New Law to Protect Consumers- “Consumer Reporting Fairness Act”

“During the financial crisis, more than 50 million people saw their credit scores fall due to foreclosures and financial hardships. Many turned to bankruptcy, but are still haunted by debt on their credit report that they no longer owe” (Dubyak, 2015). A new law called the Consumer Reporting Fairness Act was newly announced. The purpose of this legislation is to change previous bankruptcy policy that allows previous paid or discharged debts to appear on citizens’ credit reports, widely referred to as “zombie debts” because of how they haunt these consumers. The Consumer Reporting Fairness Act would require that any of those debts are changed to a zero balance by banks and debt buyers on the credit report of any consumers that meet these conditions. The filing for bankruptcy would still remain on record for up to ten years, but once the debt is paid or discharged it is to be immediately removed from the file. If creditors fail to do so, legal action may be taken against them. “Every consumer should have a credit score that accurately reflects how creditworthy they are… When creditors fail to report that debt is no longer owed, they drive down consumers’ credit scores, costing consumers money and opportunities. The Consumer Reporting Fairness Act will help ensure that creditors fulfill their responsibility to provide correct and timely information about consumers’ credit” (Dubyak, 2015). The purpose of this new law is to help consumers get employed and obtain mortgage loans more easily.
‪#‎bankruptcy‬ ‪#‎consumerprotection‬ ‪#‎debtdischarge‬ ‪#‎creditscore‬‪#‎NewConsumerProtectionBill‬ ‪#‎NACBA‬ ‪#‎zombiedebts‬‪#‎ConsumerReportingFairnessAct‬

Dubyak, M., & Vadala, G. (15 Jul. 2015). “Brown Introduces Bill to Strengthen Credit Reporting Accuracy”. NACBA. Retrieved from Web 17 Jul. 2015.

If you or someone you know cannot seem to make ends meet and are considering bankruptcy- give Elaine Fridlin, Esq. of Fridlin & Associates, P.C. a call today. We offer free initial consultations.

Fridlin & Associates, P.C.

1517 Voorhies Ave, Suite 4

Brooklyn, NY 11235

(718) 372-4400



Published by


Fridlin & Associates, P.C. is a financial law firm for individuals and small businesses in metropolitan New York. If you or your business face a problem concerning bankruptcy, debt settlement, loan modification program, the sale and purchase of residential or commercial real estate, landlord/tenant disputes, enforcing your rights as a creditor, the sale and purchase of a business, or employment litigation, Fridlin & Associates stand ready to provide the solution that protects your best interests. We can help you: Eliminate Debt! Stop Foreclosure! File for Bankruptcy! Apply for a Loan Modification Program! Stop Wage Garnishment! Stop Lawsuits! Eliminate Judgments! Eliminate or Reduce the second mortgage on your home! Reduce the mortgage on your investment property to its fair market value! Eliminate your obligation to pay creditors and medical expenses! Eliminate business loans! Release Frozen Bank Accounts! Stop harassing phone calls! Please call 718-372-4400 today for a free consultation. We have appointments available Monday through Friday and your first visit is free. Fridlin & Associates, P.C., also provides legal representation on wage dispute matters under the Fair Labor Standards Act in both federal and state courts. Learn more about Elaine Fridlin and Fridlin & Associates here. If you’re interested in bankruptcy as a potential solution to your debt management problems, you can learn more about bankruptcy for both consumers and businesses here.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s