To amend the Fair Credit Reporting Act to prevent consumer reporting agencies from furnishing consumer reports under certain circumstances, and for other purposes.
Sponsors
Legislative Progress
Enrolled (Passed Congress)Additional sponsors: Mrs. McClain, Ms. Williams of Georgia, Mrs. Beatty, …
Reported with an amendment, committed to the Committee of the …
Passed House (inferred from eh version)
Passed Senate (inferred from enr version)
Enrolled Bill (inferred from enr version)
Mr. Rose (for himself, Mr. Torres of New York, Mr. …
Summary
What This Bill Does
This bill protects homebuyers from unwanted solicitations by restricting when credit bureaus can share consumer reports with third parties after a mortgage-related credit inquiry. Reports can only be shared if the consumer authorized it or the third party is the current mortgage servicer.
Who Benefits and How
- Homebuyers are protected from being bombarded with unsolicited mortgage offers after applying for a loan
- Privacy advocates gain new consumer protections in credit reporting
- Banks and credit unions that originate mortgages face less competition from predatory lenders using prescreened offers
Who Bears the Burden and How
- Consumer reporting agencies must implement new verification systems before sharing reports
- Mortgage lead generation companies lose access to prescreened mortgage applicant data
- Lenders relying on prescreened offers face reduced marketing opportunities
Key Provisions
- Restricts prescreened credit report sharing for mortgage transactions
- Requires consumer authorization documentation or proof of existing servicer relationship
- Applies to residential mortgage loans as defined in S.A.F.E. Act
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Restricts consumer reporting agencies from sharing homebuyer credit reports for prescreened offers unless authorized or from current mortgage servicer.
Policy Domains
Legislative Strategy
"Protect homebuyers from predatory marketing using credit data"
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
Key Definitions
Terms defined in this bill
As defined in S.A.F.E. Mortgage Licensing Act of 2008
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology