[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3642 Reported in House (RH)]
<DOC>
Union Calendar No. 288
116th CONGRESS
1st Session
H. R. 3642
[Report No. 116-363]
To amend the Fair Credit Reporting Act to fix the consumer report
dispute process, to ban misleading and unfair consumer reporting
practices, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 9, 2019
Ms. Adams introduced the following bill; which was referred to the
Committee on Financial Services
December 23, 2019
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on July 9,
2019]
_______________________________________________________________________
A BILL
To amend the Fair Credit Reporting Act to fix the consumer report
dispute process, to ban misleading and unfair consumer reporting
practices, 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; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Improving Credit
Reporting for All Consumers Act''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Findings.
Sec. 3. Effective date.
Sec. 4. Consumer Bureau rulemaking.
TITLE I--IMPROVEMENTS TO THE DISPUTE PROCESS
Sec. 101. Dispute procedures and disclosures relating to
reinvestigations.
Sec. 102. Consumer awareness of dispute rights.
Sec. 103. Maintenance of records by furnishers.
Sec. 104. Duties of furnishers relating to dispute procedures, notices,
and disclosures.
Sec. 105. Right to appeal disputes relating to reinvestigations and
investigations.
Sec. 106. Revised consumer reports.
Sec. 107. Indication of dispute by consumers and use of disputed
information.
Sec. 108. Accuracy and completeness report duties for consumer
reporting agencies and furnishers.
Sec. 109. Inclusion of public record data sources in consumer reports.
Sec. 110. Injunctive relief for victims.
TITLE II--PROHIBITION ON MISLEADING AND UNFAIR CONSUMER REPORTING
PRACTICES
Sec. 201. Prohibition on automatic renewals for promotional consumer
reporting and credit scoring products and
services.
Sec. 202. Prohibition on misleading and deceptive marketing related to
the provision of consumer reporting and
credit scoring products and services.
Sec. 203. Prohibiton on excessive direct-to-consumer sales.
Sec. 204. Fair access to consumer reporting and credit scoring
disclosures for nonnative English speakers
and the visually and hearing impaired.
Sec. 205. Comparison shopping for loans without harm to credit
standing.
Sec. 206. Nationwide consumer reporting agencies registry.
SEC. 2. FINDINGS.
Congress finds the following:
(1) General findings.--
(A) Consumer reporting agencies (``CRAs'') are
companies that collect, compile, and provide
information about consumers in the form of consumer
reports for certain permissible statutory purposes
under the Fair Credit Reporting Act (15 U.S.C. 1681 et
seq.) (``FCRA''). The three largest CRAs in this
country are Equifax, TransUnion, and Experian. These
CRAs are referred to as nationwide CRAs and the reports
that they prepare are commonly referred to as credit
reports. Furnishers, such as creditors, lenders, and
debt collection agencies, voluntarily submit
information to CRAs about their accounts such as the
total amount for each loan or credit limit for each
credit card and the consumer's payment history on these
products. Reports also include identifying information
about a consumer, such as their birthdate, previous
mailing addresses, and current and previous employers.
(B) In a December 2012 paper, ``Key Dimensions and
Processes in the U.S. Credit Reporting System: A review
for how the nation's largest credit bureaus manage
consumer data'', the Bureau of Consumer Financial
Protection (``Consumer Bureau'') noted that the three
nationwide CRAs maintain credit files on approximately
200 million adults and receive information from about
10,000 furnishers. On a monthly basis, these furnishers
provide information on over 1.3 billion consumer credit
accounts or other trade lines.
(C) The 10 largest institutions furnishing credit
information to each of the nationwide CRAs account for
more than half of all accounts reflected in consumers'
credit files.
(D) Consumer reports play an increasingly important
role in the lives of American consumers. Most
creditors, for example, review these reports to make
decisions about whether to extend credit to consumers
and what terms and conditions to offer them. As such,
information contained in these reports affects whether
a person is able to get a private education loan to pay
for college costs, to secure a mortgage loan to buy a
home, or to obtain a credit card, as well as the terms
and conditions under which consumer credit products or
services are offered to them.
(E) Credit reports are also increasingly used for
many noncredit decisions, including by landlords to
determine whether to rent an apartment to a prospective
tenant and by employers to decide whether to hire
potential job applicants or to offer a promotion to
existing employees.
(F) CRAs have a statutory obligation to verify
independently the accuracy and completeness of
information included on the reports that they provide.
(G) The nationwide CRAs have failed to establish
and follow reasonable procedures, as required by
existing law, to establish the maximum level of
accuracy of information contained on consumer reports.
Given the repeated failures of these CRAs to comply
with accuracy requirements on their own, legislation is
intended to provide them with detailed guidance
improving the accuracy and completeness of information
contained in consumer reports, including procedures,
policies, and practices that these CRAs should already
be following to ensure full compliance with their
existing obligations.
(H) The presence of inaccurate or incomplete
information on these reports can result in substantial
financial and emotional harm to consumers. Credit
reporting errors can lead to the loss of a new
employment opportunity or a denial of a promotion in an
existing job, stop someone from being able to access
credit on favorable terms, prevent a person from
obtaining rental housing, or even trigger mental
distress.
(I) Current industry practices impose an unfair
burden of proof on consumers trying to fix errors on
their reports.
(J) Consumer reports containing inaccurate or
incomplete credit information also undermine the
ability of creditors and lenders to effectively and
accurately underwrite and price credit.
(K) Recognizing that credit reporting affects the
lives of almost all consumers in this country and that
the consequences of errors on a consumer report can be
catastrophic for a consumer, the Consumer Bureau began
accepting consumer complaints about credit reporting in
October 2012.
(L) As of February 2017, the Consumer Bureau has
handled approximately 185,717 credit reporting
complaints, making credit reporting consistently the
third most-complained-about subject matter on which the
Consumer Bureau accepts consumer complaints.
(M) In the ``Monthly Complaint Report Volume 20'',
released in February 2017, the Consumer Bureau noted
that 76 percent of credit reporting complaints involved
incorrect information on reports, with consumers
frequently expressing their frustrations about the
burdensome and time-consuming process to disputing
items.
(N) Other common types of credit reporting
complaints submitted to the Consumer Bureau related to
the improper use of a report, trouble obtaining a
report or credit score, CRAs' investigations, and
credit monitoring or identity protection.
(O) In the summer 2015 ``Supervisory Highlights'',
the Consumer Bureau noted that one or more of the
largest CRAs failed to adequately oversee furnishers to
ensure that they were adhering to the CRA's vetting
policies and to establish proper procedures to verify
public record information.
(P) According to the fall 2016 ``Supervisory
Highlights'', Consumer Bureau examiners determined that
one or more debt collectors never investigated indirect
disputes that lacked detail or were not accompanied by
attachments with relevant information from the
consumer. Examiners also found that notifications sent
to consumers about disputes considered frivolous failed
to identify for the consumers the type of material that
they could provide in order for the debt collector to
complete the investigation of the disputed item.
(Q) A February 2014 Consumer Bureau report titled
``Credit Reporting Complaint Snapshot'' found that
consumers are confused about the extent to which the
nationwide CRAs are required to provide them with
validation and documentation of a debt that appears on
their credit report.
(R) As evidence that the current system lacks
sufficient market incentives for CRAs to develop more
robust procedures to increase the accuracy and
completeness of information on credit reports,
litigation discovery documented by the National
Consumer Law Center (``NCLC''), as part of a January
2009 report titled, ``Automated Injustice: How a
Mechanized Dispute System Frustrates Consumers Seeking
to Fix Errors in Their Credit Reports'', showed that at
least two of the three largest CRAs use quota systems
to force employees to process disputes hastily and
without the opportunity for conducting meaningful
investigations. At least one nationwide CRA only
allowed dispute resolution staff five minutes to handle
a consumer's call. Furthermore, these CRAs were found
to have awarded bonuses for meeting quotas and punished
those who didn't meet production numbers with
probation.
