S. 3502, titled the “Homebuyers Privacy Protection Act,” aims to amend the Fair Credit Reporting Act. The bill seeks to limit consumer reporting agencies from sharing consumer credit reports when requested for transactions involving residential mortgage loans. Under this...
Simple Explanation
The "Homebuyers Privacy Protection Act" is a plan to change the rules so that companies can't share people's credit information when they are buying a house unless they're allowed by the person or already helping with the house's money. This rule is meant to keep personal money details safe and starts working 90 days after it becomes a law.