Chamber Praises House Renewal of Credit Rules-Fair Credit Reporting Act

U.S. Chamber Praises House Renewal of Credit Rules
Fair Credit Reporting Act Protects Consumers Against Identity Theft

WASHINGTON, D.C. – The United States Chamber of Commerce praised House lawmakers' reauthorization of the Fair Credit Reporting Act, which protects consumers from identity theft, gives consumers and businesses greater financing options, and supports the consumer-driven economy.

"This vote is a big victory for businesses and consumers," said Bruce Josten, Chamber executive vice-president. "With the recent sharp rise in identity theft, these credit rules will provide greater protection for Americans."

The Fair Credit Reporting Act, FCRA, underpins the nation's consumer economy, providing quick, easy and affordable access to credit to millions of American families, according to the Chamber. This legislation would, among other things, retain this national standard and implement a significant number of steps to combat identity theft and protect consumers.

"Small businesses and consumers have been the backbone of our economic recovery," continued Josten. "Renewing the fair credit rules continues our national and uniform credit standards, providing the certainty we need to keep our economy growing."

The National Chamber Foundation – the public policy arm of the U.S. Chamber –conducted an independent economic study of FCRA's impact on consumers and businesses. Results from the study showed that the national credit system lowers business costs and protects consumer access to credit.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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