2020: Fitzpatrick Voted Against Provisions To Credit Reporting
Standards To Protect Consumers. In January 2020, Fitzpatrick voted
against a bill that would, according to Congressional Quarterly, "make a
number of modifications to credit reporting standards and consumer
protections. Among other provisions, it would limit the information that
consumer reporting agencies may include on an individual's credit
report." The vote was on passage. The House passed the bill by a vote of
221-189. [House Vote 31,
1/29/20; Congressional
Quarterly, 1/29/20;
Congressional Actions,
H.R.3621]
Congressional Quarterly: The Bill Forced Credit Reporting
Companies To "Cut Consumers Some Slack" By Shortening The Time That
Adverse Credit Events Can Hurt. According to Congressional
Quarterly, "Most of the provisions would force credit reporting
companies to cut consumers some slack by requiring the firms reduce
the time that certain adverse credit events can hurt. [The]
bill would direct credit reporting companies to remove a delinquency
or default designation from a private education loan if a borrower
subsequently made nine on-time monthly payments. A similar provision
[...] would shorten the time that adverse credit information stays
on a report from seven years to four, and bankruptcies from 10 years
to seven." [Congressional Quarterly,
1/27/19]
The Bill Required Credit Reporting Companies To Provide Free
Copies Of Credit Scores And Credit Reports. According to
Congressional Quarterly, "Another credit reporting measure [...]
would require the companies to provide consumers free copies of
credit scores along with the credit reports they can now get free
annually or after their credit data might have been compromised. The
bill also would require credit reporting companies to maintain a
consumer's credit score history for two years and delete credit
scores older than two years." [Congressional Quarterly,
1/27/19]
The Bill Strengthened Restrictions On Credit Checks For
Employment. According to The Hill, "legislation also includes
provisions that would strengthen restrictions on credit checks for
employment decisions unless necessary for positions that require
background checks 'by a federal, state or local law, or for a
national security clearance' and would shorten the time negative
credit information stays on a report down to four years and make
changes to the credit report dispute process." [The Hill,
1/29/20]
The Hill: Democrats Argued That The Bill Was Necessary To "Fight
Back Against Abusive Or Predatory Practices." According to The
Hill, "Proponents of the bill argued it is a necessary step to fight
back against abusive or predatory practices and provide borrowers
with options to gain financial stability." [The Hill,
1/29/20]
The Hill: Republicans Believed The Bill Would Make "Dramatic
Changes That Could Have Negative Repercussions On Consumers."
According to The Hill, "critics of the legislation allege the bill
would make dramatic changes that could have negative repercussions
on consumers, with top Republicans arguing they should work to find
a bipartisan solution on reforms to the Fair Credit Reporting Act."
[The Hill,
1/29/20]