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House Passes Protecting Your Credit Score Act of 2020


The United States House of Representatives recently passed H.R. 5332, the Protecting Your Credit Score Act of 2020. The Act would amend FCRA is several respects. The overall purpose of the Act is to “ensure that consumer reporting agencies are providing fair and accurate information reporting in consumer reports.”

The Protecting Your Credit Score Act of 2020 would:

First, require the CRAs to create a single online consumer portal. The online portal would entitle a consumer to unlimited free access to

  1. their credit report

  2. their credit score

  3. place and remove credit freeze

  4. initiate a dispute

  5. see who has accessed a consumer’s credit report within the last 24 months and for what permissible purpose the report was furnished

Second, amend 1681e in an effort to increase accuracy:

  1. CRAs would be required to match all 9 digits of a consumer’s social security number with information included in the credit report

  2. If a consumer’s social security number is not available, the CRAs would be required to match a full legal name, date of birth, current address and one previous address to the consumer

  3. CRAs required to set up periodic audits of their system on a schedule set by the CFPB to check for accuracy of their reports FULL ARTICLE

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