Fair Credit Reporting Reseller Act

Summary#

This bill adds a new subsection to section 607 of the Fair Credit Reporting Act. It requires resellers of information contained in consumer reports to follow reasonable procedures to assure the maximum possible accuracy of information before transmitting it to an end user or another reseller. The bill also says a reseller is not liable under the Act if it accurately communicates information it obtained from another consumer reporting agency to an end user or another reseller. The bill uses the term "reseller" as defined in section 603 of the Act.

What it means for you#

• If you are a company that resells consumer-report information, you must use reasonable procedures to try to make the information as accurate as possible before sending it on.
• If you receive consumer-report information from a reseller (an end user), that reseller is required to take steps to check accuracy before transmission.
• The bill also creates a liability protection for resellers that accurately pass along information they obtained from another consumer reporting agency.

Expenses#

No publicly available information.

Proponents' View#

Supporters introduced the bill to require resellers to follow reasonable procedures to assure maximum possible accuracy of consumer-report information before transmitting it.

Opponents' View#

No publicly available information.