Fair Credit Reporting Reseller Accuracy Act

Key Points

• This bill focuses on companies known as resellers that buy credit data from big agencies and sell it to others like landlords or small lenders. It requires these middleman companies to use better checks to make sure the data they share is correct.
• If you have ever had a mistake on a credit report that came from a background check or screening company, this law aims to fix that. It forces these companies to double check that the information belongs to the right person before they pass it along to a third party.
• The bill also protects these companies from being sued as long as they accurately report exactly what they received from the main credit agencies. This helps balance the new rules so companies can still operate without constant legal threats for mistakes made by others.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.