[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5743 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5743

 To amend the Fair Credit Reporting Act to prohibit the furnishing of 
certain negative loan modification information to a consumer reporting 
agency and to prohibit such information from being used in computing a 
                        consumer's credit score.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 15, 2010

   Ms. Speier (for herself, Mr. Miller of North Carolina, Mr. George 
 Miller of California, and Mr. Frank of Massachusetts) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Fair Credit Reporting Act to prohibit the furnishing of 
certain negative loan modification information to a consumer reporting 
agency and to prohibit such information from being used in computing a 
                        consumer's credit score.

    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 ``Protecting Homeowners' Credit 
History Act of 2010''.

SEC. 2. FURNISHING OF CERTAIN LOAN MODIFICATION INFORMATION PROHIBITED.

    Section 623 of the Fair Credit Reporting Act (15 U.S.C. 1681s-2) is 
amended by adding at the end the following new subsection:
    ``(f) Furnishing of Certain Loan Modification Information 
Prohibited.--A person shall not furnish to a consumer reporting agency 
any negative information regarding or resulting from the modification 
of the terms of a consumer loan that is secured by 1 to 4 units of 
residential real property, including any agreement to reduce the amount 
of the payments for the loan or to reduce the principal amount of such 
loan, whether or not such modification is on a permanent, temporary, or 
trial basis.''.

SEC. 3. REQUIREMENTS RELATING TO INFORMATION USED TO CALCULATE CREDIT 
              SCORES.

    The Fair Credit Reporting Act is further amended by inserting after 
section 605B the following new section:

``SEC. 605C. REQUIREMENTS RELATING TO INFORMATION USED TO CALCULATE 
              CREDIT SCORES.

    ``(a) Prohibition.--A person shall not, in calculating any credit 
score of a consumer, produce a less favorable credit score on the basis 
of any information regarding or resulting from the modification of the 
terms of a consumer loan that is secured by 1 to 4 units of residential 
real property, including any agreement to reduce the amount of the 
payments for the loan or to reduce the principal amount of such loan, 
whether or not such modification is on a permanent, temporary, or trial 
basis.
    ``(b) Definition.--For purposes of this section, the term `credit 
score' means a numerical value or a categorization derived from a 
statistical tool or modeling system used by a person who makes or 
arranges a loan to predict the likelihood of certain credit behaviors, 
including default.''.

SEC. 4. EFFECTIVE DATE.

    The amendments made by this Act shall take effect after the 90-day 
period beginning on the date of the enactment of this Act.
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