Protecting credit reports of Americans unlawfully detained or held hostage abroad.
This Act aims to protect the credit history of U.S. nationals who were unlawfully detained or held hostage abroad. Credit reporting agencies will be prohibited from furnishing consumer reports containing adverse financial information that resulted from the period of detention. This ensures that victims of hostage-taking are not penalized with poor credit scores for financial issues beyond their control while in captivity.
Key points
Prohibition on adverse information: Credit reporting agencies cannot furnish consumer reports containing negative items that occurred while the U.S. national was unlawfully detained or held hostage.
Documentation requirement: To qualify for protection, the affected consumer must provide the credit agency with documentation from a Federal entity confirming their status as a covered consumer and the relevant time period.
New rules for agencies: The Director of the Bureau of Consumer Financial Protection (CFPB) must issue rules within 180 days detailing the method for consumers or their legal representatives to submit the required documentation.
Financial relief: The law ensures that financial difficulties resulting from being held hostage will not have a lasting negative impact on citizens' creditworthiness upon their return.
Status:
Expired
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