This bill adds a new part to section 623 of the Fair Credit Reporting Act called "Full-File Credit Reporting." It defines "energy utility firm" and "utility or telecommunication firm." The bill allows a person or the Department of Housing and Urban Development (HUD) to give consumer reporting agencies information about how a consumer pays for a lease on a dwelling (including HUD-subsidized leases) and how a consumer pays for utility or telecommunications services. The bill says usage details may only be shared if they relate to payment or terms of service, like deposits, discounts, or conditions for service cutoffs. It also says energy utility firms should not report a consumer as late on a balance if the consumer and the firm have a payment plan and the consumer is meeting that plan. The bill adds legal protection for entities that furnish information under this new part. It also requires the Comptroller General to report to Congress within two years on the impact of these reporting changes.
No publicly available information about the cost to implement these changes or about who would pay for implementation. The bill does require a Comptroller General report to Congress within two years on the impacts of the new reporting rules.
No publicly available information.
No publicly available information.