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MO HR564
Resolution
Status
2/25/2015
Primary Sponsor
Clem Smith
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AI Summary
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Missouri House Resolution 564 encourages the U.S. Congress to reform the Credit Repair Organizations Act to allow supervised nationwide credit reporting agencies to provide consumers with specific, individualized recommendations for improving their credit reports and scores
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Currently, the Credit Repair Organizations Act restricts credit reporting agencies from offering personalized credit improvement assistance, despite courts applying the law more broadly than Congress originally intended
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Lenders send approximately 120 million credit-score disclosures annually, generating increased consumer questions that credit reporting agencies cannot fully address under current law
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Missouri has adopted the Council for Economic Education's National Standards for Financial Literacy and supports expanding consumer access to financial education resources
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The resolution directs the Chief Clerk to send copies to U.S. Senate and House leadership and all members of Missouri's Congressional delegation
Legislative Description
Encourages the United States Congress to reform the Credit Repair Organizations Act to allow agencies to offer resources to consumers on specific recommendations to improve their credit reports and scores
Last Action
Referred: Banking(H)
5/15/2015