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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Nov 30, 2017.
Military Families Credit Reporting Act of 2017
This bill amends the Fair Credit Reporting Act to: (1) allow a consumer to provide proof to a consumer reporting agency that an adverse credit report item occurred while on active duty, and (2) require a consumer reporting agency to provide an active duty military consumer's relevant active duty status on adverse credit report items.
The Consumer Financial Protection Bureau is required to publish a model form that allows a consumer to: (1) notify a consumer reporting agency that the consumer is an active duty military consumer, and (2) provide contact information for communicating with the consumer while on active duty.
Notice of active duty status may not be the basis for an adverse credit action.
A consumer reporting agency must notify an active duty military consumer of negative information received about that consumer.