(S) Unlike most other business relationships, where
consumers can register their satisfaction or
unhappiness with a particular credit product or service
simply by taking their business elsewhere, consumers
have no say in whether their information is included in
the CRAs databases and limited legal remedies to hold
the CRAs accountable for inaccuracies or poor service.
(T) Accordingly, despite the existing statutory
mandate for CRAs to follow reasonable procedures to
assure the maximum possible accuracy of the information
whenever they prepare consumer reports, numerous
studies, the high volume of consumer complaints
submitted to the Consumer Bureau about incorrect
information on consumer reports, and supervisory
activities by the Consumer Bureau demonstrate that CRAs
continue to skirt their obligations under the law.
(2) Incorrect information on consumer reports.--
(A) Consumers are entitled to dispute errors on
their consumer reports with either the CRA, who issued
the report, or directly with furnishers, who supplied
the account information to the CRA, and request that
mistakes be deleted or removed. Consumers, who believe
an investigation has not correctly resolved their
dispute, however, have few options, other than
requesting that a statement about the dispute be
included with their future reports.
(B) CRAs have a statutory obligation under the FCRA
to perform a reasonable investigation by conducting a
substantive and searching inquiry when a consumer
disputes an item on their report. In doing so, CRAs
must conduct an independent review about the accuracy
of any disputed item and cannot merely rely on a
furnisher's ``rubber-stamp'' verification of the
integrity of the information they have provided to
CRAs.
(C) The Federal Trade Commission (``FTC''), in a
``Report to Congress Under Section 319 of the Fair and
Accurate Credit Transactions Act of 2003'' released in
December 2012, found that 26 percent of survey
participants identified at least one potentially
material error on their consumer reports, and 13
percent experienced a change in their credit score once
the error was fixed.
(D) Consumer Bureau examiners have identified
repeated deficiencies with the nationwide CRAs'
information collection. In the summer 2015
``Supervisory Highlights'' released in June 2015, the
Consumer Bureau noted continued weaknesses with CRAs'
methods and processes for assuring maximum possible
accuracy in their reports. Examiners also found, with
certain exceptions, no quality control policies and
procedures in place to test consumer reports for
accuracy.
(E) In its ``Credit Reporting Complaint Snapshot''
released in February 2014, the Consumer Bureau found
that consumers were uncertain about the depth and
validity of the investigations performed about a
disputed item. Consumers also expressed frustration
that, even though they provided supporting materials
that they believed demonstrated the inaccuracy of the
information provided by furnishers, errors continued to
remain on their reports.
(F) In the winter 2015 ``Supervisory Highlights''
released in March 2015, the Consumer Bureau reported
that one or more nationwide CRAs failed to adequately
fulfill their dispute-handling obligations, including
by not forwarding to furnishers all relevant
information found in letters and supporting documents
supplied by consumers when they submitted disputes
failing to notify consumers that they had completed
investigations, and not providing consumers with the
results of the CRAs' reviews about their disputes.
(G) Consumer Bureau examiners also noted in the
fall 2016 ``Supervisory Highlights'' released in
October 2016 that one or more entities failed to
provide adequate guidance and training to staff about
how to differentiate FCRA disputes from general
customer inquiries, complaints, or debt validation
requests. Consumer Bureau supervisors also directed one
or more entities to develop and implement reasonable
procedures to ensure that direct and indirect disputes
are appropriately logged, categorized, and resolved.
(H) Consumers' increasing frustration about the
difficulties of trying to fix credit reporting errors,
evidenced through the volume of consumer complaints
related to errors submitted to the Consumer Bureau, are
also echoed in another FTC study issued in January
2015. In the ``Report to Congress under Section 319 for
the Fair and Accurate Credit Transactions Act of
2003'', the FTC found that nearly 70 percent (84
people) of participants from a previous survey that had
filed disputes with CRAs continued to believe that at
least some of the disputed information remained
inaccurate at the time of the follow-up survey. Despite
these views, 50 percent (42 people) of the survey
participants decided to just give up trying to fix the
errors, with only 45 percent (38 people) of them
planning to continue to try to resolve their disputes.
(I) The consistently high volume of consumer
complaints submitted to the Consumer Bureau about
credit reporting errors, coupled with the largest CRAs'
repeated quality control weaknesses found by Consumer
Bureau examiners, show that the nationwide CRAs have
failed to establish and follow reasonable procedures to
assure maximum accuracy of information and to conduct
independent investigations of consumers' disputes.
These ongoing problems demonstrate the need for
legislation to--
(i) enhance obligations on furnishers to
substantiate information and require furnishers
to keep records for the same amount of time
that adverse information about these accounts
may appear on a person's consumer report;
(ii) eliminate CRAs' discretion to
determine the relevancy of materials provided
by consumers to support their dispute claims by
instead requiring them to pass all material
onto furnishers and eliminating CRA's
discretion to deem some disputes frivolous or
irrelevant when a consumer resubmits a claim
that they believe has been inadequately
resolved;
(iii) enhance educational content on CRAs'
websites to improve consumers' understanding of
the dispute process and to make it easier for
all consumers to initiate claims, including by
providing these disclosures in other languages
besides English; and
(iv) create a new consumer right to appeal
reviews by CRAs and furnishers of the initial
disputes.
(3) Injunctive relief.--
(A) Despite the fact that the FCRA currently
provides implicit authority for injunctive relief,
consumers have been prevented from exercising this
right. Legislation explicitly clarifying this right is
intended to underscore congressional intent that
injunctive relief should be viewed as a remedy
available to consumers.
(B) Myriad findings by the courts, regulators,
consumers, and consumer advocates make clear that CRAs
have failed to establish adequate standards for the
accuracy and completeness of consumer reports, yet the
nationwide CRAs have demonstrated little willingness to
voluntarily retool their policies and procedures to fix
the problems.
(C) Providing courts with explicit authority to
issue injunctive relief, by telling the CRAs to remedy
unlawful practices and procedures, would further CRAs'
mandate under the FCRA to assure the maximum possible
accuracy and completeness of information contained on
credit reports.
(D) Absent explicit authority to issue injunctions,
history suggests that the nationwide CRAs are likely to
continue conducting business as usual in treating any
monetary settlements with individual consumers and
fines imposed by State attorneys general and Federal
regulators, simply as the ``cost of doing business''.
(4) Deceptive and misleading marketing practices.--
(A) The Consumer Bureau's February 2015 report
titled ``Consumer Voices on Credit Reports and Scores''
found that some consumers did not obtain a copy of
their consumer report due to concerns about security or
of being trapped into purchasing unwanted products like
an additional report or a credit monitoring service.
(B) In January 2017, the Consumer Bureau fined
TransUnion and Equifax for deceptively marketing credit
scores for purchase by consumers as the same credit
scores typically used by lenders to determine
creditworthiness and for luring consumers into costly
subscription services that were advertised as ``free''
or ``$1'' that automatically charged recurring fees
unless cancelled by consumers. The Consumer Bureau also
found that Equifax was illegally advertising its
products on webpages that consumers accessed through
AnnualCreditReport.com before consumers obtained their
free disclosures. Because of these troubling practices,
TransUnion was ordered to pay $13.9 million in
restitution to harmed consumers and a civil penalty of
$3 million to the Consumer Bureau. Equifax was ordered
to pay more than $3.7 million to affected consumers as
well as a civil money penalty of $2.5 million to the
Consumer Bureau. As part of the consent orders, the
CRAs are also supposed to change the way that they sell
their products to consumers. The CRAs must also obtain
consumers' express consent before enrolling them into
subscription services as well as make it easer for
consumers to cancel these programs.
(C) The Consumer Bureau fined the other nationwide
CRA--Experian--in March 2017 for deceiving consumers
about the use of credit scores that it marketed and
sold to consumers as credit scores that were used by
lenders and for illegally advertising its products on
web pages that consumers accessed through
AnnualCreditReport.com before they obtained their free
annual disclosures. Experian was ordered to pay more
than $3.7 million in restitution to harmed consumers
and a civil monetary penalty of $2.5 million to the
Consumer Bureau.
