I
113th CONGRESS
1st Session
H. R. 1002
IN THE HOUSE OF REPRESENTATIVES
March 6, 2013
Mr. Cohen (for himself, Ms. Norton, Mr. Sires, Ms. Kaptur, Mr. Conyers, Mr. Grijalva, Mr. Clay, and Ms. Wilson of Florida) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the Fair Credit Reporting Act to require the inclusion of credit scores with free annual credit reports provided to consumers, and for other purposes.
Short title
This Act may be cited as the
Fair Access to Credit Scores Act of
2013
.
Credit scores included in free annual disclosures
In general
Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g) is amended—
in subsection (a)(1)—
by striking
and
at the end and inserting a period;
by striking
except that—
and all that follows through (A) if
the
and inserting except that, if the
; and
by striking subparagraph (B);
in subsection (a), by adding at the end the following:
All consumer reporting agencies described in section 603(p) shall disclose a current credit score generated using the scoring algorithm, formula, model, program or mechanism that is most frequently used to generate scores sold to creditors, subject to regulations of the Bureau, along with any information in the consumer’s file at the time of the request concerning credit scores or any other risk scores or predictors relating to the consumer, if such request is made in connection with a free annual disclosure made pursuant to section 612(a).
Such other consumer information as the Bureau considers appropriate with respect to consumer financial education, including the information required by subsection (f)(1), information on where the credit score of the consumer falls with respect to a range of possible credit scores, and the general factors contributing to the credit scores of consumers.
; and
in subsection (f)—
by striking
Upon the request
and all that follows through subparagraph (A)
and inserting the following:
In general
Upon request of a consumer for a credit score or a risk score, a consumer reporting agency shall supply to the consumer—
any credit score or risk score in the file of the consumer at the consumer reporting agency;
;
in paragraph (2)—
by redesignating subparagraph (B) as subparagraph (C); and
by striking subparagraph (A) and inserting the following:
Credit score
The term credit score means a numerical value or a categorization derived from a statistical tool or modeling system used by a person who makes or arranges a loan to predict the likelihood of certain credit behaviors, including default.
Risk score
The term risk score means a numerical value or a categorization derived from a statistical tool or modeling system based upon information from a consumer report for the purpose of predicting the likelihood of certain behaviors or outcomes, and includes scores used for the underwriting of insurance.
;
by striking paragraph (6) and inserting the following:
Maintenance of credit scores
All consumer reporting agencies shall maintain in the consumer’s file credit scores or any other risk scores or predictors relating to the consumer for a period of no less than 1 year from the date on which such information is generated.
;
by striking paragraph (7); and
in paragraph (8),
by inserting before the period at the end the following: , except that a
consumer reporting agency described in section 603(p) shall provide a credit
score without charge to the consumer if the consumer is requesting the score in
connection with a free annual disclosure made pursuant to section
612(a)
.
Inclusion in free reports
Section 612 of the Fair Credit Reporting Act (15 U.S.C. 1681j) is amended—
in subsection
(a)(1)(A), by striking (w)
and inserting (x)
;
and
in subsection (g)—
in paragraph (1)—
by
striking free credit report
and inserting free or low
cost credit report or credit score
; and
by
inserting and free credit scores
after free credit
reports
; and
in paragraph (2)—
by
striking televison
and inserting television
;
and
by
inserting or free credit score, as applicable,
after free
credit report
.
Technical corrections
The Fair Credit Reporting Act (15 U.S.C. 1681a et seq.) is amended—
in
section
603(d)(2)(D) (15 U.S.C. 1681a(d)(2)(D)), by striking subsection (o) or
(x)
and inserting with subsection (o) or (y)
;
in
section
603(i)(1)(C) (15 U.S.C. 1681a(i)(1)(C)), by striking the period at the end and
inserting ; and
;
in section 609(c)(1) (15 U.S.C. 1681g(c)(1))—
in the paragraph
heading, by striking
Commission
and inserting
Bureau
;
in subparagraph
(A), by striking Commission
and inserting
Bureau
;
in subparagraph
(B)(vi), by striking
section 603(w)
and inserting
section
603(x)
; and
in subparagraph
(C), by striking Commission
and inserting Bureau
;
and
in section 612(a)(1) (15 U.S.C. 1681j(a)(1))—
in subparagraph
(A), by striking
subsections (p) and (w)
and inserting
subsections (p) and (x)
;
in subparagraph (C)(i)—
by
striking Commission
and inserting Bureau
;
and
by
striking
section 603(w)
and inserting
section
603(x)
;
in subparagraph
(C)(iii), by striking Commission
and inserting
Bureau
; and
in subparagraph
(C)(iv), by striking
section 603(w)
and inserting
section
603(x)
.
Rulemaking
Not later than 180 days after the date of enactment of this Act, the Bureau of Consumer Financial Protection shall develop regulations establishing a mandatory disclosure format for consumer file disclosures pursuant to section 612(a)(1)(B) of the Fair Credit Reporting Act (15 U.S.C. 1681j(a)(1)(B)).
Technical correction
Section
615(h)(8)(A) of the Fair Credit Reporting Act (15 U.S.C. 1681m(h)(8)(A)) is
amended by striking this section
and inserting this
subsection
.
