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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | December 17, 2013 03:14 PM |
|---|---|
| From: | Senator Michael J. Stack |
| To: | All Senate members |
| Subject: | Penatly for False Reporting on Credit Report |
| In the near future, I plan on introducing legislation that would penalize financial institutions, credit reporting firms and other relative companies that provide false information on behalf of an individual's personal credit report. This would amend Title 18 (Crimes Code) to make this a misdemeanor. In fairness, when a person knowingly and fraudulently withholds or posts incorrect information on a financial document, that person is convicted of a crime and must pay fees and restitution for having done so. My legislation would make the financial industry held to the same accountability standards. If they knowingly input or release incorrect information that causes your credit score to go down, they will be charged with a misdemeanor of the 3rd degree and will be fined $1000 for each act. To correct personal credit scores or credit information can be costly to the individual and can take years to finally correct. This law would give that individual some reasonable restitution and make sure those who are in the practice of doing this will be held to a higher standard. If you wish to co-sponsor and have any particular questions, please contact my Harrisburg office. Thank you for your time. |
Introduced as SB1251