The bill, S.B. No. 606, amends Section 20.07 of the Business & Commerce Code to enhance the responsibilities of consumer reporting agencies regarding the correction of inaccurate information in consumer files. Specifically, it requires these agencies to implement reasonable procedures to ensure that inaccuracies are corrected promptly. Additionally, if a consumer provides an email address, the agency must notify the consumer via email within 30 business days after correcting the inaccurate information. This notification will include a link to a secure website where the consumer can obtain a corrected copy of their credit report at no cost.

The bill also clarifies that the changes will only apply to corrections submitted to consumer reporting agencies on or after the effective date of the Act, which is set for September 1, 2025. The amendments aim to improve transparency and consumer access to accurate credit information, thereby enhancing consumer protection in the credit reporting process.

Statutes affected:
Introduced: Commerce Code 20.07 (Commerce Code 20)