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
Passed SenateMr. Reed (for himself, Mr. Hagerty, Mr. Van Hollen, Mr. …
Passed Senate (inferred from es version)
Summary
What This Bill Does
This bill addresses "trigger leads" - the practice where credit bureaus sell consumer information to competing lenders after a homebuyer applies for a mortgage. It restricts credit bureaus from sharing consumer reports after mortgage inquiries unless the requesting party is authorized by the consumer or has an existing relationship.
Who Benefits and How
Homebuyers are protected from unsolicited competing offers and potential scams triggered by mortgage applications. Privacy advocates gain stronger consumer data protections.
Who Bears the Burden and How
Consumer reporting agencies lose revenue from selling trigger leads. Mortgage lead generation companies lose access to real-time mortgage applicant data.
Key Provisions
- Restricts credit bureau sharing of reports after mortgage inquiries
- Allows sharing only if third party has consumer authorization, is current lender/servicer, or is bank with existing account relationship
- Effective 180 days after enactment
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 credit bureaus from sharing consumer credit reports with third parties after a mortgage inquiry (trigger leads), unless the third party is the consumer's current lender, servicer, or bank.
Policy Domains
Legislative Strategy
"Close loophole that exposes mortgage applicants to competing offers and potential fraud"
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
Key Definitions
Terms defined in this bill
Has the meaning given in section 1503 of the 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