Bill would cap damages in credit report lawsuits against companies
In markupH.R. 5775Latest action
Sponsor: Barry Loudermilk · Representative · GA
AIDecoded by AI · checked against the recordRead the official text
Official title: FCRA Liability Harmonization Act
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
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HR 5775 would cap attorney's fees and class action damages in lawsuits against credit reporting companies.
40-second read · 4 questions answered below
What does this do?
HR 5775 would limit money awarded in lawsuits under the Fair Credit Reporting Act. Attorney's fees and costs would be capped at $100,000 or 40% of damages, whichever is smaller, and class action recoveries would be capped at $500,000 or 1% of the company's net worth, whichever is lower.
Who does it affect?
This affects consumers who find errors on their credit reports or have their credit data mishandled, and businesses like credit bureaus, lenders, and background check companies.
Why does it matter?
Supporters say the caps would reduce excessive lawsuits and legal costs for businesses, while critics say the caps could limit compensation for large groups of harmed consumers since the class action cap would not grow with the size of the class.
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Read the official bill on Congress.govMake the call
Where does it stand?
- IntroducedOct 17, 2025
- House committeeYou are here · Jun 30, 2026
- House vote
- Senate
- The president's desk
Right now: a House committee is reviewing it. If the Senate changes it, it goes back to the House before reaching the president.
Latest action: — Ordered to be Reported (Amended) by the Yeas and Nays: 27 - 23.