To amend the Fair Credit Reporting Act to prohibit the creation and sale of trigger leads, and for other purposes.

Bill: 116-hr-5720
Sponsor: full_name: Rep. Clay, Wm. Lacy [D-MO-1]
Introduced: 2020-01-30
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Consumer Financial Protection Bureau

Consumer credit

Credit and credit markets

Housing finance and home ownership

Right of privacy
Latest action: action_date: 2020-01-30
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2020-01-30
action_desc: Introduced in House
text: <p>This bill prohibits credit reporting agencies from providing a credit report not initiated by a consumer if the report is being provided on the basis that the consumer has had a credit inquiry regarding a home mortgage loan. This practice, known as producing a trigger lead, provides notice to other mortgage lenders that the consumer is seeking a mortgage loan. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 5720 IN THE HOUSE OF REPRESENTATIVES January 30, 2020 Mr. Clay introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Fair Credit Reporting Act to prohibit the creation and sale of trigger leads, and for other purposes.

1. Trigger lead prohibition Section 604(c) of the Fair Credit Reporting Act ( 15 U.S.C. 1681b(c) ) is amended by adding at the end the following: (4) Prohibition on trigger leads for residential mortgage loans Notwithstanding paragraph (1), no consumer reporting agency may furnish a consumer report in connection with a credit transaction that is not initiated by a consumer, if the report is being procured based in whole or in part on the presence of an inquiry made in connection with a residential mortgage loan (as defined under section 103 of the Truth in Lending Act ( 15 U.S.C. 1602 )). .