Members of the U.S. Armed Forces who miss credit card or loan payments while on active duty would get some protection in their credit reports under legislation introduced Friday by both of New Jersey's U.S. senators.

The Military Families Credit Reporting Act, introduced by U.S. Sens. Robert Menendez and Cory Booker (D-N.J.), as well as Sen. Sherrod Brown (D-Ohio), would provide service members the opportunity to explain on their credit reports that late or missed payments were due to their deployments.

"Our military service members should have the tools they need to protect their credit while they are serving our country," said Menendez, who introduced similar legislation in the last Congress. "This commonsense legislation would help military families prevent small credit events or errors from snowballing into major problems that can endanger their financial well-being."

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