The United States House of Representatives recently passed H.R. 5332, the Protecting Your Credit Score Act of 2020. The Act is intended to “ensure that consumer reporting agencies are providing fair and accurate information reporting in consumer reports.”
The Act will require the Credit Reporting Agencies (“CRAs”) to create a single online consumer portal, which will entitle a consumer to unlimited free access to their credit report, credit score, the ability to place and remove a credit freeze, and more. In addition to the Act amending 1681e in an effort to increase accuracy, the Act will also amend 1681s-2(a)(8) to improve the dispute process, which provides furnishers with a duty to conduct an investigation so long as the consumer submitted “new or additional information” that was not previously submitted to the CRAs. In improving the dispute process, CRAs will also be required to provide additional information to consumers regarding reinvestigations.
The Act will amend the FCRA in several respects, including expanding Private Right of Action under FCRA. To learn more about this legislation, click here.