On Tuesday, U.S. Representative John Rose (TN-06) thanked his colleagues on the House Financial Services Committee for advancing his bipartisan legislation to protect aspiring homeowners. H.R.2808, the Homebuyers Privacy Protection Act, would dramatically reduce the number of unwanted calls and messages that follow applying for a mortgage in the United States.
Currently, credit bureaus are notified when a consumer applies for mortgage financing. That information (which is referred to as a trigger lead) is then often sold by the credit bureaus to data brokers and other lenders without the consumer’s knowledge or approval. Consumers are then often bombarded with hundreds of unwanted solicitations.
Rep. Rose released the following statement after the bill advanced committee:
“Enough with the endless unwanted calls and text messages,” Rep. Rose said. “This will undoubtedly be one of – if not the most – bipartisan bill to come before the House of Representatives since I came to Congress in 2019. I look forward to seeing this become law.”
The legislation is being co-led by Rep. Ritchie Torres (D-NY) and has garnered more than 80 cosponsors from both sides of the aisle. The legislation is also bicameral. In fact, the U.S. Senate version of the bill, introduced by Sens. Bill Hagerty (R-TN) and Jack Reed (D-RI), passed the chamber just last December. It was reintroduced in April.
Background:
The Homebuyers Privacy Protection Act would amend the Fair Credit Reporting Act (FCRA) to prohibit a credit reporting bureau from furnishing a trigger lead unless an individual chooses to opt-in while also preserving the use of trigger leads in appropriately limited circumstances. The Homebuyers Privacy Protection Act is supported by a broad coalition of financial trades and consumer groups, including the Independent Community Bankers of America, Mortgage Bankers Association, Tennessee Bankers Association, National Association of Mortgage Brokers, American Bankers Association, and the Broker Action Coalition.