NJ Senators Seek Law to Protect Soldiers’ Credit
New Jersey’s U.S. senators want to ensure that members of the military are protected from having their credit compromised while they are deployed.
Sens. Robert Menendez and Cory Booker chose the 70th anniversary of D-Day on Friday to announce the Credit Reporting Act for Military Families.
The act would require credit reporting agencies to contact members of the military who are on deployment if there is an adverse action such as a missed payment posted on their credit report, before it goes to a collection agency.
The credit reports also would disclose if the adverse action occurred while the military member was deployed.
Menendez says the bill is necessary because too often military members suffer from negative credit reports stemming from missed payments while they are on deployment.
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