This bill adds a new subsection (f) to section 623 of the Fair Credit Reporting Act. It allows a person or the Department of Housing and Urban Development to provide to consumer reporting agencies information about how a consumer pays for: lease agreements for a dwelling (including HUD-subsidized leases), and contracts for utility or telecommunications services. The bill defines "energy utility firm" and "utility or telecommunication firm." It says usage details may be shared only to the extent they relate to payment or service terms (for example deposits, discounts, or interruption and termination conditions). An energy utility firm may not report a balance as late if the consumer is on a payment plan and is meeting that plan. A consumer may opt out of this reporting by sending a written request to the entity that furnishes the information. The bill also changes the limitation on liability provision in section 623(c) to include this new subsection (f). Finally, the Comptroller General must report to Congress within 2 years on the impact of this reporting on consumers and analyze how reporting consumer cash flow data affects credit scores.
No publicly available information on estimated costs or budget effects is included in the bill text. The bill does require a report from the Comptroller General, but it does not include cost estimates in the provided text.
No publicly available information.
No publicly available information.