Finance and Financial SectorMilitary personnel and dependentsConsumer affairsCredit and credit markets
Why This Matters
This bill broadens credit monitoring protections under the FCRA (Fair Credit Reporting Act) to include all members of the armed forces, not just active duty personnel.
Who this affects
Credit reporting agencies · Financial institutions · Members of the armed forces
What changes is this bill making?
1It changes the definition in FCRA section 605A(k) to ‘armed forces member consumer’ meaning any consumer who is a member of the armed forces regardless of duty status.
2It replaces references to ‘active duty military consumer’ with ‘armed forces member consumer’ in key credit monitoring provisions.
3It updates section 625(b)(1)(K) to apply certain FCRA restrictions and requirements to armed forces member consumers.
4The new definition and related changes take effect one year after enactment.