(D) The Consumer Bureau's January and March 2017
consent orders with the three nationwide CRAs show that
these CRAs have enticed consumers into purchasing
products and services that they may not want or need,
in some instances by advertising products or services
``free'' that automatically converted into an ongoing
subscription service at the regular price unless
cancelled by the consumer. Although these CRAs must now
change their deceptive marketing practices, codifying
these duties is an appropriate way to ensure that these
companies never revert back to such misleading tactics.
(E) Given the ubiquitous use of consumer reports in
consumers' lives and the fact that consumers'
participation in the credit reporting system is
involuntary, CRAs should also prioritize providing
consumers with the effective means to safeguard their
personal and financial information and improve their
credit standing, rather than seeking to exploit
consumers' concerns and confusion about credit
reporting and scoring, to boost their companies'
profits.
(F) Vulnerable consumers, who have legitimate
concerns about the security of their personal and
financial information, deserve clear, accurate, and
transparent information about the credit reporting
tools that may be available to them, such as fraud
alerts and freezes.
SEC. 3. EFFECTIVE DATE.
The amendments made by this Act shall take effect 2 years after the
date of the enactment of this Act.
SEC. 4. CONSUMER BUREAU RULEMAKING.
Except as otherwise provided, not later than the end of the 2-year
period beginning on the date of the enactment of this Act, the Bureau
of Consumer Financial Protection shall issue final rules to implement
the amendments made by this Act.
TITLE I--IMPROVEMENTS TO THE DISPUTE PROCESS
SEC. 101. DISPUTE PROCEDURES AND DISCLOSURES RELATING TO
REINVESTIGATIONS.
(a) In General.--Section 611(a) of the Fair Credit Reporting Act
(15 U.S.C. 1681i(a)) is amended to read as follows:
``(a) Reinvestigations of Disputed Information by a Consumer
Reporting Agency.--
``(1) Reinvestigations required.--
``(A) In general.--Subject to subsection (f), if
the completeness or accuracy of any item of information
contained in a consumer's file at a consumer reporting
agency is disputed by the consumer and the consumer
notifies the agency (either directly or indirectly
through a reseller or an authorized third party) of
such dispute, the agency shall, free of charge--
``(i) conduct a reasonable reinvestigation
using the process described in paragraph (3) to
determine whether the disputed information is
inaccurate, incomplete, or cannot be verified;
``(ii) notify the consumer that a notation
described in section 605(e) will be added to
the consumer's file until the reinvestigation
has been completed and that such notation can
be removed at the request of the consumer; and
``(iii) before the end of the 30-day period
beginning on the date on which the consumer
reporting agency receives the notice of the
dispute from the consumer or the reseller--
``(I) record the current status of
the disputed information; or
``(II) delete or modify the item in
accordance with paragraph (3)(D).
``(B) Extension of period to reinvestigate.--Except
as provided in subparagraph (C), the 30-day period
described in subparagraph (A) may be extended for
period not to exceed 15 days if the consumer reporting
agency receives additional information from the
consumer or the reseller regarding the dispute after
the date on which the consumer reporting agency
notified any person who provided any item of
information in dispute under paragraph (2)(A).
``(C) Limitations on extension of period to
reinvestigate.--Subparagraph (B) shall not apply to any
reinvestigation in which, during the 30-day period
described in subparagraph (A), the disputed information
is found to be inaccurate or incomplete, or the
consumer reporting agency determines that the disputed
information cannot be verified.
``(2) Prompt notice of dispute to furnisher of information;
provision of information regarding dispute provided by the
consumer or reseller.--
``(A) In general.--Before the end of the period of
5 business days beginning on the date on which a
consumer reporting agency receives notice of a dispute
from any consumer or reseller under paragraph (1)(A),
the consumer reporting agency shall provide
notification of the dispute to any person who provided
any item of information in dispute, at the address and
in the manner established with such person. The notice
shall include all information, including substantiating
documents, regarding the dispute that was submitted to
the consumer reporting agency.
``(B) Provision of additional information regarding
dispute after notification to the furnisher of
information.--If a consumer reporting agency receives
additional information regarding the dispute from the
consumer or reseller after the agency provides the
notification described under subparagraph (A) and
before the end of the 30-day period described in
paragraph (1)(A), the consumer reporting agency shall,
not later than 3 business days after receiving such
information, provide such information to the person who
provided the information in dispute.
``(3) Reasonable standards for consumer reporting agencies
for conducting reinvestigations and resolving disputes
submitted by consumers.--
``(A) In general.--In conducting a reinvestigation
of disputed information, a consumer reporting agency
shall, at a minimum--
``(i) maintain sufficient resources and
trained staff, commensurate with the volume and
complexity of disputes received or reasonably
anticipated to be received, to determine
whether the disputed information is accurate,
complete, or can be verified by the person who
provided the information;
``(ii) ensure that all staff involved at
any level of the reinvestigation process,
including any individual with ultimate
authority over determining whether the disputed
information is inaccurate, incomplete, or
cannot be verified, are located within the
United States;
``(iii) verify that the personally
identifiable information of the consumer
submitting the dispute matches the personally
identifiable information contained in the
consumer's file, and that such information is
accurate and complete;
``(iv) verify that the consumer reporting
agency has a record of the information being
disputed; and
``(v) conduct a reasonable review that
considers all information, including
substantiating documents, provided by the
consumer or reseller.
``(B) Consumer reporting.--The consumer reporting
agency shall not impose any limitation or otherwise
impede the ability of a consumer to submit information
about the disputed item.
``(C) Independent analysis.--The reinvestigation
conducted under subparagraph (A) shall be an
independent analysis, separate from any investigation
by a reseller or a person who provided the disputed
information.
``(D) Deletion or modification of information
contained in a consumer file.--If the disputed
information is found to be inaccurate, incomplete, or
cannot be verified, the dispute resolution staff of the
consumer reporting agency shall have the direct
authority to delete or modify such information in the
consumer's file, as appropriate, during the 30-day
period described in paragraph (1)(A), shall promptly
notify the consumer of the results of the
reinvestigation as described in paragraph (4), and
shall promptly notify any person who provided such
information to the consumer reporting agency of the
modification or deletion made to the consumer's file.
``(4) Notice to consumer of results of reinvestigation.--
``(A) In general.--Not later than 5 business days
after the conclusion of a reinvestigation conducted
under this subsection, the consumer reporting agency
shall provide written notice to the consumer of the
results of the reinvestigation by postal mail or, if
authorized by the consumer for that purpose, by other
means available to the agency.
``(B) Contents of notice to consumer of results of
reinvestigation.--The notice described in subparagraph
(A) shall include--
``(i) a statement that the reinvestigation
of the disputed information has been completed;
``(ii) a statement informing the consumer
as to whether the disputed information was
determined to be inaccurate, incomplete, or
unverifiable, including a statement of the
specific reasons supporting the determination;
``(iii) if information in the consumer's
file has been deleted or modified as a result
of the reinvestigation--
``(I) a copy of the consumer report
and credit score or educational score
(if applicable) that is based upon the
consumer's revised file;
``(II) a statement identifying the
specific information from the
consumer's file that was deleted or
modified because such information was
determined to be inaccurate,
incomplete, or unverifiable by the
consumer reporting agency;
``(III) a statement that the
consumer has the right, free of charge,
to obtain an additional consumer report
and credit score or educational credit
score (if applicable) within the 12-
month period following the date of the
conclusion of the reinvestigation,
regardless of whether the consumer
obtained or will obtain a free annual
consumer report and credit score or
educational score (if applicable) under
section 612; and
``(IV) a statement that the
consumer has the right, free of charge,
to request under subsection (d) that
the consumer reporting agency furnish
notifications of the consumer's revised
report;
``(iv) a description of the procedure used
by the dispute resolution staff of the consumer
reporting agency to determine the accuracy or
completeness of the information, including the
business name, mailing address, telephone
number, and Internet website address (if
available) of any person who provided
information who was contacted by the staff in
connection with the determination;
``(v) a statement that the consumer has the
right, free of charge, to add a narrative
statement to the consumer's file disputing the
accuracy or completeness of the information,
regardless of the results of the
reinvestigation by the agency, and the process
for submitting such a narrative pursuant to
subsection (b);
``(vi) a copy of all information relating
to the consumer that was used by the consumer
reporting agency in carrying out the
reinvestigation and relied upon as the basis
for the determination about the accuracy and
completeness of the disputed information;
``(vii) a statement that a consumer may,
free of charge, challenge the results of the
reinvestigation by appeal within 120 days after
the date the notice of the results of the
reinvestigation was provided to the consumer
and the process for submitting an appeal;
``(viii) a statement informing the consumer
that a notation described in section 605(e)
will be added to the file of the consumer
during the period in which the consumer appeals
the results of a reinvestigation and that such
notation can be removed at the request of the
consumer; and
``(ix) any other information, as determined
by the Bureau.
