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Tuesday, May 20, 2008, 10:00 a.m., 2128 Rayburn House Office Building
Full Committee
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Financial Services Committee Initiates Examination of Legislative Proposals to Address Credit Monitoring Services
Washington, DC—The House Financial Services Committee will hold a hearing to examine H.R. 2885, the Credit Monitoring Clarification Act, on Tuesday, May 20, 2008 at 10:00 a.m. This hearing will focus on the growth and use of credit monitoring services. It will also examine the need to clarify the treatment of these services under the Credit Repair Organizations Act (CROA).
“Credit monitoring has increasingly been used as a tool to protect consumers affected by data breaches, and many other consumers have decided on their own that they want this product. This hearing will also allow us to consider the need to amend and update the Credit Repair Organization Act as it affects the ability of companies to offer credit monitoring products,” said Congressman Kanjorski, Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises. “Congressman Royce and I have worked for several years on these matters and introduced H.R. 2885, the Credit Monitoring Clarification Act, to refine the treatment of credit monitoring services under existing law and to provide new rights for consumers buying this product. This hearing will provide an opportunity to discuss our bill and other options.”
“Because the Credit Repair Organization Act became law prior to the creation of products such as credit monitoring services, legitimate companies have been lumped into the expansive definition of credit repair organizations,” said Congressman Ed Royce (R-CA). “As a result, the credit monitoring industry continues to face legal ambiguity and uncertainty in the marketplace. Our legislation is a minor, but critical, correction to CROA which is long overdue. I commend Chairman Frank for his willingness to hold a hearing on the topic.”
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