Sec. 705. Establishes consumers’ right to shop for the best deal on certain large dollar loans without harming their credit standing
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/bill/114/hr/5282/ih/section-705·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 605 of the Fair Credit Reporting Act ( 15 U.S.C. 1681c ) is amended by adding at the end the following new subsection: With respect to multiple enquiries of the same type made to a consumer reporting agency for a consumer report or credit score with respect to a consumer, any credit scoring model shall treat such enquiries as a single enquiry if the enquiries are made within a 120-day period. With respect to multiple enquiries made to a consumer reporting agency for a consumer report or credit score with respect to a consumer, such enquiries are of the same type if the consumer reporting agency has reason to believe that the enquiries are all made for the purpose of determining the consumer’s creditworthiness for an extension of credit described in one of the following:
A covered residential mortgage loan (as described in section 605C). A motor vehicle loan or lease (as described in section 609(j)). A private education loan. Any other consumer financial product or service, as determined by the Bureau. .
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Sec. 705
Establishes consumers’ right to shop for the best deal on certain large dollar loans without harming their credit standing
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