House Passes Legislation to Improve Credit Reporting, Protect Consumers
(Washington, DC) Today, the House passed the Protecting Your Credit Score Act, legislation aimed at repairing and strengthening the American credit reporting system to better protect and inform consumers. Representative Tom Malinowski voted in favor of the bill.
Among other provisions, the Protecting Your Credit Score Act mandates that credit reporting agencies (CRAs) create a single online portal that gives consumers free and unlimited access to their credit scores, provides consumers with the ability to initiate disputes about the accuracy of their reports, and allows them to place or remove security freezes. The bill also increases data protection requirements for the “Big 3” CRAs – Equifax, Experian, and TransUnion – and strengthens the federal government’s oversight of the credit reporting industry.
“In the past three months alone, more than 1,000 New Jerseyans have filed complaints with the Consumer Financial Protection Bureau about incorrect information appearing on their credit reports. No one should have to suffer from bad credit due to mismanagement from credit reporting agencies – period. This bill gives consumers easier access to their credit information, empowers them to resolve disputes over inaccurate information, and increases accountability for credit reporting agencies and companies that develop credit scoring models.” said Representative Malinowski.