Small Business Credit Protection Act

The Small Business Credit Protection Act (S. 2034) is designed to protect small business owners from the financial fallout of data breaches at major credit reporting agencies. Under this bill, credit bureaus would be legally required to notify small businesses immediately if their nonpublic data is compromised. To help business owners monitor and recover from such incidents, the bill prohibits these agencies from charging small businesses for credit reports following a breach. Additionally, it mandates a federal study to evaluate the long-term economic impact these security failures have on the small business community.