Loading chat...
MS HC68
Concurrent Resolution
Status
Failed
5/3/2012
Primary Sponsor
Deborah Butler Dixon
Click for details
AI Summary
- Urges Congress to amend the federal Fair Credit Reporting Act to require consumer credit reporting agencies to remove accurate but negative information from credit reports after four years instead of the current seven years.
- Cites economic hardship from job losses, mortgage defaults, and loan delinquencies that resulted in negative credit report entries for millions of Americans.
- Notes that current federal law allows removal of negative information only after seven years, and bankruptcy information after ten years.
- States that shorter reporting periods would help individuals who have recovered financially obtain credit more easily and at lower costs.
- Directs copies of the resolution to be sent to the President, President of the Senate, Speaker of the House, and Capitol Press Corps.
Legislative Description
Congress; urge to amend federal law to require removal of negative information from credit report after four years.
Last Action
Died In Committee
5/3/2012
Full Bill Text
No bill text available