Linda Sánchez Introduces Legislation to Promote Fair Credit Reporting for Servicemembers
Norwalk, CA – U.S. Representative Linda Sánchez (CA-38), Vice Chair of the House Democratic Caucus, recently introduced H.R. 4313: The Fair Credit Reporting for Servicemembers Act.
“Our servicemembers make tremendous sacrifices for our country—and their credit score should not be one of them. Unfortunately, too many servicemembers face financial challenges when they return home because of missed payments incurred while they were deployed.
“The Fair Credit Reporting for Servicemembers Act allows deployed service personnel to notify credit reporting agencies of a military deployment. It also authorizes reporting agencies to contact deployed service members when an adverse action is posted on their credit report. Both actions would give creditors more context about the circumstances under which service members missed payments.
“This bill gives servicemembers more control over their finances and the peace of mind that they will have fair credit reporting in the event of a deployment.”
Rep. Linda Sánchez first introduced the legislation after hearing from John Kelsall, President & CEO of the Greater Lakewood Chamber of Commerce. He shared with her stories of service members and veterans who had trouble obtaining business and home loans because of missed payments while they were deployed. She authored the legislation in 2014 and again introduced the bill in the 114th Congress.