Fair Credit Reporting Reseller Accuracy Act
Credit Reports: New Accuracy Rules for Data Resellers
This bill was recently introduced and is currently being reviewed by the House Committee on Financial Services. It is in the early stages of the legislative process and is considered active. There are no upcoming votes scheduled at this time.
Legislative Progress
This bill has support from both parties, which helps its chances. However, most bills introduced in the House never make it to a final vote or through the Senate.
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.
Milestones
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
Fair Credit Reporting Reseller Accuracy Act
Data Sources
Sponsor
Cosponsors
(2)Analysis generated by AI. Always verify with official sources.