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. If a consumer provides an email address, the agency must send an email within 30 business days of the correction, including a link to a secure website where the consumer can obtain a corrected copy of their credit report at no cost.

The changes made by this bill are effective for corrections submitted to consumer reporting agencies on or after the bill's effective date of September 1, 2025. The bill aims to improve transparency and consumer awareness regarding the accuracy of their credit information, thereby empowering consumers to manage their credit profiles more effectively.

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