summary
Introduced
12/06/2019
12/06/2019
In Committee
12/11/2019
12/11/2019
Crossed Over
06/30/2020
06/30/2020
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
Protecting Your Credit Score Act of 2020 Protecting Your Credit Score Act of 2020 This bill revises provisions related to consumer credit reports and credit reporting agencies. (Sec. 2) Credit reporting agencies are directed to create a central online portal that allows consumers to (1) access free credit reports and credit scores, (2) dispute errors, and (3) place or lift security freezes. (Sec. 3) Credit reporting agencies must verify specified identifying information when adding credit information to a consumer's file. Credit reporting agencies must also perform periodic audits of credit reports to ensure accuracy. (Sec. 4) A credit reporting ombudsperson, whose responsibilities include resolving persistent errors by credit reporting agencies, is established at the Consumer Financial Protection Bureau (CFPB). Credit reporting agencies must provide a consumer with additional information after an agency's reinvestigation of disputed credit information. (Sec. 5) A court may award injunctive relief to compel a credit reporting agency to comply with credit report protections. (Sec. 6) Consumers will receive a free credit score upon request and upon certain adverse credit decisions. Credit reporting agencies must provide available information to consumers regarding the purpose behind the procurement of a credit report. (Sec. 7) The bill establishes a public registry for credit reporting agencies. (Sec. 8) The bill also provides the CFPB with statutory authority for supervising credit reporting agencies. (Sec. 9) The bill gives the CFPB the authority to establish data security requirements for credit reporting agencies. (Sec. 10) The CFPB must report on the effectiveness of specified audits in addressing data security risks at credit reporting agencies. (Sec. 11) The Government Accountability Office must report on the feasibility of credit reporting agencies replacing Social Security numbers as identifiers with another type of federal identification.
AI Summary
This bill, the Protecting Your Credit Score Act of 2020, revises provisions related to consumer credit reports and credit reporting agencies. It requires credit reporting agencies to create a central online portal that allows consumers to access their credit reports and scores, dispute errors, and place or lift security freezes for free. The bill also establishes a credit reporting ombudsperson at the Consumer Financial Protection Bureau (CFPB) to resolve persistent errors by credit reporting agencies, and gives the CFPB authority to supervise credit reporting agencies and set data security requirements for them. Additionally, the bill requires credit reporting agencies to periodically audit credit reports for accuracy, provides consumers with more information when adverse credit decisions are made, and establishes a public registry of credit reporting agencies.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Received in the Senate. (on 06/30/2020)
Official Document
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bill summary
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bill summary
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