House Financial Services Committee Advances Credit Reporting Bills

The House Financial Services Committee last night approved several bills that would amend the Fair Credit Reporting Act and make changes to the credit reporting process. In a memo earlier this week, the American Bankers Association raised concerns about two bills—H.R. 3622 and H.R. 3642—and noted that they could make credit reports less accurate and potentially reduce access to credit.

The House committee also advanced H.R. 3614, the Restricting Use of Credit Checks for Employment Decisions Act and H.R. 3618, the Free Credit Scores for Consumers Act. ABA noted that these bills would benefit from further examination and input from stakeholders.