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The Comprehensive Consumer Credit Reporting Reform Act of 2016

The Comprehensive Consumer Credit Reporting Reform Act of 2016
June 14, 2016 Torrey Park

There is a new bill that is waiting to be voted on to become a law that will affect how creditors report information to the credit bureaus. The Consumer Credit Reporting Reform Act of 2016 will affect the following.

  • Currently most information is removed from your credit report after 7 years (seven year from the date of last payment). The Consumer Credit Reporting Reform Act will shorten this time period to 4 years.
  • It will restrict the use of credit checks for employment.
  • Will place the burden of proof on the credit bureaus and the creditors instead of the consumer.
  • Expand the access of credit reports and credit scores.
  • Will provide credit relief to victims of predatory lending.
  • People with private student loans will have the ability to have negative information removed

To learn more about this New Bill click the attached link below:

Consumer Credit Reporting Act of 2016

By Evette Baker, Financial Education Coach