What is the official ID of this bill?
The official print number for this legislation is HR 1645.
Stronger Credit Protection: Banning SSN Use and Removing Paid Medical Debt.
This law significantly changes how credit reporting agencies operate to better protect consumers. Key changes include prohibiting the use of Social Security Numbers in credit reports and requiring the removal of paid medical debts older than one year. Furthermore, negative entries resulting from fraud, financial abuse, or predatory mortgage lending cannot harm victims' credit histories.
Key points
Credit agencies are prohibited from using Social Security Numbers (SSNs) in consumer reports or as a verification method (effective January 1, 2022).
Paid medical debt must be removed from credit reports if more than one year has passed since the date of payment.
Negative credit information resulting from predatory mortgage lending, financial abuse, or student loan fraud must be excluded from consumer reports.
Large credit reporting agencies will be subject to cybersecurity supervision and examination by the Bureau of Consumer Financial Protection.
Status:
Expired
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