HB3456 Summary

• Establishes the "Credit Reporting Agency Consumer Protection Act" to regulate credit reporting agencies (Equifax, Experian, TransUnion) in Oklahoma

• Permits utility companies, telephone companies, cable companies, internet service providers, and medical providers to report consumers' on-time bill payments to credit reporting agencies

• Requires credit reporting agencies to include detailed explanations in credit reports about how late payments, outstanding debts, bankruptcies, and other factors affect credit scores and provide steps for consumers to improve their scores

• Mandates credit reporting agencies include information in every credit report about how consumers can request free annual credit reports, including website, phone number, and mailing address

• Becomes effective November 1, 2014