House Passes H.R. 3621, Legislation to Overhaul Credit Reporting System

Yesterday, the House of Representatives passed H.R. 3621, the Comprehensive CREDIT Act, which was introduced by Rep. Ayanna Pressley (D-Mass.) to make changes to the credit reporting system.

According to a press release from the House Financial Services Committee, the legislation would, if enacted, “overhaul the credit reporting system by empowering consumers with more control over their data and requiring consumer reporting agencies (CRAs) like Equifax, TransUnion, and Experian, to better ensure that the information on consumer credit reports is accurate and complete.”

The bill incorporates a number of other pieces of legislation, including H.R. 3642, the Improving Credit Reporting for All Consumers Act, sponsored by Rep. Alma Adams (D-N.C.); H.R. 3622, the Restoring Unfairly Impaired Credit and Protecting Consumers Act, sponsored by Rep. Rashida Tlaib (D-Mich.); H.R. 3614, the Restricting Use of Credit Checks for Employment Decisions Act, sponsored by Rep. Al Lawson (D-Fla.); H.R. 3621, the Student Borrower Credit Improvement Act, sponsored by Rep. Ayanna Pressley (D-Mass.); H.R. 3629, the Clarity in Credit Score Formation Act, sponsored by Rep. Stephen Lynch (D-Mass.); and H.R. 3618, the Free Credit Scores for Consumers Act, sponsored by Rep. Joyce Beatty (D-Ohio).

As House Financial Services Committee Chairwoman noted in her floor statement on the bill, it also includes a provision “that excludes from credit reports any adverse information about a federal employee and others who are affected by a government shutdown.”

The legislation passed by a vote of 221 to 189, with no Republicans supporting the measure. Rep. Patrick McHenry (R-N.C.), who serves as the Financial Services Committee’s Ranking Member, said during the floor debate that the legislation does not have any chance of being signed into law.