Bill
Bill > HR5720
US HR5720
To amend the Fair Credit Reporting Act to prohibit the creation and sale of trigger leads, and for other purposes.
summary
Introduced
01/30/2020
01/30/2020
In Committee
01/30/2020
01/30/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Fair Credit Reporting Act to prohibit the creation and sale of trigger leads, and for other purposes. This bill prohibits credit reporting agencies from providing a credit report not initiated by a consumer if the report is being provided on the basis that the consumer has had a credit inquiry regarding a home mortgage loan. This practice, known as producing a trigger lead, provides notice to other mortgage lenders that the consumer is seeking a mortgage loan.
AI Summary
This bill amends the Fair Credit Reporting Act to prohibit credit reporting agencies from providing a consumer credit report without the consumer's initiation, if the report is being provided based on the presence of an inquiry related to a residential mortgage loan. This practice, known as a "trigger lead," allows other mortgage lenders to be notified that the consumer is seeking a mortgage loan. The bill aims to prevent this, thereby protecting consumer privacy and preventing unwanted solicitations from other lenders.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Referred to the House Committee on Financial Services. (on 01/30/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/5720/all-info |
| BillText | https://www.congress.gov/116/bills/hr5720/BILLS-116hr5720ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr5720/BILLS-116hr5720ih.pdf.pdf |
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