H. R. 5479
IN THE HOUSE OF REPRESENTATIVES
September 16, 2014
Mr. Bentivolio introduced the following bill; which was referred to the Committee on Financial Services
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.
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—
in subsection (a)(1)—
that— and all that follows through
if the consumer and inserting
that, if the consumer;
in subparagraph (A), by striking
; and and inserting a period; and
by striking subparagraph (B); and
by amending subsection (f)(5) to read as follows:
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.
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:
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.