The Small Business Credit Protection Act would require consumer reporting agencies and other credit reporting companies to provide protections to small businesses

The legislation would require credit bureaus to inform small businesses of a nonpublic personal data breach within 30 days, prohibits credit bureaus from charging small businesses for a credit report within 180 days after breach

Senator Reverend Warnock: “This legislation is an important step to ensure Georgia small businesses have the tools and information to protect their private credit information against any and all security threats.”

**Read the full bill text here and one-pager here**

Washington, D.C. – Yesterday, U.S. Senator Reverend Raphael Warnock (D-GA), alongside U.S. Senators Marco Rubio (R-FL), Chris Coons (D-DE), John Kennedy (R-LA), reintroduced the Small Business Credit Protection Act, legislation that would require credit bureaus to inform small businesses of a nonpublic personal data breach within 30 days. The bill would also prohibit credit bureaus from charging small businesses for a credit report within 180 days following a breach. 

In response to the 2017 Equifax data breach, Congress amended the Fair Credit Reporting Act to enhance some federal credit protections for “consumers.” However, business credit is excluded from the statutory definition of “consumers” and thus, while small businesses’ nonpublic information was subject to the breach, the changes did not apply to those using business credit. 

“Our state’s small businesses too often fall victim to the financial burdens of credit reporting bureaus and security breaches,” said Senator Reverend Warnock. “This legislation is an important step to ensure Georgia small businesses have the tools and information to protect their private credit information against any and all security threats.”

**Read the full bill text HERE**

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