Blog Post | Potential Regulatory Changes

There’s a lot happening in the regulatory space when it comes to your credit. Recently, the Comprehensive CREDIT Act and Protect Your Credit Score Act of 2021 were debated in front of congress. Based on reporting by USA Today, there were four key points under heavy deliberation.

  • Prohibiting the use of credit score information for purposes unrelated to credit decisions.

  • Reduce the amount of time negative information remains on your credit report.

  • Limit the reporting of medical debt.

  • Protect economic victims of COVID-19.

Alex Grimnes, President at Premier Credit, put together a short video to discuss the likelihood of these ideas getting through congress and what the impact would be to the real estate and credit industry.

Alex Grimnes