Fair Credit Reporting Reseller Accuracy Act

The Fair Credit Reporting Reseller Accuracy Act aims to amend the Fair Credit Reporting Act (FCRA) by imposing new requirements on companies that act as resellers of consumer credit data. Currently, major credit bureaus are required to follow reasonable procedures to ensure the maximum possible accuracy of the information they report. This bill would extend that same legal standard to resellers—middlemen who purchase credit information from bureaus and package it for other lenders or employers—requiring them to verify and maintain the accuracy of the data before it is transmitted.

If enacted, the bill would provide consumers with greater protection against errors in their credit reports that occur during the data transfer process. By holding resellers accountable for the quality of the information they provide, the legislation seeks to prevent individuals from being unfairly denied loans, housing, or employment due to inaccurate financial records. Additionally, the bill proposes to clarify the legal liability of these resellers, generally protecting them from lawsuits if they accurately pass along unmodified data from a primary credit bureau while still mandating they implement internal verification systems.