H.R. 5720 · 116th Congress
To amend the Fair Credit Reporting Act to prohibit the creation and sale of trigger leads, and for other purposes.
- Stage
- In committee
- Sponsor
- Wm. Clay
- Introduced
- 2020-01-30
- Latest action
- 2020-01-30 · Introduced in House
Summary
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.