[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2824 Introduced in House (IH)]
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116th CONGRESS
1st Session
H. R. 2824
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 17, 2019
Mr. Cohen (for himself, Ms. Norton, and Mr. Lawson of Florida)
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.
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 Access to Credit Scores Act of
2019''.
SEC. 2. CREDIT SCORES INCLUDED IN FREE ANNUAL DISCLOSURES.
(a) In General.--Section 609 of the Fair Credit Reporting Act (15
U.S.C. 1681g) is amended--
(1) in subsection (a)(1)--
(A) by striking ``and'' at the end and inserting a
period;
(B) by striking ``except that--'' and all that
follows through ``(A) if the'' and inserting ``except
that if the''; and
(C) by striking subparagraph (B);
(2) in subsection (a), by adding at the end the following:
``(7) If the consumer reporting agency is a consumer
reporting agency that compiles and maintains files on consumers
on a nationwide basis as described in section 603(p), each such
agency shall disclose a current credit score generated using
the scoring algorithm, formula, model, program, or mechanism
that is most frequently used to generate credit scores sold to
creditors, subject to regulations of the Bureau, along with any
information in the consumer's file at the time of the request
concerning credit scores or any other risk scores or other
predictors relating to the consumer, if such request is made in
connection with a free annual disclosure made pursuant to
section 612(a).
``(8) Such other consumer information as the Bureau
considers appropriate with respect to consumer financial
education, including the information required by subsection
(f)(1), information describing the credit score of the consumer
with respect to a range of possible credit scores, and the
general factors contributing to the credit scores of
consumers.''; and
(3) in subsection (f)--
(A) in paragraph (1)--
(i) by striking ``, a consumer reporting
agency'' and all that follows through ``shall
include--'' and inserting ``or a risk score, a
consumer reporting agency shall supply to the
consumer--''; and
(ii) by amending subparagraph (A) to read
as follows:
``(A) any credit score or risk score in the file of
the consumer at the consumer reporting agency;'';
(B) in paragraph (2)--
(i) by redesignating subparagraph (B) as
subparagraph (C); and
(ii) by striking subparagraph (A) and
inserting the following:
``(A) Credit score.--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.
``(B) Risk score.--The term `risk score' means a
numerical value or a categorization derived from a
statistical tool or modeling system based upon
information from a consumer report for the purpose of
predicting the likelihood of certain behaviors or
outcomes, and includes scores used for the underwriting
of insurance.'';
(C) by striking paragraph (6) and inserting the
following:
``(6) Maintenance of credit scores.--All consumer reporting
agencies shall maintain in the consumer's file credit scores or
any other risk scores or other predictors relating to the
consumer for a period of not less than 1 year beginning on the
date on which such information is generated.'';
(D) by striking paragraph (7) and redesignating
paragraphs (8) and (9) as paragraphs (7) and (8),
respectively; and
(E) in paragraph (7) (as so redesignated), by
inserting before the period at the end the following:
``, except that a consumer reporting agency described
in section 603(p) shall provide a credit score without
charge to the consumer if the consumer is requesting
the score in connection with a free annual disclosure
made pursuant to section 612(a)''.
(b) Inclusion in Free Reports.--Section 612(g) of the Fair Credit
Reporting Act (15 U.S.C. 1681j(g)) is amended--
(1) in paragraph (1)--
(A) by striking ``free credit report'' and
inserting ``free or low cost credit report or credit
score''; and
(B) by inserting ``and free credit scores'' after
``free credit reports''; and
(2) in paragraph (2), by inserting ``or free credit score,
as applicable,'' after ``free credit report''.
(c) Technical Corrections.--The Fair Credit Reporting Act (15
U.S.C. 1681a et seq.) is amended--
(1) in section 603 (15 U.S.C. 1681a)--
(A) in subsection (d)(2)(D), by striking ``(x)''
and inserting ``(y)'';
(B) in subsection (q)(5), by striking ``103(i)''
and inserting ``103(j)''; and
(C) in subsection (v), by striking ``Bureau'' and
inserting ``Federal Trade Commission'';
(2) in section 604 (15 U.S.C. 1681b)--
(A) in subsection (b)--
(i) in paragraph (2)(B)(i), by striking
``section 615(a)(3)'' and inserting ``section
615(a)(4)'';
(ii) in paragraph (3)(B)(ii), by striking
``clause (B)(i)(IV)'' and inserting ``clause
(i)(IV)'';
(iii) in paragraph (4)(A)(ii), by inserting
``and'' after the semicolon; and
(iv) by striking ``section 609(c)(3)'' each
place that term appears and inserting ``section
609(c)''; and
(B) in subsection (g)(5), by striking ``paragraph
(2).--'' and all that follows through ``The Bureau''
and inserting ``paragraph (2).--The Bureau'';
(3) in section 605 (15 U.S.C. 1681c)--
(A) in subsection (f), by striking ``who'' and
inserting ``which''; and
(B) in subsection (h)(2)(A)--
(i) by striking ``shall,,'' and inserting
``shall,''; and
(ii) by striking ``Commission,,'' and
inserting ``Commission,'';
(4) in section 605A(h)(1)(A) (15 U.S.C. 1681c-1(h)(1)(A)),
by striking ``103(i)'' and inserting ``103(j)'';
(5) in section 607(e)(3)(A) (15 U.S.C. 1681e(e)(3)(A)), by
striking ``section 604(b)(4)(E)(i)'' and inserting ``section
604(b)(4)(D)(i)'';
(6) in section 609 (15 U.S.C. 1681g)--
(A) in subsection (a)(3)(C)(i), by striking
``section 604(b)(4)(E)(i)'' and inserting ``section
604(b)(4)(D)(i)'';
(B) in subsection (c)(1)--
(i) in the paragraph heading, by striking
``Commission'' and inserting ``Bureau''; and
(ii) in subparagraph (B)(vi), by striking
``603(w)'' and inserting ``603(x)'';
(C) in subsection (e)(2)(B)(ii)(II), by striking
``an''; and
(D) by striking ``The Commission'' each place that
term appears and inserting ``The Bureau'';
(7) in section 610 (15 U.S.C. 1681h)--
(A) in subsection (b)(1), by inserting ``section''
after ``under''; and
(B) in subsection (e), by inserting a comma after
``on the report'';
(8) in section 611 (15 U.S.C. 1681i), by striking ``The
Commission'' each place that term appears and inserting ``The
Bureau'';
(9) in section 612 (15 U.S.C. 1681j)--
(A) in subsection (a)(1)--
(i) in subparagraph (A), by striking
``(w)'' and inserting ``(x)''; and
(ii) in subparagraph (C), by striking
``603(w)'' each place that term appears and
inserting ``603(x)'';
(B) in subsection (g)(2), by striking ``televison''
and inserting ``television''; and
(C) by striking ``The Commission'' each place that
term appears and inserting ``The Bureau''; and
(10) in section 621 (15 U.S.C. 1681s)--
(A) in subsection (a)(1), in the first sentence, by
striking ``, subsection (b)'';
(B) in subsection (e)(2), by inserting a period
after ``provisions of this title''; and
(C) in subsection (f)(2), by striking ``The
Commission'' and inserting ``The Bureau''.
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