A group of Democratic senators recently unveiled a bill that could help trans people who have changed their names receive their credit reports safely.. This was reported by the news portal The Hill.
The bill is called “Accuracy of Names on Credit Reports Act“, and was introduced in late July by Democratic Senators John Fetterman, Tina Smith and Ed Markey.
According to information from The Hill, this legislation would amend the Fair Credit Reporting Act to require all credit reporting agencies nationwide to use only the consumer’s current legal name on their credit reports, which could benefit trans users who have changed their name .
The bill has eight Democratic cosponsors and is supported by the American Civil Liberties Union (ACLU), the Center for LGBTQ Economic Research and Advancement, and the National Center for Transgender Equality, as well as other organizations that support the LGBTQ population, as reported by The Hill.
At the moment, people who have recently changed their names have had trouble getting accurate credit reports and scores.
As reviewed by The Hill, credit bureaus often create a completely new credit file when a person who has changed their name applies for credit under their new legal identity.
This, of course, means that people can suffer credit score reductions, which limits their access to forms of credit such as loans, mortgages and even for employment.
Fetterman called the proposal, in a statement reviewed by The Hill, a “sensible move” that will benefit anyone who has changed their name, including transgender and non-binary people and survivors of domestic violence.
Credit reports for transgender and nonbinary people who have changed their name often include their “dead name,” the name they were given at birth before their transition, which can lead to discrimination or harassment on credit, housing and employment.
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