Removing Barriers Blog

CUNA writes in opposition to H.R. 5332 - the Protecting Your Credit Score Act of 2019
Posted June 25, 2020 by CUNA Advocacy

Earlier this week, CUNA wrote to Speaker Pelosi and Leader McCarthy in opposition to H.R. 5332, the Protecting Your Credit Score Act of 2019. The letter cites numerous concerns over increased lawsuits and cybersecurity risks. If enacted, H.R. 5332 would revise certain provisions related to consumer credit reports and credit reporting agencies.

“While the legislation may be well-intentioned, we oppose H.R. 5332 because the expansion of private rights of action and allowing courts to award injunctive relief could increase the frequency of meritless lawsuits under the Federal Credit Reporting Act (FCRA). When entities are subject to frivolous litigation, resources are distracted from providing services, increasing the cost of service to all consumers."