Bill Text: MS HC68 | 2012 | Regular Session | Introduced

Mississippi House Concurrent Resolution 68 (Prior Session Legislation)

Introduced

Bill Title: Congress; urge to amend federal law to require removal of negative information from credit report after four years.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2012-05-03 - Died In Committee [HC68 Detail]

Download: Mississippi-2012-HC68-Introduced.html

MISSISSIPPI LEGISLATURE

2012 Regular Session

To: Rules

By: Representative Dixon

House Concurrent Resolution 68

A CONCURRENT RESOLUTION URGING CONGRESS TO AMEND THE FEDERAL FAIR CREDIT REPORTING ACT TO REQUIRE CONSUMER CREDIT REPORTING AGENCIES TO REMOVE ACCURATE BUT NEGATIVE INFORMATION FROM A PERSON'S CREDIT REPORT AFTER FOUR YEARS.

WHEREAS, during the past several years, millions of Americans have lost their jobs, defaulted on their mortgages, and been delinquent in repaying their loans because of the harsh economic conditions in our country; and

WHEREAS, as a result of their difficult financial situations and inability to timely meet their obligations, these citizens have had negative information added to their credit reports maintained by the consumer credit reporting agencies; and

WHEREAS, under the federal Fair Credit Reporting Act, consumer credit reporting agencies can remove accurate, negative information from a person's credit report only if it is more than seven (7) years old, and for bankruptcy information, only if it is more than ten (10) years old; and

WHEREAS, having a poor credit repayment history on their credit report for that period of time can make it more difficult and costly for a person to get back on their feet financially, even if they have found a job and have paid off the past obligations that hurt their credit history; and

WHEREAS, it would be very beneficial for persons who have had difficult financial times in their lives, but who have since regained their footing and are now seeking to have a fresh start, if the period of time that consumer credit reporting agencies are required to maintain information in a person's credit report was reduced by several years:

NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF MISSISSIPPI, THE SENATE CONCURRING THEREIN, That we urge Congress to amend the federal Fair Credit Reporting Act to require consumer credit reporting agencies to remove accurate but negative information from a person's credit report after four (4) years.

BE IT FURTHER RESOLVED, That copies of this resolution be furnished to President Barack Obama, the President of the United States Senate, the Speaker of the United States House of Representatives and to the members of the Capitol Press Corps.