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Small Business Credit Protection Act of 2021

12/30/2022, 5:47 PM

Summary of Bill HR 3854

Bill 117 hr 3854, also known as the Small Business Credit Protection Act of 2021, aims to provide small businesses with greater protection and transparency when it comes to their credit reports. The bill seeks to amend the Fair Credit Reporting Act to require credit reporting agencies to provide free credit reports to small businesses on an annual basis.

Additionally, the bill includes provisions that would allow small businesses to dispute errors on their credit reports and require credit reporting agencies to investigate and correct any inaccuracies in a timely manner. This would help small businesses maintain accurate credit information, which is crucial for obtaining financing and conducting business operations.

Furthermore, the Small Business Credit Protection Act of 2021 would also require credit reporting agencies to establish a process for small businesses to place a security freeze on their credit reports, similar to the protections already available to consumers. This would help prevent identity theft and fraud, which can have devastating consequences for small businesses. Overall, this bill aims to level the playing field for small businesses when it comes to accessing and managing their credit information. By providing greater transparency, protection, and control over their credit reports, small businesses can make more informed financial decisions and better protect themselves from potential risks.

Congressional Summary of HR 3854

Small Business Credit Protection Act of 2021

This bill establishes requirements related to breaches of data belonging to small businesses.

Specifically, a consumer reporting agency must promptly report any breach of nonpublic small business data. In the event of a breach, a consumer reporting agency may not charge a small business for a credit report. Additionally, the Government Accountability Office must report on the economic harm to small businesses resulting from data breaches at consumer reporting agencies.

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Current Status of Bill HR 3854

Bill HR 3854 is currently in the status of Bill Introduced since June 11, 2021. Bill HR 3854 was introduced during Congress 117 and was introduced to the House on June 11, 2021.  Bill HR 3854's most recent activity was Referred to the House Committee on Small Business. as of June 11, 2021

Bipartisan Support of Bill HR 3854

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 3854

Primary Policy Focus

Commerce

Potential Impact Areas

- Business records
- Computer security and identity theft
- Congressional oversight
- Consumer credit
- Credit and credit markets
- Government studies and investigations

Alternate Title(s) of Bill HR 3854

Small Business Credit Protection Act of 2021
To amend the Small Business Act to require that credit reporting companies provide certain protections to small businesses, and for other purposes.
Small Business Credit Protection Act of 2021

Comments

Sponsors and Cosponsors of HR 3854

W. Gregory Steube
W. Gregory Steube
FloridaRepublican

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