Senate Bill Targets Credit Furnisher Responsibilities Under FCRA

The Stop Errors in Credit Use and Reporting (SECURE) Act of 2014( S.2224,) was introduced in the U.S. Senate. The bill would amend the Fair Credit Reporting Act (FCRA) to place new requirements on both credit reporting agencies and companies that furnish information to those agencies.

The SECURE Act would direct the CFPB to establish minimum procedures that a CRA must follow to ensure maximum possible accuracy of consumer reports. When errors are caught, the bill would require CRAs to gather and report information on consumer disputes and resolutions. The legislation would provide injunctive relief as a remedy for consumers who sue CRAs under the FCRA and hold CRAs accountable to the FTC for negligent violations of the FCRA.

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