I 111th CONGRESS 2d Session H. R. 4538 IN THE HOUSE OF REPRESENTATIVES January 27, 2010 Mr. Cohen (for himself, Mr. Thompson of Mississippi, Mr. Gutierrez, Mr. Nadler of New York, Mr. Butterfield, Mr. Carson of Indiana, Mr. Clay, Mr. Delahunt, Mr. Doggett, Ms. Kaptur, Mr. McDermott, Mr. Rangel, Mr. Stark, Mr. Towns, Ms. Velázquez, and Mr. Watt) 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 2010.

2.

Credit scores included in free annual disclosures

Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g) is amended— (1)in subsection (a)(1), by adding at the end the following flush sentence: Notwithstanding subparagraph (B), all consumer reporting agencies described in section 603(p) shall disclose 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).; and (2)in subsection (f), by amending paragraph (6) to read as follows: (6)

Maintenance of credit scores

All consumer reporting agencies described in section 603(p) shall maintain information in the consumer’s file concerning 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 placed in the consumer’s file. .

3.

Bankruptcy risk score study

(a)

GAO study

The Comptroller General of the United States shall carry out a study of bankruptcy risk scores used by consumer reporting agencies. Such study shall include an analysis of— (1)the factors used to determine bankruptcy risk scores; (2)how bankruptcy risk scores impact the ability of consumers to receive loans; (3)actions that consumers can take to improve their bankruptcy risk score; and (4)such other factors as the Comptroller General determines to be appropriate. (b)

Report

Not later than the end of the 6-month period beginning on the date of the enactment of this Act, the Comptroller General shall submit a report to the Congress containing all findings and determinations made in carrying out the study required under subsection (a). (c)

Bankruptcy risk score defined

For purposes of this section, the term bankruptcy risk score means a numerical value or a categorization derived from a statistical tool or modeling system used to predict the likelihood of whether a consumer will file for bankruptcy.