WASHINGTON, D.C. – Today, the House of Representative voted to pass legislation put forth by Congresswoman Rashida Tlaib (MI-13) that includes multiple provisions to remove credit barriers that millions of Americans face.
The Restoring Unfairly Impaired Credit & Protecting Consumers Act (H.R. 3622), a bill within the Comprehensive CREDIT Act (H.R. 3621), comes at a time when many Americans across the country are faced with mounting medical debt, dealing with predatory lenders and fraudulent activity, and prevented from accessing credit due to their credit reports containing older debt, providing little to no insight of credit worthiness.
To help address these issues, H.R. 3622 will, among other things:
- Shorten the length of time that adverse, negative information stays on a credit report from seven years to four years
- Prohibit debt from medically necessary procedures from being included on credit reports
- Extend the time period before all other medical debt may be reported from 180 days to 365 days
- Require credit reporting agencies to remove negative information resulting from predatory loans and fraudulent activity
- Give survivors of domestic and financial abuse a pathway to get negative information resulting from abuse removed from their credit reports
“The use of credit reports has expanded and is now more than ever a huge barrier to economic opportunities. Americans should not be held back from basic needs that improve quality of life, like employment, housing, or transportation, because of medical debt. Our neighbors should not have to go without necessities because they fell victim to fraudulent activity or predatory lenders. Survivors of financial and domestic abuse do not deserve to have debt resulting from that abuse on their credit report. This bill is about fairness, opportunity, and justice, and I am so proud that it is now heading to the Senate,” said Rep. Rashida Tlaib.
The House voted to send H.R. 3622 within H.R. 3621 to the Senate with a vote of 221-189. This bill passage is just the latest in Rep. Tlaib’s actions to ensure that the everyday needs of her constituents are addressed today and well into the future.
The bill text of H.R. 3622 can be viewed here.