H.R.6129 - Credit Monitoring Clarification Act109th Congress (2005-2006)
|Sponsor:||Rep. Royce, Edward R. [R-CA-40] (Introduced 09/20/2006)|
|Committees:||House - Financial Services|
|Latest Action:||10/18/2006 Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology. (All Actions)|
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Summary: H.R.6129 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (09/20/2006)
Credit Monitoring Clarification Act - Amends the Credit Repair Organizations Act to cite conditions under which provision to a consumer of credit reports, credit score analysis, and assistance in a case of identity theft shall not be considered as an activity to improve a consumer's credit status, which is subject to regulation under such Act.
Exempts from regulation under such Act any person (credit repair organization, or CRO) representing that it can modify or remove, or assist the consumer in modifying or removing, any information in the consumer's credit report if the CRO gives clear and conspicuous notice, before the consumer pays or agrees to pay it, that: (1) neither the consumer nor anyone else has the right to have accurate and current information removed from a credit report; and (2) the consumer has the right to dispute any inaccurate information by contacting the credit bureau directly. Requires a CRO, to qualify for this exemption from regulation, also to give the consumer, before payment or agreement to pay, a specified disclosure entitled "Your Rights Concerning Your Consumer Credit File."