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:
By Evette Baker, Financial Education Coach