HR 2808

The Homebuyers Privacy Protection Act aims to protect consumers’ privacy during the homebuying process by limiting when credit reporting agencies can share their credit reports with third parties. Specifically, it restricts the sharing of credit reports unless there’s a firm offer of credit, or if the third party is directly involved in the mortgage transaction – such as the mortgage lender, current servicer, or an insured depository institution or credit union with an account for the consumer. This legislation seeks to prevent unsolicited credit offers and ensure greater control over personal financial information.