Making Credit Report Documents Clearer for Consumers
This new law requires the creation of simple, easy-to-understand forms and language for credit reporting matters. It aims to help citizens better understand information about their credit history, consents, and notices. Businesses using these standard forms will be considered compliant with the law.
Key points
Standard, plain language forms and text for credit reports will be developed, making them easier to understand.
Using these forms provides a 'safe harbor' for businesses, ensuring legal compliance and potentially reducing errors.
The goal is to improve consumer understanding of their rights and obligations regarding credit data.
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