House Passes Credit Reporting Bill But it is Unlikely to Go Further

On Wednesday the House passed a package of bills called the Comprehensive CREDIT Act which would change the credit reporting system; under one bill the credit reporting agencies would have to clear negative information from credit reports after only four years; information related to lapse in payments to student loans would have to be cleared if nine consecutive payments are made; another bill would have the CFPB issue new credit reporting regulations which govern scoring models and would prohibit employers from running credit checks on potential employees; it is likely that the bills will not pass in the senate as noted by Rep. Patrick McHenry who also stated, “This bill will weaken underwriting standards.” American Banker

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