CUNA supports the Consumer Financial Protection Bureau’s (CFPB) proposal amending the Fair Credit Reporting Act to assist victims of human trafficking.

The proposal would implement FCRA amendments to establish a method for a victim of trafficking to submit documentation to consumer reporting agencies (CRAs) identifying any adverse information about the consumer that resulted from human trafficking and prohibit the CRAs from furnishing a consumer report containing the identified adverse information.

“CUNA supports the proposed amendments, as they are intended to give victims of human trafficking the opportunity to rebuild their credit history and financial future. Accurate and fair credit reports are critical to help these victims engage with the mainstream financial system,” the letter reads.

“However, we recommend the Bureau consider establishing robust guardrails that ensure fraudsters cannot use this well-intentioned process to have valid and accurate information removed from credit reports,” it adds.

CUNA also encouraged the CFPB to avoid placing unnecessary or duplicative requirements on financial institutions that could “further complicate the coordinated assistance efforts designed to help human trafficking survivors recover from their exploitation.”