The bill, H.B. No. 5434, amends Section 20.07 of the Business & Commerce Code to enhance consumer protections regarding the accuracy of information in consumer reporting agencies' files. It requires these agencies to implement reasonable procedures to ensure that any previously reported inaccurate information 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 include the removal of the term "credit" from the description of consumer reporting agencies and the addition of a new subsection that outlines the notification process for consumers. The law will apply only to corrections submitted to consumer reporting agencies on or after the effective date of the Act, which is set for September 1, 2025.

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