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U.S. Representatives Rashida Tlaib (D-MI) introduced H.R. 3622 - Restoring Unfairly Impaired Credit and Protecting Consumers Act to amend the Fair Credit Reporting Act ("FCRA") "to restore the impaired credit of victims of predatory activities and unfair consumer reporting practices" and "to expand access to tools to protect vulnerable consumers from identity theft, fraud, or a related crime." U.S. Representative Alma S. Adams (D-NC) introduced H.R. 3642 - Improving Credit Reporting for All Consumers Act to improve the consumer report dispute process and prohibit misleading and unfair consumer reporting practices.
H.R. 3622 would amend requirements regarding consumer credit information used by consumer reporting agencies ("CRAs") in credit reports. Specifically, the bill would:
- require CRAs to remove adverse information from credit reports that resulted from deceptive, fraudulent, or illegal lending activity;
- shorten the length of time that adverse information remains on credit reports;
- exclude certain medical debt information from credit reports, such as medical debt that has been fully paid or settled; and
- order CRAs to offer free credit monitoring and identity theft protection to specified consumers (e.g., victims of fraud, active duty military and anyone 65 years of age or older).
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