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H.R. 1002 (113th): Fair Access to Credit Scores Act of 2013


The text of the bill below is as of Mar 6, 2013 (Introduced).


I

113th CONGRESS

1st Session

H. R. 1002

IN THE HOUSE OF REPRESENTATIVES

March 6, 2013

(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.

1.

Short title

This Act may be cited as the Fair Access to Credit Scores Act of 2013 .

2.

Credit scores included in free annual disclosures

(a)

In general

Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g) is amended—

(1)

in subsection (a)(1)

(A)

by striking and at the end and inserting a period;

(B)

by striking except that— and all that follows through (A) if the and inserting except that, if the; and

(C)

by striking subparagraph (B);

(2)

in subsection (a), by adding at the end the following:

(7)

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).

(8)

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

(3)

in subsection (f)

(A)

by striking Upon the request and all that follows through subparagraph (A) and inserting the following:

(1)

In general

Upon request of a consumer for a credit score or a risk score, a consumer reporting agency shall supply to the consumer—

(A)

any credit score or risk score in the file of the consumer at the consumer reporting agency;

;

(B)

in paragraph (2)

(i)

by redesignating subparagraph (B) as subparagraph (C); and

(ii)

by striking subparagraph (A) and inserting the following:

(A)

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.

(B)

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.

;

(C)

by striking paragraph (6) and inserting the following:

(6)

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.

;

(D)

by striking paragraph (7); and

(E)

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) .

(b)

Inclusion in free reports

Section 612 of the Fair Credit Reporting Act (15 U.S.C. 1681j) is amended—

(1)

in subsection (a)(1)(A), by striking (w) and inserting (x); and

(2)

in subsection (g)

(A)

in paragraph (1)

(i)

by striking free credit report and inserting free or low cost credit report or credit score; and

(ii)

by inserting and free credit scores after free credit reports; and

(B)

in paragraph (2)

(i)

by striking televison and inserting television; and

(ii)

by inserting or free credit score, as applicable, after free credit report.

(c)

Technical corrections

The Fair Credit Reporting Act (15 U.S.C. 1681a et seq.) is amended—

(1)

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);

(2)

in section 603(i)(1)(C) (15 U.S.C. 1681a(i)(1)(C)), by striking the period at the end and inserting ; and;

(3)

in section 609(c)(1) (15 U.S.C. 1681g(c)(1))

(A)

in the paragraph heading, by striking Commission and inserting Bureau ;

(B)

in subparagraph (A), by striking Commission and inserting Bureau;

(C)

in subparagraph (B)(vi), by striking section 603(w) and inserting section 603(x) ; and

(D)

in subparagraph (C), by striking Commission and inserting Bureau; and

(4)

in section 612(a)(1) (15 U.S.C. 1681j(a)(1))

(A)

in subparagraph (A), by striking subsections (p) and (w) and inserting subsections (p) and (x) ;

(B)

in subparagraph (C)(i)

(i)

by striking Commission and inserting Bureau; and

(ii)

by striking section 603(w) and inserting section 603(x) ;

(C)

in subparagraph (C)(iii), by striking Commission and inserting Bureau; and

(D)

in subparagraph (C)(iv), by striking section 603(w) and inserting section 603(x) .

3.

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)).

4.

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.