S 3502

The Homebuyers Privacy Protection Act aims to protect consumers’ financial privacy during the homebuying process. It restricts credit reporting agencies from sharing a consumer’s credit report with third parties unless the third party has explicit consent from the consumer or is directly involved in the mortgage transaction, such as the lender, current servicer, or an insured bank or credit union. This bill seeks to prevent unsolicited disclosures of credit information related to mortgage applications. It strengthens consumer control over their credit data.