H.R. 4120 - 117th Congress: Comprehensive CREDIT Act of 2021

H.R. 4120 - 117th Congress Summary​

The Comprehensive CREDIT Act of 2021 (H.R. 4120), introduced in the 117th Congress (2021-2022), aimed to reform consumer credit reporting practices to improve accuracy, transparency, and fairness in the credit system.

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Key Provisions:

1. Reduction of Negative Information Impact:

   • Limits the time negative information remains on credit reports.

   • Reduces the impact of medical debt on credit scores.

2. Free Credit Scores & Reports:

   • Expands access to free credit scores and reports for consumers.

3. Stronger Dispute Resolution Rights:

   • Improves the process for disputing errors on credit reports.

   • Increases consumer protections against unfair reporting practices.

4. Limits on Credit Checks for Employment:

   • Restricts the use of credit reports in employment decisions.

5. Student Loan & Credit Reporting Reforms:

   • Enhances credit protections for student loan borrowers.

 

The bill sought to strengthen consumer rights and reduce barriers to financial opportunities caused by inaccurate or unfair credit reporting. However, it did not pass into law.