To amend the Fair Credit Reporting Act to prohibit consumer reporting agencies from furnishing consumer reports containing adverse items of information about a consumer that resulted from that consumer being unlawfully or wrongfully detained abroad or held hostage abroad.
About This Bill
Committee
Latest Action · June 4, 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
The Fair Credit for American Hostages Act would protect Americans who have been unlawfully detained or taken hostage abroad from having negative credit information reported during their captivity. The bill prohibits credit reporting agencies from including adverse items such as missed payments or defaults on credit reports for individuals officially determined to be wrongfully detained or held hostage by the government. Americans affected by kidnapping or wrongful detention would need to provide documentation from federal authorities to credit reporting agencies to trigger this protection. The Consumer Financial Protection Bureau must issue rules within 180 days establishing how hostages can submit documentation to agencies, and the law would take effect 30 days after those rules are issued. This legislation aims to prevent hostages from suffering long-term damage to their credit scores due to circumstances beyond their control during their captivity.
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