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To amend the Fair Credit Reporting Act to improve the consumer reporting system, and for other purposes.

USA115th CongressHR-3755| House 
| Updated: 9/13/2017
Maxine Waters

Maxine Waters

Democratic Representative

California

Cosponsors (34)
Dwight Evans (Democratic)Barbara Lee (Democratic)Mark Pocan (Democratic)James R. Langevin (Democratic)David N. Cicilline (Democratic)Sheila Jackson Lee (Democratic)Joe Courtney (Democratic)Bobby L. Rush (Democratic)Dina Titus (Democratic)Katherine M. Clark (Democratic)Steve Cohen (Democratic)Wm. Lacy Clay (Democratic)Michael E. Capuano (Democratic)Lucille Roybal-Allard (Democratic)Ro Khanna (Democratic)Al Green (Democratic)Stephen F. Lynch (Democratic)Mark DeSaulnier (Democratic)Gregory W. Meeks (Democratic)Jerrold Nadler (Democratic)Pramila Jayapal (Democratic)Peter J. Visclosky (Democratic)Eleanor Holmes Norton (Democratic)Brad Sherman (Democratic)Bonnie Watson Coleman (Democratic)Salud O. Carbajal (Democratic)Jamie Raskin (Democratic)Donald S. Beyer (Democratic)Adam Smith (Democratic)Julia Brownley (Democratic)Bennie G. Thompson (Democratic)Gwen Moore (Democratic)Colleen Hanabusa (Democratic)Judy Chu (Democratic)

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Comprehensive Consumer Credit Reporting Reform Act of 2017 This bill amends the Fair Credit Reporting Act to revise requirements for disputes regarding consumer credit information reported by a consumer reporting agency (CRA). The bill prescribes requirements for: record maintenance by furnishers of credit information, CRA action when notified of inaccurate or incomplete information from furnishers, and injunctive relief for consumers in the event of noncompliance. The bill limits the circumstances in which a CRA may furnish a consumer report for employment purposes. No CRA may furnish a consumer report containing any adverse item of information relating to a delinquent or defaulted private education loan of a borrower who has a specified demonstrated history of loan repayment. The bill revises requirements relating to information contained in credit reports, requires removal of adverse information that resulted from specified fraudulent lending activity, and shortens the time period adverse information stays on reports. The Consumer Financial Protection Bureau (CFPB) must issue final regulations for development of credit scoring models. CRAs must disclose free credit scores to consumers with their free annual consumer reports. Specified lenders must give consumers free copies of any consumer reports and credit scores they used for underwriting before consumers sign the respective loan agreements. The bill establishes requirements related to credit report sales, required disclosures, and credit freezes. The CFPB is directed to create a nationwide CRA registry.
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Timeline
Sep 13, 2017
Introduced in House
Sep 13, 2017
Referred to the House Committee on Financial Services.
  • September 13, 2017
    Introduced in House


  • September 13, 2017
    Referred to the House Committee on Financial Services.

Finance and Financial Sector

Related Bills

  • S 115-1816: A bill to amend the Fair Credit Reporting Act to enhance fraud alert procedures and provide free access to credit freezes, and for other purposes.
  • S 115-1810: A bill to amend the Fair Credit Reporting Act to provide access to free credit freezes for all consumers.
  • HR 115-3878: To amend the Fair Credit Reporting Act to provide access to free credit freezes for all consumers.
Administrative law and regulatory proceduresBusiness recordsCivil actions and liabilityComputer security and identity theftCongressional oversightConsumer affairsConsumer creditConsumer Financial Protection BureauContracts and agencyCrime victimsDisability and paralysisEmployee hiringEmployment discrimination and employee rightsForeign language and bilingual programsFraud offenses and financial crimesGovernment studies and investigationsHealth information and medical recordsHigher educationHousing finance and home ownershipInternet and video servicesInternet, web applications, social mediaLow- and moderate-income housingMarketing and advertisingMotor vehiclesPoverty and welfare assistancePublic participation and lobbyingRacial and ethnic relationsRight of privacyStudent aid and college costs

To amend the Fair Credit Reporting Act to improve the consumer reporting system, and for other purposes.

