President Trump today signed into law a bill prohibiting credit reporting firms from selling mortgage applicant information to lenders who then barrage those same consumers with unwanted solicitations.
The bipartisan Homebuyers Privacy Protection Act (H.R. 2808) amends the Fair Credit Reporting Act to eliminate abusive mortgage “trigger leads,” only allowing contact information to be sold to third parties under limited circumstances. The House and Senate passed the bill over the summer.
“That is going to help a lot of the homeowners of our great country,” Trump said after the signing.
The bill was introduced by Sens. Jack Reed (D-R.I.) and Bill Hagerty (R-Tenn.) in the Senate, and Reps. John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.) in the House.
The American Bankers Association supported the bill. “We commend @POTUS for signing the Homebuyers Privacy Protection Act into law to stop credit bureaus from selling mortgage applicant information to lenders,” ABA said in a tweet. “Today’s action, and the leadership of @RepJohnRose, @RepRitchie, @SenatorHagerty and @SenJackReed, will protect consumers.”
