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H.R. 2753: Free Credit Score Act of 2019


The text of the bill below is as of May 15, 2019 (Introduced).


I

116th CONGRESS

1st Session

H. R. 2753

IN THE HOUSE OF REPRESENTATIVES

May 15, 2019

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

A BILL

To amend the Fair Credit Reporting Act to require certain consumer reporting agencies to include a credit score when providing consumers with a free annual consumer report.

1.

Short title

This Act may be cited as the Free Credit Score Act of 2019.

2.

Inclusion of credit score with free annual report

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

(1)

in section 609(a)(1)(B), by inserting before the period the following: , except as required under section 612(a)(1)(D); and

(2)

in section 612(a)(1), by adding at the end the following:

(D)

Inclusion of credit score

(i)

In general

A consumer reporting agency that provides a consumer report to a consumer pursuant to subparagraph (A) shall also provide such consumer with—

(I)

an explanation of how credit scores are calculated, including factors considered in credit scoring calculations; and

(II)

a credit score (as defined under section 609(f)).

(ii)

Rulemaking

The Bureau shall issue rules—

(I)

to provide minimum criteria for explanations described under clause (i)(I); and

(II)

to require a credit score provided by a consumer reporting agency pursuant to clause (i) to be similar to the types of credit scores most commonly used by creditors.

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