``(5) Requirements relating to reinsertion of previously
deleted or modified material.--
``(A) Certification of new determination that item
is accurate or complete.--A consumer reporting agency
may not reinsert into a consumer's file any information
that was previously deleted or modified pursuant to
paragraph (3)(D), unless the person who provided the
information--
``(i) requests that the consumer reporting
agency reinsert such information;
``(ii) submits a written certification that
the information is accurate and complete; and
``(iii) provides a statement describing the
specific reasons why the information should be
inserted.
``(B) Notice to consumer before reinsertion can
occur.--Upon receipt of a request for reinsertion of
disputed information under subparagraph (A), the
consumer reporting agency shall, not later than 5
business days before the consumer reporting agency
reinserts the information into the consumer's file,
notify the consumer in writing of such request for
reinsertion. Such notice shall include--
``(i) the business name, mailing address,
telephone number, and Internet website address
(if available) of any person who provided
information to or contacted the consumer
reporting agency in connection with the
reinsertion;
``(ii) a copy of the information relating
to the consumer, the certification that the
information is accurate or complete, and the
statement of the reasons supporting reinsertion
provided by the person who provided the
information to the consumer reporting agency
under subparagraph (A);
``(iii) a statement that the consumer may
obtain, free of charge and within the 12-month
period following the date the notice under this
subparagraph was issued, a consumer report and
credit score or educational score (if
applicable) from the consumer reporting agency
that includes the reinserted information,
regardless of whether the consumer obtained or
will obtain a free annual consumer report and
credit score or educational credit score (if
applicable) under section 612;
``(iv) a statement that the consumer may
appeal the determination that the previously
deleted or modified information is accurate or
complete and a description of the procedure for
the consumer to make such an appeal pursuant to
subsection (h); and
``(v) a statement that the consumer has the
right to add a narrative statement, free of
charge, to the consumer's file disputing the
accuracy or completeness of the disputed
information and a description of the process to
add such a narrative statement pursuant to
subsection (b).
``(6) Expedited dispute resolution.--If a consumer
reporting agency determines that the information provided by
the consumer is sufficient to substantiate that the item of
information is inaccurate, incomplete, or cannot be verified by
the person who furnished such information, and the consumer
reporting agency deletes or modifies such information within 3
business days of receiving notice of the dispute, the consumer
reporting agency shall be exempt from the requirements of
paragraph (4), if the consumer reporting agency provides to the
consumer--
``(A) prompt notice confirming the deletion or
modification of the information from the consumer's
file in writing or by other means, if agreed to by the
consumer when the information is disputed;
``(B) a statement of the consumer's right to
request that the consumer reporting agency furnish
notifications of a revised consumer report pursuant to
subsection (d);
``(C) not later than 5 business days after deleting
or modifying the information, a copy of the consumer
report and credit score or educational score (if
applicable) that is based upon the consumer's revised
file; and
``(D) a statement that the consumer may obtain,
free of charge and within the 12-month period following
the date the notice under this paragraph was sent to
the consumer, a consumer report and credit score or
educational score (if applicable) from the consumer
reporting agency, regardless of whether the consumer
obtained or will obtain their free annual consumer
report and credit score or educational score (if
applicable) under section 612.
``(7) No excuse for failure to conduct reinvestigation.--A
consumer reporting agency may not refuse to conduct a
reinvestigation under this subsection because the agency
determines that the dispute was submitted by an authorized
third party, unless the agency has clear and convincing
evidence that the third party is not authorized to submit the
dispute on the consumer's behalf. If the consumer reporting
agency refuses to reinvestigate a dispute for these reasons, it
shall provide a clear and conspicuous notice to the consumer
explaining the reasons for the refusal and describing the
specific information the consumer is required to provide for
the agency to conduct the reinvestigation.''.
(b) Ensuring Consumer Reporting Agencies Furnish Certain
Notifications Without Charge.--Section 611(d) of the Fair Credit
Reporting Act (15 U.S.C. 1681i(d)) is amended by inserting ``and
without charge'' after ``request of the consumer''.
(c) Including Specialty Consumer Reporting Agencies in Reports.--
(1) In general.--Section 611(e) of the Fair Credit
Reporting Act (15 U.S.C. 1681i(e)) is amended by inserting ``or
603(x)'' after ``section 603(p)'' each place such term appears.
(2) Technical amendment.--Paragraph (1) of such section (15
U.S.C. 1681i(e)(1)) is amended by striking ``The Commission''
and inserting ``The Bureau''.
(d) Conforming Amendments.--Such Act is further amended--
(1) in section 605B(c)(2), by striking ``section
611(a)(5)(B)'' and inserting ``section 611(a)(5)'';
(2) in section 611--
(A) in subsection (c), by striking ``unless there
is reasonable grounds to believe that it is frivolous
or irrevelant,''; and
(B) in subsection (f)(3)--
(i) in subparagraph (A), by striking
``paragraph (6), (7), or (8) of subsection
(a)'' and inserting ``paragraph (4) or (5) of
subsection (a)''; and
(ii) in subparagraph (B), by striking ``in
the manner required under paragraph (8)(A)'';
and
(3) in section 623(b)(1)(B), by striking ``relevant''
before ``information''.
(e) Global Technical Corrections to References to Nationwide
Specialty Consumer Reporting Agency.--Such Act is further amended--
(1) by striking ``section 603(w)'' and inserting ``section
603(x)'' each place such term appears; and
(2) in section 612(a)(1)(A), by striking ``(w)'' and
inserting ``(x)''.
SEC. 102. CONSUMER AWARENESS OF DISPUTE RIGHTS.
Section 611 of the Fair Credit Reporting Act (15 U.S.C. 1681i) is
amended by adding at the end the following new subsection:
``(i) Increased Consumer Awareness of Dispute Rights.--
``(1) In general.--Not later than 180 days after the date
of enactment of this subsection, each consumer reporting agency
described under subsection (p) or (x) of section 603 shall--
``(A) establish an Internet website accessible to
consumers; and
``(B) post on the home page of such website a
hyperlink to a separate webpage established and
maintained solely for the purpose of providing
information to a consumer about how to dispute an item
of information in the consumer report of the consumer.
