Today, the U.S. House of Representatives passed H.R. 3621, the Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency Act of 2020 (“Comprehensive CREDIT Act”), legislation sponsored by Rep. Ayanna Pressley (D-MA), by a vote of 221 to 189. H.R. 3621 would overhaul the credit reporting system by empowering consumers with more control of their data and requiring consumer reporting agencies (CRAs) like Equifax, TransUnion, and Experian, to better ensure that the information on consumer credit reports is accurate and complete. The legislation includes:
- R. 3642, the Improving Credit Reporting for All Consumers Act,
- R. 3622, the Restoring Unfairly Impaired Credit and Protecting Consumers Act
- R. 3614, the Restricting Use of Credit Checks for Employment Decisions Act,
- R. 3621, the Student Borrower Credit Improvement Act, ,
- R. 3629, the Clarity in Credit Score Formation Act
- R. 3618, the Free Credit Scores for Consumers Act
https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=406110