Limits when credit reporting agencies can share a consumer's credit report with lenders after that consumer applied for a mortgage-related credit transaction, so the report goes out only to a lender with a current relationship to the consumer or to a bank or credit union holding the consumer's account.

• Amends the Fair Credit Reporting Act to restrict prescreened consumer report furnishing when a residential mortgage loan request is involved
• Allows a report to go to another person only for a firm offer of credit or insurance and only if that person has the consumer's authorization or an existing mortgage, servicing, or account relationship with the consumer
• Applies to the amended provisions 180 days after enactment

• Banking, Housing, and Urban Affairs Committee (Senate)

Finance and Financial Sector