The "Fair Credit Reporting Reseller Accuracy Act" aims to amend the Fair Credit Reporting Act to ensure resellers transmit accurate consumer report information. It requires resellers to follow reasonable procedures to guarantee the maximum accuracy of transmitted information before sharing it with end users. This bill will impact the accuracy and reliability of credit information provided by resellers to end users or other resellers, potentially enhancing consumer confidence in the credit reporting system.
Fair Credit Reporting Reseller Accuracy Act
This bill requires a consumer credit data reseller (a consumer reporting agency that does not maintain a credit database of its own, but assembles and merges a consumer's credit information from other agencies that it provides to a third party) to follow reasonable procedures to ensure the maximum possible accuracy of the credit information it provides.
A reseller may not be held liable under the Fair Credit Reporting Act for the information it provides if the reseller accurately communicates the information obtained from another consumer reporting agency.