Credit Report Improvement and Consumer Fraud Protection Act
This act shortens the time negative information stays on credit reports, facilitates the removal of paid debts, and enhances fraud protection. It aims to help citizens rebuild creditworthiness and increase the security of their financial data.
Key points
Shortens the time most adverse credit information stays on consumer reports from 7 to 4 years, and some from 10 to 7 years.
Mandates expedited removal of fully paid or settled debt from consumer reports within 45 days.
Prohibits the appearance of medical debt on consumer reports.
Provides credit restoration for victims of predatory mortgage lending and students defrauded by proprietary education institutions.
Establishes the right for victims of financial abuse to have adverse information removed from their consumer reports.
Enhances fraud alert protections and simplifies security freezes for consumer reports to prevent identity theft.
Establishes the right to free credit monitoring and identity theft protection services for certain consumers, including fraud victims, unemployed, seniors, and military personnel.
Expired
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