MO HCR37

Missouri's 98th General Assembly urges U.S. Congress to reform the Credit Repair Organizations Act to allow nationwide credit reporting agencies to provide individualized credit improvement assistance to consumers

The resolution argues the Credit Repair Organizations Act, while intended to prevent unfair practices, has been broadly interpreted by courts in ways that limit credit education services and prevent agencies from offering specific guidance to consumers

Lenders currently send approximately 120 million credit-score disclosures annually, and increased consumer access to scores has generated more questions that credit reporting agencies cannot fully answer under current law

Missouri has adopted the Council for Economic Education's National Standards for Financial Literacy to help young adults make informed financial decisions

The Chief Clerk is directed to send copies of the resolution to U.S. Senate and House majority and minority leaders, plus all Missouri Congressional delegation members