Steube Introduces Bill to Protect Small Business’ Credit Data
WASHINGTON, D.C.—Today, Congressman Greg Steube (R-Fla.) introduced the Small Business Credit Protection Act to amend the Small Business Act to direct credit bureaus to inform small businesses, within 30 days, if their non-public personal data has been breached, and prohibit credit bureaus from charging small businesses for a credit report within 180 days of a breach.
“For many years, data breaches have plagued consumers across America. Congress has attempted to protect consumers from these events, but unfortunately nothing has been done to protect our small businesses,” said Congressman Steube following the introduction of the bill. “It’s important that we lookout for these small businesses that are the backbone of our local economies.”
As defined by the Small Business Act, a small business is a business with a maximum of 250 employees or a maximum of 1,500 employees. Small businesses are privately owned corporations, partnerships, or sole proprietorships that have less revenue than larger businesses. These businesses do not get free access to their credit report and are required to pay about $40 to $100 for their report and score from a credit reporting bureau.
“Not only will this bill provide small businesses with a notification if their data has been breached, but it will also make sure that they have access to a free credit report for 180 following the breach,” continued Steube. “It’s important that our small businesses not only have the knowledge they are at risk, but also the tools they need to monitor their credit report following the event.”