Fair Credit Reporting Reseller Accuracy Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill aims to improve the accuracy of information provided by companies that resell consumer reports. It requires these resellers to implement reasonable procedures to ensure the information they transmit is as accurate as possible before sharing it. The bill also clarifies that resellers are not liable for accurately relaying information received from another credit reporting agency. This legislation focuses on enhancing the reliability of consumer reports as they are distributed.
Key provisions
- Requires resellers of consumer reports to follow reasonable procedures for accuracy.
- Establishes a process for resellers to ensure information is accurate before transmission.
- Defines ‘reseller’ for the purpose of the bill.
- Protects resellers from liability for accurately communicating information received from another agency.
Who is affected
- Consumer Reporting Agencies
- Resellers of Consumer Reports
- End Users of Consumer Reports
- Individuals whose information is included in consumer reports
Notable changes
- Adds a new section to the Fair Credit Reporting Act specifically addressing the responsibilities of resellers.
- Clarifies the liability of resellers when transmitting information from other agencies.
Bill text
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Sponsors
Official sponsors from legislative records.
4 on record
Primary sponsor
Cosponsors
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