Consumer Credit Control Act of 2023

The Consumer Credit Control Act of 2023 strengthens consumer privacy by requiring credit reporting agencies to obtain **affirmative informed consent** before sharing credit reports for most purposes, such as extending credit or underwriting insurance. It mandates agencies to verify consumer identity through proper ID checks and provides **secure, free tools** (like toll-free calls or online portals) for consumers to grant, revoke consent, or manage their report-sharing preferences within one business day. The bill also prohibits agencies from charging fees for consent management, requires them to use "commercially reasonable efforts" to prevent unauthorized data access, and sets a **18-month implementation deadline** after regulations are finalized. These changes directly affect consumers whose credit data is shared and credit reporting agencies that handle such information.