WASHINGTON (9/12/14)--Credit scores play an important role in buying a house, or obtaining a job, and Rep. Maxine Waters (D-Calif.) has introduced an bill designed to help consumers' scores recover faster.
The Fair Credit Reporting Improvement Act of 2014 is meant to enhance requirements for consumer reporting agencies (CRA), as well as those who provide information to the CRAs, with the hope of guaranteeing consumers the ability to ensure their credit report information is accurate and complete.
According to the Federal Trade Commission, 1 in 5, or roughly 40 million consumers, have had an error on one of their credit reports. Approximately 10 million consumers have errors that could increase the cost of credit available to them.
Key provisions in the bill include:
Use the resource links below to access the full text of the discussion draft and a summary document.