HR 306 · in committee · major
ESCRA Act
- economy
What this bill does
- This bill strengthens rules for credit repair companies, requiring them to prove results before charging fees and prohibiting misleading statements to financial regulators.
- Credit repair organizations and their customers are affected, along with credit reporting agencies and financial regulators.
- The bill requires state licensing, increases record retention to five years, and sets minimum damages of $500 per violation.
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Community Threads
Started by Cosponsor
- 01
How would requiring credit repair companies to prove results before charging fees affect consumers with legitimate credit problems seeking help?
- 02
What trade-offs exist between stricter state licensing requirements and the availability of affordable credit repair services in underserved communities?
- 03
How might five-year record retention and $500 minimum damages per violation change the business practices of credit repair organizations?
Cosponsor writes these to seed civic discussion — they aren't user posts. Sign in to reply.
Sponsor · D-DE
Sarah McBride
Citizen cosponsors
0
In Congress
7/ 435
House Reps cosponsoring
Introduced 2025-01-09
Joining the bill
Legislative timeline
2025-01-09 · house · IntroReferral
Referred to the House Committee on Financial Services.
2025-01-09 · IntroReferral
Introduced in House
2025-01-09 · IntroReferral
Introduced in House
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