Bill targets accuracy rules for credit report resellers

What does this do?

This bill creates a new rule for resellers, companies that buy credit report data from major bureaus and sell it to lenders, landlords, or employers. Resellers must take reasonable steps to check that information is accurate before passing it along. If a reseller shared data exactly as received from the original bureau, they are protected from lawsuits over that data.

Who does it affect?

This affects reseller companies in the credit reporting industry. It also affects everyday consumers whose credit information travels through a reseller before reaching a lender or other decision-maker.

Why does it matter?

When credit data moves through a reseller, errors in that data could affect decisions about loans, housing, or employment for consumers. This rule places the responsibility for inaccurate data on the original source bureau rather than the reseller that passed it along unchanged.

Where does it stand?