``(2) Dispute webpage requirements.--For a consumer
reporting agency described under subsection (p) or (x) of
section 603, the separate dispute webpage described in
paragraph (1)(B)--
``(A) may not include any type or form of
marketing, advertising, information, or material
associated with any products or services offered or
sold to consumers;
``(B) shall clearly and conspicuously disclose a
concise statement regarding how to file a dispute
through the agency, free of charge, in the manner and
format prescribed by the Bureau;
``(C) shall describe the types of documents that
will be used by the agency in resolving the dispute,
including the business name and mailing address to
which a consumer may send such documents;
``(D) shall include a clear and concise explanation
of and the process for using electronic or other means
to submit such documents, free of charge, and without
any character or data limitation imposed by the agency;
``(E) shall include a statement that the consumer
may submit information, free of charge, that the
consumer believes will assist the consumer reporting
agency in determining the results of the
reinvestigation of the dispute;
``(F) shall clearly and conspicuously disclose a
statement describing the procedure likely to be used by
the consumer reporting agency in carrying out a
reinvestigation to determine the accuracy or
completeness of the disputed item of information,
including the time period in which the consumer will be
notified of the results of the reinvestigation, and a
statement that the agency may extend the
reinvestigation period by an additional 15 days if the
consumer submits additional information after a certain
date; and
``(G) shall provide translations of all information
on the webpage in each of the 10 most commonly spoken
languages, other than English, in the United States, as
determined by the Bureau of the Census on an ongoing
basis, and in formats accessible to individuals with
hearing or vision impairments.''.
SEC. 103. MAINTENANCE OF RECORDS BY FURNISHERS.
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) Duty of Furnishers To Maintain Records of Consumers.--
``(1) In general.--A person who furnishes information to a
consumer reporting agency relating to a consumer who has an
account with that person shall maintain all information
necessary to substantiate the accuracy and completeness of the
information furnished, including any records establishing the
liability and terms and conditions under which credit was
extended to a consumer and any payment history with respect to
such credit.
``(2) Retention period.--Records described under paragraph
(1) shall be maintained until the information with respect to
which the records relate may no longer be included in a
consumer report pursuant to section 605.
``(3) Transfer of ownership.--If a person providing
information to a consumer reporting agency is acquired by
another person, or if another person acquires the right to
repayment connected to such information, the acquiring person
shall be subject to the requirements of this subsection with
respect to such information to the same extent as the person
who initially provided such information to the consumer
reporting agency. The person selling or transferring the right
to repayment shall provide the information described in
paragraph (1) to the transferee or the acquirer.''.
SEC. 104. DUTIES OF FURNISHERS RELATING TO DISPUTE PROCEDURES, NOTICES,
AND DISCLOSURES.
(a) Duty To Provide Accurate and Complete Information.--Section
623(a) of the Fair Credit Reporting Act (15 U.S.C. 1681s-2(a)) is
amended--
(1) in the subsection heading, by inserting ``and
Complete'' after ``Accurate'';
(2) in paragraph (1)--
(A) by inserting ``or incomplete'' after
``inaccurate'' each place that term appears; and
(B) in subparagraph (D), by inserting ``or
completeness'' after ``accuracy''; and
(3) in paragraph (8)--
(A) in subparagraph (A), by inserting ``and
completeness'' after ``accuracy''; and
(B) in subparagraph (D), by inserting ``or
completeness'' after ``accuracy''.
(b) Negative Information Notices to Consumers.--Section 623(a)(7)
(15 U.S.C. 1681s-2(a)(7)) of such Act is amended to read as follows:
``(7) Duty of furnishers to inform consumers about
reporting negative information.--
``(A) General negative information warning notice
to all consumers prior to furnishing such
information.--
``(i) In general.--Any person that
regularly furnishes negative information to a
consumer reporting agency described in
subsection (p) or (x) of section 603 about
activity on any accounts of a consumer held by
such person or transactions associated with
credit extended to a consumer by such person
shall provide a written general negative
information warning notice to each such
consumer before such person may furnish any
negative information relating to such a
consumer.
``(ii) Content.--Such notice shall--
``(I) be clear and conspicuous;
``(II) describe the types of
activities that constitute negative
information;
``(III) inform the consumer that
the person may report negative
information relating to any such
accounts or transactions to a consumer
reporting agency described in
subsection (p) or (x) of section 603;
``(IV) state that the negative
information may appear on a consumer
report of the consumer for the periods
described in section 605 and that
during such periods, the negative
information may adversely impact the
consumer's credit score;
``(V) state that in some limited
circumstances, the negative information
may result in other adverse actions,
including a denial of a new job or a
promotion from existing employment; and
``(VI) state that the consumer has
right to--
``(aa) obtain a copy of
their consumer report and
credit score or educational
score (if applicable), which in
some instances can be obtained
free of charge, from any
consumer reporting agency to
which negative information may
be been sent; and
``(bb) dispute, free of
charge, any errors on a
consumer report relating to the
consumer.
``(iii) Timing of notice.--Such person
shall provide such notice to a consumer not
later than 90 days before the date on which the
person furnishes negative information relating
to such consumer.
``(B) Specific negative information notice to a
consumer.--
``(i) In general.--Any person described in
subparagraph (A) that has furnished negative
information relating to activity on any
accounts of a consumer held by such person or
transactions associated with credit extended to
a consumer by such person to a consumer
reporting agency described in subsection (p) or
(x) of section 603 shall send a written notice
to each such consumer.
``(ii) Content.--Such notice shall--
``(I) be clear and conspicuous;
``(II) inform the consumer that the
person has furnished negative
information relating to such accounts
or transactions to a consumer reporting
agency described in subsection (p) or
(x) of section 603;
``(III) identify any consumer
reporting agency to which the negative
information was furnished, including
the name of the agency, mailing
address, Internet website address, and
toll-free telephone number; and
``(IV) include the statements
described in subclauses (IV), (V), and
(VI) of subparagraph (A)(ii).
``(iii) Time of notice.--Such person shall
provide such notice to a consumer not later
than 5 business days after the date on which
the person furnished negative information
relating to such consumer.
``(C) Notice effective for subsequent
submissions.--After providing the notice described in
subparagraph (B), the person may submit additional
negative information to a consumer reporting agency
described in subsection (p) or (x) of section 603
without providing additional notice to the consumer,
unless another person acquires the right to repayment
connected to the additional negative information. The
acquiring person shall be subject to the requirements
of this paragraph and shall be required to send
consumers the written notices described in this
paragraph, if applicable.
``(D) Non-traditional data furnishers.--Any person
that furnishes negative information to a consumer
reporting agency described in subsection (p) or (x) of
section 603 relating to any accounts of, or
transactions associated with, a consumer by such person
involving non-traditional data shall be subject to the
requirements described in subparagraphs (A), (B), and
(C).
``(E) Model notices.--
``(i) Duty of bureau.--Not later than 6
months after date of the enactment of this
paragraph, the Bureau shall issue model forms
for the notices described in subparagraphs (A)
and (B) that a person may use to comply with
the requirements of this paragraph.
``(ii) Use of model notice not required.--
No provision of this paragraph may be construed
to require a person to use the model notices
prescribed by the Bureau.
``(iii) Compliance using model notices.--A
person shall be deemed to be in compliance with
the requirements of subparagraph (A)(ii) or
(B)(ii) (as applicable) if the person uses the
model notice prescribed by the Bureau.
``(F) Issuance of general negative warning notice
without submitting negative information.--No provision
of this paragraph may be construed to require a person
described in subparagraph (A) or (D) to furnish
negative information about a consumer to a consumer
reporting agency described in subsection (p) or (x) of
section 603.
``(G) Safe harbor.--A person shall not be liable
for failure to perform the duties required by this
paragraph if the person reasonably believes that the
person is prohibited, by law, from contacting the
consumer.
``(H) Effective date.--The requirements of
subparagraphs (A), (B), (C), and (D) shall not take
effect until the date that is 6 months after the date
of the issuance of model forms for notices under
subparagraph (E).
``(I) Definitions.--In this paragraph, the
following definitions shall apply:
``(i) Negative information.--The term
`negative information' means information
concerning a consumer's delinquencies, late
payments, insolvency, or any form of default.
``(ii) Non-traditional data.--The term
`non-traditional data' relates to
telecommunications payments, utility payments,
rent payments, remittances, wire transfers, and
such other items as determined by the
Bureau.''.
