[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 630 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 630

To amend the Fair Credit Reporting Act to require prompt disclosure by 
 any consumer reporting agency to any consumer of adverse information 
      relating to such consumer which is received by such agency.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 26, 1993

 Mr. Shaw (for himself, Mr. Bilirakis, Mr. Goss, Mr. Murphy, Mr. Gene 
    Green of Texas, Mr. Schumer, and Mr. Blackwell) introduced the 
following bill; which was referred to the Committee on Banking, Finance 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To amend the Fair Credit Reporting Act to require prompt disclosure by 
 any consumer reporting agency to any consumer of adverse information 
      relating to such consumer which is received by such agency.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fair Credit Reporting Amendments of 
1993''.

SEC. 2. DISCLOSURE TO CONSUMERS OF ADVERSE INFORMATION REQUIRED.

    (a) In General.--Section 609 of the Fair Credit Reporting Act (15 
U.S.C. 1681g) is amended by adding at the end thereof the following new 
subsection:
    ``(c) Prompt Disclosure of Adverse Information.--
            ``(1) Disclosure required.--Every consumer credit reporting 
        agency shall accurately and fully disclose to any consumer any 
        adverse information received by such agency relating to such 
        consumer and the source of such information before the end of 
        the 30-day period beginning on the day such information is 
        received by such agency.
            ``(2) Adverse information defined by board.--The Board of 
        Governors of the Federal Reserve System shall prescribe 
        regulations defining the term `adverse information' for 
        purposes of this subsection.''.
    (b) Technical and Conforming Amendments.--
            (1) Section 610 of the Fair Credit Reporting Act (15 U.S.C. 
        1681h) is amended--
                    (A) in subsections (a) and (b), by striking out 
                ``section 609'' where such term appears in each such 
                subsection and inserting in lieu thereof ``section 
                609(a)''; and
                    (B) by adding at the end thereof the following new 
                subsection:
    ``(f) Disclosure of Adverse Information.--Disclosures required 
under section 609(c) shall be made in writing and mailed to the 
consumer after the credit reporting agency has verified the address of 
the consumer.''.
            (2) Section 612 of the Fair Credit Reporting Act (15 U.S.C. 
        1681j) is amended--
                    (A) by striking out ``A consumer reporting agency'' 
                and inserting in lieu thereof ``(a) In General.--Except 
                as provided in subsection (b), a consumer reporting 
                agency''; and
                    (B) by adding at the end thereof the following new 
                subsection:
    ``(b) Charge Prohibited for Section 609(c) Disclosures.--A consumer 
reporting agency shall make the disclosures required by section 609(c) 
without charge to the consumer.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to adverse information received by consumer reporting agencies 
after the date of the enactment of this Act.

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