Gottheimer’s Bipartisan Consumer Credit Protection Bill Passes Out of Financial Services Committee
WASHINGTON – Today, Thursday, December 12, 2019, U.S. Congressman Josh Gottheimer (NJ-5) announced that his bipartisan bill, H.R.5332 — the Protecting Your Credit Score Act of 2019 — has been successfully marked up and favorably reported out of the House Financial Services Committee.
The bipartisan bill directs the three credit reporting bureaus to work together to create one online portal to provide free and unlimited access to credit reports and scores, the ability to more easily initiate and resolve disputes with a credit bureau, and to provide access to see who the bureaus have sold your data to in the prior two years.
“There are three companies in the United States that literally hold the keys to deciding Americans’ credit fates, on whether you should get access to credit — what you pay for a car, whether you can get a mortgage for a house, the rates on a credit card, and how much you can receive for a small business loan. Each of these credit bureaus come up with their own magic number: your credit score. They have their own secret formula, and it’s up to you to track it, beg them to fix inaccuracies when they arise, and deal with data breaches when they occur, far too often,” Congressman Josh Gottheimer said to the Committee during this week’s mark-up. “My bipartisan legislation asks the private sector — not the government — to help fix this, because, as you all know, I believe that the private sector is the best solver of problems like these. My bipartisan bill sets up a one-stop shop, online portal to check your credit report, for free, at any time. It allows victims to shut off the ability of credit hucksters from using your information to apply for credit under your name.” CLICK HERE FOR MORE