IL HB5988

Amends the Consumer Fraud and Deceptive Business Practices Act by adding Section 2RRR to regulate credit reporting agencies' use of credit inquiries.

Prohibits credit reporting agencies from using designated credit inquiries as a negative factor when evaluating a consumer's creditworthiness, credit standing, or credit capacity.

Prohibits credit reporting agencies from considering credit scores generated using methodologies where designated credit inquiries adversely affect the score in creditworthiness evaluations or credit eligibility determinations.

Defines "designated credit inquiries" to include inquiries not initiated by the consumer, inquiries for the consumer's own credit information, inquiries relating to insurance coverage, and multiple creditor inquiries from the same industry made within 30 days of each other.

Applies to Illinois residents whose principal residence is in the state and whose credit information is recorded by a consumer reporting agency.