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

Notify of
Inline Feedbacks
View all comments