Senate committee passes credit bill

Northwestern Financial Review, Oct 15-Oct 31, 2003

The Senate Banking Committee has passed the National Consumer Credit Reporting System Improvement Act of 2003. The legislation would permanently extend the expiring uniform fair credit standards and adopt a number of changes to help combat identity theft. The Senate bill also provides for the creation of a Financial Literacy and Education Commission to develop a "national strategy to promote financial literacy and education among all Americans." The bill now goes to the full Senate for consideration.

The House passed its version of the legislation, the Fair and Accurate Credit Transactions Act early in September.