The Virginia Small Business Commission made no recommendation on Virginia House Bill 2198 this week, leaving the commercial credit reporting bill effectively dead for the remainder of the year.
The credit information industry and the National Association of Credit Management (NACM) are opposed to HB 2198 since its introduction in January, and will continue to oppose it as the debate over the bill carries into the new year. Specifically, the credit information industry and NACM believes that HB 2198’s provisions that would force commercial credit reporting agencies to reveal the identity of their sources of so-called “negative information” on the subject of a commercial credit report would cool the free and open exchange of credit information in Virginia, create a patchwork of regulations nationwide that would negatively affect credit availability and set a dangerous precedent for the regulation of commercial credit reports in general.
Source: National Association of Credit Management