Senate Dems Introduce
Credit Reporting Accuracy Bill
A group of U.S. Senate Democrats are proposing the Consumer Reporting Fairness Act, a bill that would require banks and debt buyers to make sure a consumer's credit report is updated when debt is erased in bankruptcy. Under the legislation, financial institutions and other creditors would be obliged to update credit bureaus when a borrower declares bankruptcy. The measure is part of an effort by lawmakers, state officials, and the Consumer Financial Protection Bureau to improve credit report accuracy. Bill sponsors include U.S. Sens. Sherrod Brown (D-Ohio), Richard Blumenthal (D-Conn.), Dick Durbin (D-Ill.), Al Franken (D-Minn.), and Jeff Merkley (D-Ore.). "This bill would ensure that debts prior to bankruptcy aren't in effect double counted and don't continue to make it difficult for consumers to get a job or secure a loan for a home," Brown remarked.
From "Senate Dems Introduce Credit Reporting Accuracy Bill"
American Banker (07/16/15) Finkle, Victoria
A group of U.S. Senate Democrats are proposing the Consumer Reporting Fairness Act, a bill that would require banks and debt buyers to make sure a consumer's credit report is updated when debt is erased in bankruptcy. Under the legislation, financial institutions and other creditors would be obliged to update credit bureaus when a borrower declares bankruptcy. The measure is part of an effort by lawmakers, state officials, and the Consumer Financial Protection Bureau to improve credit report accuracy. Bill sponsors include U.S. Sens. Sherrod Brown (D-Ohio), Richard Blumenthal (D-Conn.), Dick Durbin (D-Ill.), Al Franken (D-Minn.), and Jeff Merkley (D-Ore.). "This bill would ensure that debts prior to bankruptcy aren't in effect double counted and don't continue to make it difficult for consumers to get a job or secure a loan for a home," Brown remarked.
From "Senate Dems Introduce Credit Reporting Accuracy Bill"
American Banker (07/16/15) Finkle, Victoria
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