Debt Bondage Repair Act



In December 2021, the Debt Bondage Repair Act was signed, which prohibits credit reporting companies from providing credit reports that contain any negative item of information about a survivor of trafficking (as a result of their trafficking situation) on their credit report. On July 25th, 2022 the CFPB updated the Fair Credit Reporting Act to ensures survivors are able to reclaim control of their financial lives. The new regulation contains the following: - Provides guidance to survivors on the trafficking documentation they need to provide to credit reporting agencies. - Provides guidance to survivors on reporting status of having experienced a form of trafficking. - Requires credit reporting companies to block adverse information in credit reports. - Applies to all credit reporting companies and includes employment screening, tenant screening, check and bank screening, personal property insurance, medical, low-income and subprime, utilities, retail and gaming. If a member, family member, prospective member or employee prospect indicates they have negative information on their credit report due to Human trafficking, have them reach out to the three main credit bureaus. The three main bureaus have resources on their websites to help guide victims through the process. Credit Report Request | Human Trafficking | Equifax Human Trafficking Survivor Resources | TransUnion Assistance for survivors of human trafficking - Experian

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