(c) Duties of Furnishers After Receiving Notice of Dispute From a
Consumer.--Section 623(a)(8)(E) of the Fair Credit Reporting Act (15
U.S.C. 1681s-2(a)(8)(E)) is amended to read as follows:
``(E) Duties of furnishers after receiving notice
of dispute from a consumer.--After receiving a notice
of dispute from a consumer pursuant to subparagraph
(D), the person that provided the information in
dispute to a consumer reporting agency shall--
``(i) promptly provide to each consumer
reporting agency to which the person furnished
the disputed information the notice of dispute;
``(ii) review all information, including
any substantiating documents, provided by the
consumer about the disputed information and
conduct an investigation, separate from any
reinvestigation by a consumer reporting agency
or a reseller conducted with respect to the
disputed information;
``(iii) before the expiration of the period
under section 611(a)(1) within which a consumer
reporting agency would be required to complete
its action if the consumer had elected to
dispute the information under that section,
complete an investigation of the disputed
information pursuant to the standards described
in subparagraph (G);
``(iv) notify the consumer, in writing, of
the receipt of the dispute that includes--
``(I) a statement about any
information additional to the
information that the person is required
to maintain under subsection (f) that
would support the person's ability to
carry out an investigation to resolve
the consumer's dispute; and
``(II) a statement that the
consumer reporting agency to which the
disputed information was provided will
include a notation described in section
605(e) in the consumer's file until the
investigation has been completed, and
information about how a consumer may
request that such notation is removed
by the agency;
``(v) if the investigation determines the
disputed information is inaccurate, incomplete,
or unverifiable, promptly notify each consumer
reporting agency to which the person furnished
such information in accordance with paragraph
(2); and
``(vi) notify the consumer of the results
of the investigation, in writing, in accordance
with subparagraph (H).''.
(d) Eliminating Furnishers' Authority To Dismiss Disputes as
Frivolous or Irrelevant.--Section 623(a)(8) of such Act (15 U.S.C.
1681s-2(a)(8)) is amended by striking subparagraph (F) and
redesignating subparagraph (G) as subparagraph (F).
(e) Additional Duties.--Section 623(a)(8) of such Act (15 U.S.C.
1681s-2(a)(8)) is further amended by adding at the end the following
new subparagraphs:
``(G) Reasonable standards for furnishers for
conducting investigations and resolving disputes
submitted by consumers.--In any investigation conducted
by a person who furnishes information to a consumer
reporting agency of an item of information being
disputed by a consumer, the person, at a minimum--
``(i) shall maintain sufficient resources
and trained staff, commensurate with the volume
and complexity of disputes received or
reasonably anticipated to be received, to
conduct investigations;
``(ii) shall verify that the person has a
record of the particular information being
disputed, consistent with the requirements of
subsection (f);
``(iii) shall verify that the personally
identifiable information of the consumer
submitting the dispute matches the personally
identifiable information contained on such
records;
``(iv) shall conduct a reasonable review to
determine whether the disputed information is
accurate, complete, and can be verified that
considers all the information, including any
substantiating documents, provided by the
consumer about the disputed information;
``(v) shall ensure that the investigation
is an independent analysis that is separate
from any reinvestigation by a consumer
reporting agency or a reseller conducted with
respect to the disputed information; and
``(vi) may not impose any limitations or
otherwise impede the ability of a consumer to
submit information, including any
substantiating documents, about the disputed
information.
``(H) Contents of the notice to the consumer about
the results of the investigation by the furnisher.--The
notice of the results of the investigation described in
subparagraph (E) shall include--
``(i) a statement informing the consumer as
to whether the disputed information was
determined to be inaccurate, incomplete, or
unverifiable;
``(ii) a statement of the specific reasons
supporting the results of the investigation;
``(iii) a description of the procedure used
by the dispute resolution staff of the person
who furnishes information to a consumer
reporting agency to determine the accuracy or
completeness of the information, including the
business name, mailing address, telephone
number, and Internet website address (if
available) of any person who was contacted by
the staff in connection with the determination;
``(iv) a copy of all information relating
to the consumer that was used in carrying out
the investigation and was the basis for any
determination about the accuracy or
completeness of the disputed information;
``(v) a statement that consumer will
receive, free of charge, a copy of their
consumer report and credit score or educational
credit score (if applicable), from any consumer
reporting agency to which the disputed
information had been provided, regardless of
whether the consumer obtained or will obtain a
free consumer report and credit score or
educational credit score (if applicable) in the
12-month period preceding receipt of the notice
described in this subparagraph pursuant to
section 612(a)(1);
``(vi) if the disputed information was
found to be inaccurate, incomplete, or
unverifiable, a statement that the consumer
report of the consumer shall be revised to
reflect the change to the consumer's file as a
result of the investigation;
``(vii) a statement that the consumer has
the right to appeal the results of the
investigation under paragraph (10), free of
charge, within 120 days after the date of the
notice of the results of the investigation was
provided to the consumer and the process for
submitting an appeal;
``(viii) a statement that the consumer may
add a narrative statement, free of charge, to
the consumer's file held by the consumer
reporting agency to which the information has
been furnished disputing the accuracy or
completeness of the information, regardless of
the results of the investigation by the person,
and the process for contacting any agency that
received the consumer's information from the
person to submit a narrative statement;
``(ix) a statement informing the consumer
that a notation described in section 605(e)
will be added to the consumer's file during the
period in which the consumer appeals the
results of an investigation and that such
notation can be removed at the request of the
consumer; and
``(x) a statement that the consumer has the
right to request a copy of their consumer
report and credit score or educational credit
score (if applicable), free of charge, within
the 12-month period following the date of the
conclusion of the investigation from any
consumer reporting agency in which the disputed
information had been provided, regardless of
whether the consumer obtained or will obtain a
free annual consumer report and credit score or
educational credit score (if applicable) under
this subparagraph or section 612(a)(1).''.
(f) Conforming Amendment.--Section 615(a)(4)(B) is amended--
(1) by striking ``, under section 611, with a consumer
reporting agency''; and
(2) by striking ``furnished by the agency'' and inserting
``to a consumer reporting agency under section 611 or to a
person who furnished information to an agency under section
623''.
SEC. 105. RIGHT TO APPEAL DISPUTES RELATING TO REINVESTIGATIONS AND
INVESTIGATIONS.
(a) Appeals of Reinvestigations Conducted by a Consumer Reporting
Agency.--Section 611 of the Fair Credit Reporting Act (15 U.S.C. 1681i)
is amended--
(1) in subsection (b), by inserting ``or if the consumer is
unsatisfied with the results of an appeal conducted under
subsection (h),'' after ``resolve the dispute,''; and
(2) by inserting after subsection (h) (as added by section
102) the following new subsection:
``(i) Consumer Right To Appeal Results of a Consumer Reporting
Agency Reinvestigation.--
``(1) In general.--Within 120 days after the date of
receipt of the results of a reinvestigation conducted under
subsection (a), a consumer (or authorized third party) may,
free of charge, appeal the results of such reinvestigation by
submitting a notice of appeal to the consumer reporting agency.
``(2) Notice of appeal.--
``(A) Requirements.--A notice of appeal described
in paragraph (1) may be submitted in writing, or
through a toll-free telephone number or other
electronic means established by the consumer reporting
agency (including on the Internet website described in
subsection (g)), and--
``(i) shall identify the information
contained in the consumer's file that is the
subject of the appeal;
``(ii) shall describe the specific reasons
for submitting the notice of appeal; and
``(iii) may provide any information the
consumer believes is relevant to substantiate
the validity of the dispute.
``(B) Consumer reporting agency notice to
consumer.--Upon receipt of such notice of appeal, the
consumer reporting agency shall promptly provide to the
consumer a statement confirming the receipt of the
consumer's notice of appeal that shall include--
``(i) an approximate date on which the
consumer's appeal review will be completed;
``(ii) the process and procedures by which
such review will be conducted; and
``(iii) an employee reference number or
other employee identifier for each of the
specific individuals designated by the consumer
reporting agency who, upon the request of the
consumer, may discuss the substance and status
of the appeal.
