Homebuyers Privacy Protection Act

# Homebuyers Privacy Protection Act Summary **What It Does:** This bill restricts how credit reporting agencies can share homebuyers' credit information with third parties during mortgage transactions. Under the new law, credit agencies can only provide your credit report to companies involved in your mortgage if: (1) you've given written consent, or (2) the company is directly involved with your mortgage—such as the lender who originated your loan, your current mortgage servicer, or a bank you already have a relationship with. The rules take effect 180 days after the law was signed. **Who It Affects:** The law primarily benefits homebuyers and mortgage applicants by limiting how widely their sensitive financial information can be shared.

It also affects credit reporting agencies and mortgage-related businesses, which will need to follow stricter guidelines when accessing credit reports. Lenders and real estate companies involved directly in mortgage transactions can still access reports, so the law doesn't prevent necessary information-sharing for actual loan processing. **Current Status:** The bill has been signed into law and is now in effect.