners from using legitimate tools to improve their credit. Sign the petition today!
Senate Appropriations bill includes active duty file freeze provision
The Financial Services and General Government Appropriations Act of 2016 includes a provision inserted by Senator Jon Tester (D-MT) that would require the nationwide CRAs to provide active duty military with a “freeze alert” upon request. The alert would exclude the consumer for 2 years from any list of consumers prepared by the agency and provided to any third party to offer credit or insurance to the consumer as part of a transaction not initiated by the consumer. The amendment would further prohibit users of credit reports from establishing new credit plans or extensions of credit in the name of the consumer or issue an additional card on an existing credit account or grant any increase in an existing credit account at the request of the consumer. It would also require CRAs to refer the active duty freeze alert information to each of the other nationwide CRAs. The bill now awaits consideration before the full Senate at some point later this summer/fall. Experian will work directly with the Senate, as well as through CDIA and the ABA, to ensure the amendment does not place any unnecessary burdensome compliance requirements on our business.
Medical Debt Reporting Delayed for Veterans
On June 29, Reps. Delaney (D-MD) and Hultgren (R-IL) introduced The Protecting Veterans Credit Act (HR 5593). The bill would provide a one year grace period for the reporting of medical debt on credit reports for services received through the Veterans Choice Program, which has had issues of delayed payments and incorrectly assigning bills to vets since its enactment in 2014. The bill has been referred to the House Financial Services Committee.
Author: Becky Brower
Becky Bower is the Communications Executive here at the Resident Screening Blog. She holds a degree in English, with a focus in creative writing, from CSU Channel Islands. Her biggest weakness is cake and favorite superhero is Batman. This article was originally posted at https://residentscreeningblog.com/2016/08/30/legislation-update-on-credit-other-data/