HM 1319 Summary

• Urges Congress to support greater financial literacy initiatives and reform the Credit Repair Organizations Act to expand consumer access to credit report and credit score education resources.

• Notes that the 2014 Consumer Financial Literacy Survey found one in five adults unsure about credit report contents and many adults have misconceptions about credit scoring.

• Points out that lenders disclose approximately 120 million credit scores annually and many provide credit scores on monthly statements, generating increased consumer questions.

• States that current interpretations of the Credit Repair Organizations Act prevent credit reporting agencies from providing individualized assistance to consumers seeking to improve their credit reports and scores.

• Requests that Congress reform the Credit Repair Organizations Act to require nationwide credit reporting agencies to create and maintain resources for consumers to access specific recommendations for improving their credit reports and credit scores.