Never before in my life have I ever seen something so un-American, nor a politician with the audacity to introduce such a bill. House Bill #730 (HB730), by Representative Katrina Jackson, states that a consumer can only be reported to a credit bureau if the report is positive and the consumer requests it.
Sounds ridiculous? Don’t believe me? Look it up. If Katrina Jackson’s bill passes, how will anybody in the finance industry determine who has good or bad credit?
How much higher of an interest rate will consumers pay to offset the bill that renders credit scores useless?
This sets a dangerous precedent and is prime example of a nanny society that penalizes citizens for doing the right thing. We should all be outraged at this government overreach!
I believe that this bill will violate federal statutes and that Safeco v. Burr (2007) renders this bill unconstitutional.
Zachary J. Chambers