The Small Business Credit Protection Act of 2023 amends federal law to require credit reporting companies to notify small businesses promptly when their nonpublic data is breached, following the timeline required by the state where the business is located or, in states without specific breach notification laws, in the most expeditious manner possible. The bill also prohibits credit reporting companies from charging small businesses for credit reports during the 180 days following a data breach. Additionally, the legislation requires the Government Accountability Office to submit a report to Congress within one year of enactment documenting the economic harm small businesses have experienced from data breaches at credit reporting companies. The bill does not preempt any existing state laws regarding credit reporting companies.
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