MS HC45

Urges Congress to amend the federal Fair Credit Reporting Act to require removal of accurate but negative information from credit reports after four years instead of the current seven years (ten years for bankruptcy).

Cites economic hardship from job losses, mortgage defaults, and loan delinquencies as reasons people have negative credit information that impedes their financial recovery.

Argues that shortening the reporting period would help individuals who have regained financial stability obtain a fresh start and reduce the cost of borrowing.

Directs copies of the resolution be sent to the President, President of the Senate, Speaker of the House, and members of the Capitol Press Corps.