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Gottheimer Debates His Bipartisan “Protecting Your Credit Score Act” on House Floor — Stands Up for American Consumers, Credit Transparency, Protections from Fraud During Economic Downturn & Beyond
On Friday, June 26, 2020, U.S. Congressman Josh Gottheimer (NJ-5) debated his bipartisan bill on the House floor — H.R. 5332, the Protecting Your Credit Score Act — to create a new one-stop shop online portal to protect Americans' financial futures. A vote is set for the bill on Monday, June 29, 2020.
Watch Gottheimer’s remarks on the House floor HERE.
This bipartisan bill brings together all three credit bureaus to create a private sector-driven online credit portal to provide Americans with free and unlimited access to their credit reports and scores, the ability to easily dispute errors, to place or remove a security freeze to stop fraud, and the ability to secure and track their credit data — all to increase transparency and help Americans boost their credit and financial security through economic declines and in the future.
The bill will also raise cyber security standards for the three credit bureaus, reducing the risk of future data breaches.
“Credit affects all communities, impacting what Americans pay for a car, whether they can get a mortgage for a house, the rates on a credit card, and how much they can receive for a small business loan. The impact it has is especially strong on communities of color, and experts have testified to the Financial Services Committee that the credit reporting system is biased particularly against these communities,” said Congressman Josh Gottheimer, a member of the House Financial Services Committee, on the House floor today. “We need a modernized system that empowers all consumers, especially those facing new challenges with this pandemic, with transparency and the ability to correct errors to credit reports, and to make sure everyone can have access to credit, so that they can have a home, a car, and enjoy everything that everyone who works hard should have access to. I urge my colleagues to support this commonsense, bipartisan bill.”
What will the Protecting Your Credit Score Act do?
The bipartisan legislation will:
Why do Americans need better tools to protect and build their credit?
Every year, 15.4 million Americans are victims of credit card fraud — or around 42,000 people every day
The Federal Trade Commission (FTC) has previously found that 1 in 5 consumers have verified errors in their credit reports, and 1 in 20 consumers have errors so serious they would be denied credit or forced to pay higher interest rates. That adds up to 42 million Americans with errors in their credit and another 10 million Americans with errors that can be life altering.
It takes credit fraud victims three to six months, on average, to resolve the issues.
In 2017, Equifax lost the data of more than 147 million people in their breach and left it up to American consumers to clean up the mess.
During the coronavirus public health crisis and economic downturn, the U.S. is seeing spikes in new types of fraud related to direct relief payments and PPP loans, and Americans need better tools to protect their credit and resolve disputes.
Who supports this bipartisan legislation?
This bipartisan bill, also cosponsored by Congressman Tom Reed (NY-23), is the culmination of months of work by Gottheimer and countless conversations with North Jersey small business owners and residents, as well as a great deal of bipartisan collaboration with the House Financial Services Committee from both Chair Waters (CA-43) and Ranking Member McHenry (NC-10).
The legislation is supported by the National Association of Realtors, Americans for Financial Reform, National Consumer Law Center (on behalf of its low-income clients), Consumer Action, Consumer Federation of America, Consumer Reports, National Association of Consumer Advocates, U.S. Public Interest Research Groups (USPIRG), World Privacy Forum, and Greater Bergen Community Action (GCBA).
View a one-pager of the bill HERE.
View the bill text HERE