The bill, S.B. No. 695, amends Section 20.07 of the Business & Commerce Code to enhance consumer protections regarding the accuracy of information in consumer reporting agencies. It requires these agencies to implement reasonable procedures to ensure that any previously reported inaccurate information in a consumer's file is corrected promptly. Additionally, the bill introduces a new requirement for consumer reporting agencies to notify consumers when such corrections are made.

Specifically, if a consumer provides an email address, the agency must email the consumer a link to a secure website where they can obtain a corrected copy of their credit report at no cost within 30 business days of the correction. This change aims to improve transparency and accessibility for consumers regarding their credit information. The provisions of this bill will apply only to corrections submitted to consumer reporting agencies on or after the effective date of September 1, 2025.

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