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.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5720 Introduced in House (IH)]
<DOC>
116th CONGRESS
2d Session
H. R. 5720
To amend the Fair Credit Reporting Act to prohibit the creation and
sale of trigger leads, and for other purposes.
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 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)).''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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