Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency Act of 2021 or the Comprehensive CREDIT Act of 2021
This bill provides for additional consumer credit protections, sets forth requirements for credit reporting agencies, and prohibits the inclusion of specified information on credit reports.
The bill revises the dispute process for consumers challenging information contained on their credit report, including by establishing an appeals process for disputed credit information. The bill also establishes the right for courts to award injunctive relief to require compliance with consumer credit laws.
Credit reporting agencies must provide (1) free credit scores to consumers along with their free annual credit reports, and (2) additional information regarding the calculation of their credit score.
Furthermore, specified lenders must give consumers free copies of consumer reports or credit scores used for making underwriting decisions before consumers sign the respective loan agreements.
Additionally, the bill generally revises the information included on a credit report, including by limiting the inclusion of certain medical debt.
The bill also expands consumer credit protections applicable to servicemembers and victims of fraud.