House passes bill to overhaul credit reporting

 

Source: Juliegrace Brufke, The Hill

The House passed legislation aimed at overhauling consumer credit reporting and providing additional protections and opportunities to rebuild credit.  

The legislation includes language calling for the Consumer Financial Protection Bureau (CFPB) to establish a credit rehabilitation process, bar credit rating agencies from including delinquent or defaulted student loans on credit reports after the borrower makes nine monthly payments on time and require private lenders to offer repayment plans to those facing economic hardship who are looking to rehabilitate their credit scores.

Read Full Article: House passes bill to overhaul credit reporting

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