Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency Act of 2020
Latest action. Received in the Senate.
Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency Act of 2020 or the Comprehensive CREDIT Act of 2020
This bill provides for additional consumer credit protections, sets forth requirements for credit reporting agencies, and prohibits the inclusion of specified information on credit reports.
TITLE I—IMPROVEMENTS TO THE DISPUTE PROCESS
The dispute process for consumers challenging information contained on their credit report is revised for challenges (1) through the credit reporting agency, and (2) through the furnisher of credit information. Credit reporting agencies must disclose to consumers how to dispute this information. If a credit report is revised as a result of a dispute, the credit reporting agency must provide the consumer a free copy of the revised report and credit score. Furnishers of credit information must maintain all records to substantiate the credit information provides to credit reporting agencies. Consumers must be notified when a furnisher provides specific negative credit information within five business days of it being reported to a credit reporting agency.
The bill also establishes an appeals process for disputed credit information and sets forth procedures for the credit reporting agencies and furnishers of this information. Credit reporting agencies must identify disputed information on a credit report and ensure accuracy and completeness in credit reports. The bill also establishes the right for courts to award injunctive relief to require compliance with consumer credit laws.
TITLE II—FREE CREDIT SCORES FOR CONSUMERS
The bill requires credit reporting agencies to provide free credit scores to consumers along with their free annual credit reports. The bill also provides for
additional free credit scores and credit reports when a consumer is disputing information contained on their credit report or has had previously removed information reinserted into their report, and
automatic free credit scores and credit reports to consumers who have obtained a fraud alert or security freeze.
Credit reporting agencies must provide consumers with additional information regarding the calculation of their credit score, including factors that adversely effected the score, and specific actions a consumer may take to improve the score.
The summary continues for 30 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Passed House" stage on January 29, 2020. It describes the bill, it is not the legal text.
Received in the Senate.
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The record's latest action, on January 30, 2020: Received in the Senate.
How likely is it to become law?
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In the 116th Congress (2019-20), 344 of the 14,345 bills and joint resolutions introduced became law, about 2.4 percent. That count covers every measure at every stage, including the many that never left committee.
This one has no outstanding steps listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Ayanna Pressley (D-MA) introduced it on July 5, 2019, and 1 member has since signed on as a cosponsor.
They are 1 Democrat.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on July 5, 2019, 2624 days ago. The most recent recorded action was 2415 days ago, on January 30, 2020.
Measures do not carry over. Anything the 116th Congress has not finished by January 3, 2021 dies when the term ends, and has to be introduced again from the start in the next Congress.
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Vote history
- HouseReceived in the Senate.
- SenateNot stated in the latest action
- PresidentNot stated in the latest action