To amend the Fair Credit Reporting Act to require resellers of information contained in consumer reports to follow reasonable procedures to assure maximum possible accuracy of such information before transmitting such information, and for other purposes.

Bill Summary

This bill would update an existing federal law called the Fair Credit Reporting Act (FCRA) to place new responsibilities on a specific type of business known as "resellers" of consumer information. Resellers are companies that purchase credit and financial data about individuals from original sources — like credit bureaus — and then repackage and sell that information to other businesses, such as lenders, landlords, or employers. Currently, the law already requires credit bureaus and other data providers to maintain accurate records, but this bill would extend similar accuracy requirements more explicitly to these reseller middlemen.

Specifically, the bill would require resellers to take reasonable steps to verify and ensure that the consumer information they pass along is as accurate as possible *before* they transmit it to whoever is buying it. In other words, resellers could not simply forward data without checking its quality — they would be held responsible for the accuracy of the information they sell.

This bill would most directly affect two groups: the reseller companies themselves, who would face new legal obligations and potential liability if they pass along inaccurate data, and everyday consumers, who could benefit from having more accurate information shared about them. Inaccurate consumer data can negatively impact a person's ability to get a loan, rent an apartment, or land a job, so stronger accuracy rules at the reseller level could help reduce those kinds of harmful errors.

The bill has been introduced in the House of Representatives and referred to the House Committee on Financial Services, which is the standard first step in the legislative process. No final action has been taken yet.