USA115th CongressHR-3755| House 
| Updated: 9/13/2017
Comprehensive Consumer Credit Reporting Reform Act of 2017 This bill amends the Fair Credit Reporting Act to revise requirements for disputes regarding consumer credit information reported by a consumer reporting agency (CRA). The bill prescribes requirements for: record maintenance by furnishers of credit information, CRA action when notified of inaccurate or incomplete information from furnishers, and injunctive relief for consumers in the event of noncompliance. The bill limits the circumstances in which a CRA may furnish a consumer report for employment purposes. No CRA may furnish a consumer report containing any adverse item of information relating to a delinquent or defaulted private education loan of a borrower who has a specified demonstrated history of loan repayment. The bill revises requirements relating to information contained in credit reports, requires removal of adverse information that resulted from specified fraudulent lending activity, and shortens the time period adverse information stays on reports. The Consumer Financial Protection Bureau (CFPB) must issue final regulations for development of credit scoring models. CRAs must disclose free credit scores to consumers with their free annual consumer reports. Specified lenders must give consumers free copies of any consumer reports and credit scores they used for underwriting before consumers sign the respective loan agreements. The bill establishes requirements related to credit report sales, required disclosures, and credit freezes. The CFPB is directed to create a nationwide CRA registry.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Sep 13, 2017
Introduced in House
Sep 13, 2017
Referred to the House Committee on Financial Services.
  • September 13, 2017
    Introduced in House


  • September 13, 2017
    Referred to the House Committee on Financial Services.
Maxine Waters

Maxine Waters

Democratic Representative

California

Cosponsors (34)
Dwight Evans (Democratic)Barbara Lee (Democratic)Mark Pocan (Democratic)James R. Langevin (Democratic)David N. Cicilline (Democratic)Sheila Jackson Lee (Democratic)Joe Courtney (Democratic)Bobby L. Rush (Democratic)Dina Titus (Democratic)Katherine M. Clark (Democratic)Steve Cohen (Democratic)Wm. Lacy Clay (Democratic)Michael E. Capuano (Democratic)Lucille Roybal-Allard (Democratic)Ro Khanna (Democratic)Al Green (Democratic)Stephen F. Lynch (Democratic)Mark DeSaulnier (Democratic)Gregory W. Meeks (Democratic)Jerrold Nadler (Democratic)Pramila Jayapal (Democratic)Peter J. Visclosky (Democratic)Eleanor Holmes Norton (Democratic)Brad Sherman (Democratic)Bonnie Watson Coleman (Democratic)Salud O. Carbajal (Democratic)Jamie Raskin (Democratic)Donald S. Beyer (Democratic)Adam Smith (Democratic)Julia Brownley (Democratic)Bennie G. Thompson (Democratic)Gwen Moore (Democratic)Colleen Hanabusa (Democratic)Judy Chu (Democratic)

Financial Services Committee

Finance and Financial Sector

Related Bills

  • S 115-1816: A bill to amend the Fair Credit Reporting Act to enhance fraud alert procedures and provide free access to credit freezes, and for other purposes.
  • S 115-1810: A bill to amend the Fair Credit Reporting Act to provide access to free credit freezes for all consumers.
  • HR 115-3878: To amend the Fair Credit Reporting Act to provide access to free credit freezes for all consumers.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Administrative law and regulatory proceduresBusiness recordsCivil actions and liabilityComputer security and identity theftCongressional oversightConsumer affairsConsumer creditConsumer Financial Protection BureauContracts and agencyCrime victimsDisability and paralysisEmployee hiringEmployment discrimination and employee rightsForeign language and bilingual programsFraud offenses and financial crimesGovernment studies and investigationsHealth information and medical recordsHigher educationHousing finance and home ownershipInternet and video servicesInternet, web applications, social mediaLow- and moderate-income housingMarketing and advertisingMotor vehiclesPoverty and welfare assistancePublic participation and lobbyingRacial and ethnic relationsRight of privacyStudent aid and college costs