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New Proposed Credit Reporting Laws

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Changes that might lead to new credit reporting. The proposed bill 'Consumer Reporting Fairness Act of 2015' will further protect debtors throughout their bankruptcy process.

Federal lawmakers plan that the bill will force creditors to notify credit-reporting bureaus when a person has had a debt discharged through bankruptcy. The potential bill directly affects debtors with credit card debt. All in all the act is aiming to fix inaccurate credit reports that do not reflect the debtors' newly financial standing.

Inaccurate credit reports that depict debt that was previous discharge in court are called "zombie debts".

The Consumer Financial Protection Bureau found that companies have sold these "zombie debts" to third-party debt buyers even if the debt is incorrect or not collectible.

Debtors have previously experienced creditors ignoring their requests to fix the inaccurate reports. Even after their debt had been discharged through bankruptcy they had damages that resulted in banks and other creditors' inaccurate credit reports. Those borrows were unable to get jobs, rent an apartment, and borrow money again. With the new proposed law, however, borrowers could sue their creditors for those unfair acts.

"It's a really good incentive for companies to clean up their act," said Dalié Jiménez, a University of Connecticut law professor.

Companies such as Bank of American, General Electric's Synchrony Bank, and Citigroup have all previously been sued by past debtors who experienced inaccurate credit reports.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: Wall Street Journal | Federal Law Makers

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