Small Business Credit Protection Act of 2023

HR 3071, the Small Business Credit Protection Act of 2023, requires credit reporting companies to promptly report data breaches involving sensitive small business data to affected businesses under state law timelines. It prohibits these companies from charging small businesses for credit reports during an 180-day period following a breach. The bill defines "small business concern" per the Small Business Act and mandates a GAO report on economic harm from such breaches within one year of enactment. This directly affects small businesses and credit reporting companies handling commercial credit data, focusing on breach transparency and cost protection.