FAIR Credit Act

This bill would change the Fair Credit Reporting Act, which governs credit reports. It would shorten how long most negative information can stay on a credit report, require paid or settled debts to be removed within 45 days, and ban medical debt from credit reports. It would let certain people have negative information removed, including victims of mortgage lending violations, borrowers defrauded by for-profit schools or career programs, and victims of economic abuse who provide documentation. It would also extend fraud alerts, let the Consumer Financial Protection Bureau create an identity theft affidavit that does not require a police report, and require the three nationwide credit bureaus to offer credit monitoring and identity theft protection, free for some groups such as people 65 and older and military members.

Full text and official record on Congress.gov

Sponsors

• Rashida Tlaib Democrat sponsor
• 3 cosponsors