On January 29th, the Comprehensive CREDIT Act H.R. 3621 passed the House 221 to 189. All republicans and two Democrats from swing districts voted against the bill. This bill would have made substantial and dangerous changes to the American consumer reporting ecosystem that would negatively impact millions of consumers and businesses trying to serve those consumers. This bill stands little to no chance being brought up in the Senate and the White House has affirmed that it will veto the bill if by the remote chance it comes to the President’s desk for signature.
This bill was opposed by the White House, US Chamber of Commerce, American Financial Services Association, Consumer Bankers Association, and the Society for Human Resource Management.
The bill encapsulated the six bills below.
- Rep. Beatty (D-OH) Free Credit Score For Consumers Act of 2019 HR 3618
- Requires CRAs to give out free credit scores.
- Rep. Lawson (D-FL) Restricting Use of Credit Checks for Employment Decisions Act, HR 3614
- An outright ban on the use of credit reports in employment decisions.
- Rep. Lynch (D-MA) Clarity in Credit Score Formation Act of 2019, HR 3629
- Would establish clear federal oversight of the development of credit scoring models by directing the Consumer Financial Protection Bureau (CFPB) to set standards.
- Rep. Pressley (D-MA) Student Borrower Credit Improvement Act, HR 3621
- which would remove certain student loan information from credit reports
- Rep. Tlaib (D-MI) Restoring Unfairly Impaired Credit and Protecting Consumers Act, H.R. 3622
- would remove adverse information for certain defaulted or delinquent loans that are the result of what the bill determines to be predatory or unfair activity
- Rep. Adams (D-NC) Improving Credit Reporting for All Consumers Act, HR 3642
- would add complexity and procedural delays to the dispute resolution process, making it more challenging, costlier and lengthier for consumers to resolve.