``(3) Consumer reporting agency requirements upon receipt
of notice of appeal.--
``(A) In general.--Not later than 20 days after
receiving a notice of appeal, the consumer reporting
agency shall review the appeal. If the consumer
reporting agency determines the information is
inaccurate, incomplete, or cannot be verified, the
consumer reporting agency shall delete or modify the
item of information being disputed by the consumer from
the file of the consumer before the end of the 20-day
period beginning on the date on which the consumer
reporting agency receives a notice of an appeal from
the consumer.
``(B) Notice of appeal to furnisher; information
regarding dispute provided by the consumer.--
``(i) In general.--Before the end of the
period of 3 business days beginning on the date
on which a consumer reporting agency receives a
notice of appeal, the consumer reporting agency
shall provide notice of the appeal, including
all information relating to the specific appeal
that the consumer reporting agency has received
from the consumer, to any person who provided
any information in dispute.
``(ii) Provision of additional information
regarding the dispute.--If the consumer
reporting agency receives additional
information from the consumer after the agency
provides the notice required under clause (i)
and before the end of the 20-day period
described in subparagraph (A), the consumer
reporting agency shall, not later than 3
business days after receiving such information,
provide such information to any person who
provided the information in dispute and shall
have an additional 10 business days to complete
the appeal review.
``(C) Minimum standards for appeals employees.--
``(i) Designation.--Upon receipt of a
notice of appeal under paragraph (1), a
consumer reporting agency shall designate one
or more specific employees who--
``(I) shall be assigned an employee
reference number or other employee
identifier that can be used by the
consumer to discuss the appeal with the
specific individuals handling the
appeal;
``(II) shall have direct authority
to resolve the dispute that is the
subject of the notice of appeal from
the review stage to its completion;
``(III) shall meet minimum training
and ongoing certification requirements
at regular intervals, as established by
the Bureau;
``(IV) shall be located within the
United States;
``(V) may not have been involved in
the reinvestigation conducted or
terminated pursuant to subsection (a);
and
``(VI) may not be subject to any
requirements linking incentives,
including promotion, to the number of
appeals processed within a certain time
period.
``(ii) Requirements.--Such employees shall
conduct a robust review of the appeal and make
a determination regarding the accuracy and
completeness of the disputed information by--
``(I) conducting an independent
analysis, separate from any
investigation by a reseller or person
who provided the disputed information,
and separate from any prior
reinvestigation conducted by the
consumer reporting agency of the
disputed information;
``(II) verifying that the
personally identifiable information of
the consumer submitting the dispute
matches the personally identifiable
information contained on the consumer's
file;
``(III) analyzing the notice of
appeal and all information, including
any substantiating documents, provided
by the consumer with the notice of
appeal;
``(IV) evaluating the validity of
any information submitted by any person
that was used by the consumer reporting
agency in the reinvestigation of the
initial dispute;
``(V) verifying that the consumer
reporting agency has a record of the
information being disputed; and
``(VI) applying any additional
factors or investigative processes, as
specified by the Bureau.
``(D) Notice of appeal results.--Not later than 5
days after the end of the 20-day period described under
subparagraph (A) (or the 10-day extension period, as
applicable) the consumer reporting agency shall provide
the consumer with written notice of the results of the
appeal by postal mail or, if requested by the consumer,
by other means. The contents of such notice shall
include--
``(i) a statement that the appeal is
completed and the date on which it was
completed, the results of the appeal, and the
specific reasons supporting the results of the
appeal;
``(ii) a copy of all information relating
to the consumer that was used as a basis for
deciding the results of the appeal;
``(iii) a consumer report that is based
upon the consumer's file as that file may have
been revised as a result of the appeal;
``(iv) a description of the procedure used
to determine the accuracy and completeness of
the information, including the business name,
telephone number, mailing address, and Internet
website address (if applicable) of any person
who provided information that was contacted in
connection with such information, if reasonably
available;
``(v) information describing that the
consumer may submit a statement, without
charge, disputing the accuracy or completeness
of information in the consumer's file that was
the subject of an appeal under this subsection
by submitting a statement directly to each
consumer reporting agency that received the
information;
``(vi) a description of the consumer's
rights pursuant to subsection (d) (relating to
furnishing notifications to certain users of
consumer reports); and
``(vii) any other information, as
determined by the Bureau.
``(E) No excuse for failure to conduct appeal.--A
consumer reporting agency may not refuse to conduct a
review of an appeal under this subsection because the
agency determines that the notice of appeal was
submitted by an authorized third party, unless the
agency has clear and convincing evidence that the third
party is not authorized to submit the notice of appeal
on the consumer's behalf. If the consumer reporting
agency refuses to conduct a review of the appeal for
these reasons, it shall provide a clear and conspicuous
written notice to the consumer explaining the reasons
for the refusal and describing any information the
consumer is required to provide for the agency to
conduct a review of the appeal.''.
(b) Appeals of Investigations Conducted by Furnishers of
Information.--Section 623(a) of the Fair Credit Reporting Act (15
U.S.C. 1681s-2(a)) is amended by adding at the end the following new
paragraph:
``(10) Duty of furnishers of information upon notice of
appeal of investigation.--
``(A) In general.--Within 120 days of the date of
receipt of the results of an investigation conducted
under paragraph (8)(E), a consumer may, free of charge,
appeal such results by submitting a notice of appeal to
the person who provided the information in the dispute
to a consumer reporting agency (hereafter in this
paragraph referred to as the `furnisher').
``(B) Notice of appeal.--A notice of appeal
described in subparagraph (A) may be submitted in
writing, through a toll-free telephone number, or by
other electronic means established by the furnisher,
and--
``(i) shall identify the information
contained in the consumer's file that is the
subject of the appeal;
``(ii) shall describe the specific reasons
for submitting the notice of appeal; and
``(iii) may include any information,
including substantiating documents, the
consumer believes is relevant to the appeal.
``(C) Furnisher actions.--Upon receipt of such
notice of appeal, the furnisher shall--
``(i) before the end of the period of 3
business days beginning on the date on which
the furnisher receives the notice of appeal,
notify each consumer reporting agency to which
the person furnished such information a
statement identifying the items of information
that a consumer is appealing; and
``(ii) notify the consumer confirming the
receipt of the consumer's notice of appeal,
including an approximate date when the
consumer's appeal will be completed, the
process and procedures by which a review of the
appeal will be conducted, and the specific
individual designated by the consumer reporting
agency who, upon the request of the consumer,
may discuss the substance and status of the
appeal.
``(D) Furnisher requirements upon receipt of notice
of appeal.--Not later than 20 days after receiving a
notice of appeal, the furnisher shall determine whether
the item of information being disputed by the consumer
is inaccurate, incomplete, or cannot be verified, and
shall notify the consumer reporting agency of the
determination. If the furnisher cannot verify the
accuracy or completeness of the disputed information,
the furnisher shall, before the end of the 20-day
period beginning on the date on which the furnisher
receives notice of an appeal from the consumer, submit
instructions to the consumer reporting agency that the
item of information being disputed by the consumer
should be deleted from the file of the consumer.
``(E) Minimum standards for appeals employees.--
Upon receipt of a notice of appeal under subparagraph
(A), a furnisher shall designate one or more specific
employees who--
``(i) shall be assigned an employee
reference number or other employee identifier
that can be used by the consumer to discuss the
appeal with the specific individuals handling
the appeal;
``(ii) shall have direct authority to
resolve the dispute that is the subject of the
notice of appeal on behalf of the furnisher
from the review stage to its completion;
``(iii) shall meet minimum training and
ongoing certification requirements at regular
intervals, as established by the Bureau;
``(iv) may not have been involved in an
investigation conducted pursuant to paragraph
(8); and
``(v) may not be subject to any
requirements linking incentives, including
promotion, to the number of appeals processed
within a certain time period.
