was introduced to amend the Fair Credit Reporting Act (“FCRA”). This Bill was recently passed by the House and is one step closer to becoming law. This Bill would work a significant change to the FCRA in several material respects. Some of those changes would include the following:
- restrictions on the use of credit reports by employers;
- limitations of reporting medical debt and delaying reporting the debt for one year and prohibiting reporting for medically necessary procedures;
- give struggling private student loan borrowers a second chance to rehabilitate impaired credit;
- credit reporting relief for extended active duty uniformed consumers; and
- the right to a free annual credit score for consumers (only a credit report, and not sure is currently required).
These potential changes to the FCRA would be a tremendous win for consumers. Unfortunately, time will only tell if this Bill is approved and becomes law. Until that potentially happens, however, the FCRA still provides consumers with some protections against inaccurate crediting reporting by agencies such as Trans Union, Equifax and Experian, including the initiation of disputes by consumers.
If you believe you believe there is any inaccurate or false information contained within your credit reports from Trans Union, Experian or Equifax, it is important to seek the guidance of a skilled FCRA and Consumer Protection Attorney as soon as possible. To schedule a consultation to discuss your situation with one of our attorneys, contact The Kim Law Firm, LLC today by calling 855-996-6342.