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Protect Our CREDIT Act of 2023
3/11/2024, 4:36 PM
Summary of Bill S 212
One key provision of the bill is the requirement for credit reporting agencies to provide consumers with free access to their credit reports on a more frequent basis. Currently, consumers are entitled to one free credit report per year from each of the three major credit reporting agencies. The Protect Our CREDIT Act of 2023 would expand this to allow for free access to credit reports every six months, giving consumers more opportunities to monitor their credit information for inaccuracies or signs of fraudulent activity.
Additionally, the bill includes measures to improve the accuracy of credit reports by requiring credit reporting agencies to investigate and resolve disputes within a shorter timeframe. This would help individuals correct errors on their credit reports more quickly and prevent inaccurate information from negatively impacting their credit scores. The Protect Our CREDIT Act of 2023 also aims to strengthen protections against identity theft and data breaches by requiring credit reporting agencies to implement stronger security measures to safeguard consumers' personal information. This includes measures such as encryption of data, regular security audits, and notification requirements in the event of a data breach. Overall, the bill seeks to empower consumers to take control of their credit information and protect themselves from potential harm caused by inaccuracies, identity theft, and data breaches in the credit reporting industry. By enhancing consumer protections and promoting transparency in the credit reporting process, the Protect Our CREDIT Act of 2023 aims to ensure a fair and accurate credit reporting system that benefits all Americans.
Congressional Summary of S 212
Protect Our Citizens from Reckless Extortion of our Debt and Irresponsible Tactics Act of 2023 or the Protect Our CREDIT Act of 2023
This bill allows the President to increase the statutory debt limit unless a joint resolution of disapproval is passed by Congress and becomes law.
Prior to the beginning of each fiscal year, the President must submit to Congress a certification that specifies the existing debt, the debt limit, and the debt that will be necessary to issue during the next year to meet existing commitments. The debt limit is increased by the proposed amount, unless a joint resolution of disapproval is passed by Congress within 15 days and becomes law. Congress must consider the joint resolution using specified expedited legislative procedures.
The President must submit an additional certification to Congress during the year if the debt is within $250 billion of the limit, and further borrowing is necessary to meet existing commitments. The certification must propose a new debt limit for the remainder of the year and explain any discrepancy with the earlier certification. The new debt limit also goes into effect, unless a joint resolution of disapproval is passed by Congress within 15 days and becomes law.
The bill suspends the debt limit during the period in which Congress is considering a joint resolution of disapproval after the President has submitted a mid-year certification.
