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H.R. 5479 (113th): To amend the Fair Credit Reporting Act to require public disclosure of the method used to calculate consumer credit scores and inclusion of debt settlement agreements in consumer reports.

The text of the bill below is as of Sep 16, 2014 (Introduced).


I

113th CONGRESS

2d Session

H. R. 5479

IN THE HOUSE OF REPRESENTATIVES

September 16, 2014

introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Fair Credit Reporting Act to require public disclosure of the method used to calculate consumer credit scores and inclusion of debt settlement agreements in consumer reports.

1.

Public disclosure of method used to calculate consumer credit scores

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

(1)

in subsection (a)(1)—

(A)

by striking that— and all that follows through if the consumer and inserting that, if the consumer;

(B)

in subparagraph (A), by striking ; and and inserting a period; and

(C)

by striking subparagraph (B); and

(2)

by amending subsection (f)(5) to read as follows:

(5)

Public disclosure of credit score methodology

Any person who develops a tool or system for deriving a credit score shall make such tool or system available to the public, including on such person’s website.

.

2.

Requirement for furnishers of information to report debt settlement

Section 623(a) of the Fair Credit Reporting Act ( 15 U.S.C. 1681s–1(a) ) is amended by adding at the end the following new paragraph:

(10)

Duty to provide notice of debt settlement

A person who furnishes information to a consumer reporting agency with respect to a debt of a consumer shall, if the person enters into a settlement agreement with the consumer with respect to such debt, notify the consumer reporting agency of such agreement within 30 days of such agreement.

.