``(F) Requirements for appeals process.--Such
employees shall conduct a robust review of the appeal
and make a determination regarding the accuracy and
completeness of the disputed information by--
``(i) conducting an independent analysis,
separate from any reinvestigation by a reseller
or consumer reporting agency, of the disputed
information;
``(ii) verifying that the personally
identifiable information related to the dispute
is accurate and complete;
``(iii) analyzing the notice of appeal and
all information, including substantiating
documents, provided by the consumer with the
notice of appeal;
``(iv) evaluating the validity of any
information submitted by any person that was
used by the furnisher in the initial
investigation into the dispute;
``(v) verifying that the information being
disputed relates to the consumer in whose file
the information is located;
``(vi) verifying that the furnisher has a
record of the information being disputed; and
``(vii) applying any additional factors or
investigative processes, as specified by the
Bureau.
``(G) Extension of review period.--If a consumer
submits additional information related to the appeal
after the period of 3 business days described in
subparagraph (C)(i) and before the end of the 20-day
period described in subparagraph (D), the furnisher
shall have an additional 10 business days to complete
the review of the appeal.
``(H) Notice of appeal results.--Not later than 5
days after the end of the 20-day period described in
subparagraph (D) (or the 10 business day extension
described under subparagraph (G), as applicable) the
furnisher shall provide the consumer with written
notice of the results of the appeal by mail or, if
requested by the consumer, by other means. The contents
of such notice shall include--
``(i) a statement that the appeal is
completed and the date on which it was
completed, the results of the appeal, and the
specific reasons supporting the results of the
appeal;
``(ii) a copy of all information relating
to the consumer that was used as a basis for
deciding the results of the appeal;
``(iii) if the appeal results in any change
to the consumer report, a notification that the
consumer shall receive a copy, free of charge,
of a revised consumer report (based upon the
consumer's file as that file was changed as a
result of the appeal) and a credit score or
educational credit score (if applicable) from
each consumer reporting agency that had been
furnished incorrect information;
``(iv) a description of the procedure used
to determine the accuracy and completeness of
the information, including the business name,
telephone number, mailing address, and Internet
website address (if applicable), of any person
who provided information that was contacted in
connection with such information, if reasonably
available;
``(v) information describing that the
consumer may submit a statement, without
charge, disputing the accuracy or completeness
of information in the consumer's file that was
the subject of an appeal under this paragraph
by submitting a statement directly to each
consumer reporting agency that received the
information; and
``(vi) a notification that the consumer may
request the furnisher to submit to each
consumer reporting agency the consumer's
request to furnish notifications pursuant to
section 611(d) (relating to furnishing
notifications to certain users of consumer
reports).''.
(c) Technical Amendment.--Section 623(a)(8)(A) of the Fair Credit
Reporting Act (15 U.S.C. 1681s-2(a)(8)(A)) is amended by striking
``reinvestigate'' and inserting ``investigate''.
(d) Conforming Amendments.--Section 609 of the Fair Credit
Reporting Act (15 U.S.C. 1681g) is amended--
(1) in subsection (c)--
(A) by striking ``Commission'' and inserting
``Bureau'' each place that term appears;
(B) in the subsection heading, by striking ``Rights
To Obtain and Dispute Information in Consumer Reports
and To Obtain Credit Scores'' and inserting ``Key
Consumer Reporting Rights''; and
(C) in paragraph (1)--
(i) in the heading, by striking
``Commission'' and inserting ``Bureau'';
(ii) in subparagraph (B)--
(I) in clause (ii), by striking ``a
consumer report without charge under
section 612'' and inserting ``consumer
reports and credit scores or
educational credit scores (as
applicable) without charge under
subsections (f), (g), (i), or (j) or
section 612'';
(II) in clause (iii), by inserting
``or section 623'' after ``section
611'';
(III) by striking clauses (iv) and
(vi);
(IV) by inserting after clause
(iii) the following new clause:
``(iv) the right of a consumer to appeal a
determination of a reinvestigation conducted by
a consumer reporting agency under section
611(h) or an investigation conducted by a
furnisher of information under section
623(a)(10);''; and
(V) by adding at the end the
following new clause:
``(vi) the method and circumstances under
which consumers can obtain a 1-year fraud
alert, 7-year fraud alert, active duty alert,
or security freeze as described in section 605A
through a consumer reporting agency described
under section 603(p).'';
(iii) in subparagraph (C) (as amended by
subparagraph (A)) by inserting ``and the
Commission'' after ``Bureau''; and
(iv) by adding at the end the following new
subparagraph:
``(D) Publication of summary rights.--A consumer
reporting agency described under subsection (p) or (x)
of section 603 shall display in a clear and conspicuous
manner, including on the Internet website of the
consumer reporting agency, the summary of rights
prepared by the Bureau under this paragraph.''; and
(2) in subsection (d), by inserting ``Bureau and the''
before ``Commission''.
SEC. 106. REVISED CONSUMER REPORTS.
Section 611 of the Fair Credit Reporting Act (15 U.S.C. 1681i), as
amended by section 105(a)(2), is further amended by adding at the end
the following new subsection:
``(j) Requirement To Send Revised Consumer Report to Consumer.--
Upon receiving a notice described in section 623(a)(8)(E)(iv), each
consumer reporting agency shall send to the consumer a revised consumer
report and credit score or education credit score (if applicable) based
upon the consumer's file as that file was changed as a result of the
investigation.''.
SEC. 107. INDICATION OF DISPUTE BY CONSUMERS AND USE OF DISPUTED
INFORMATION.
Section 605(f) of the Fair Credit Reporting Act (15 U.S.C.
1681c(f)) is amended to read as follows:
``(f) Indication of Dispute.--
``(1) In general.--A consumer reporting agency shall
include in any consumer report based on the consumer's file a
notation identifying any item of information that is currently
in dispute by the consumer if--
``(A) a consumer disputes the completeness or
accuracy of any item of information contained in a
consumer's file pursuant to section 611(a)(1);
``(B) a consumer files with a consumer reporting
agency an appeal of a reinvestigation pursuant to
section 611(i); or
``(C) the consumer reporting agency is notified by
a person that furnished any items of information that
are currently in dispute by the consumer that--
``(i) a consumer disputes the completeness
or accuracy of any information furnished by a
person to any consumer reporting agency
pursuant to paragraph (3) or (8) of section
623(a); or
``(ii) a consumer submits a notice of
appeal under section 623(a)(10).
``(2) Opt out.--A consumer may submit a request to a
consumer reporting agency or a person who furnished the
information in dispute, as applicable, to have the notation
described in paragraph (1) omitted from the consumer report.
Upon receipt of such a request--
``(A) by a consumer reporting agency, such agency
shall remove the notation within 1 business day; and
``(B) by a person who furnished the information in
dispute, such person shall submit such request to each
consumer reporting agency to which the person furnished
such information within 1 business day and such agency
shall remove the notation within 1 business day of
receipt of such request.''.
SEC. 108. ACCURACY AND COMPLETENESS REPORT DUTIES FOR CONSUMER
REPORTING AGENCIES AND FURNISHERS.
Section 607(b) of the Fair Credit Reporting Act (15 U.S.C. 1681e)
is amended to read as follows:
``(b) Accuracy and Completeness of Report.--
``(1) In general.--In preparing a consumer report, a
consumer reporting agency shall maintain reasonable procedures
to ensure maximum possible accuracy and completeness of the
information concerning the individual to whom the consumer
report relates.
``(2) Bureau rule to assure maximum possible accuracy and
completeness with credit reporting practices.--
``(A) Rule.--Not later than 18 months after the
date of enactment of this subsection, the Bureau shall
issue a final rule establishing the procedures
described in paragraph (1).
``(B) Requirements.--In formulating the rule
required under subparagraph (A), the Bureau shall--
``(i) develop standards for matching the
personally identifiable information included in
the consumer's file with the personally
identifiable information furnished by the
person who provided the information to the
consumer reporting agency (hereafter in this
subsection referred to as the `furnisher'),
including the full name of a consumer, the date
of birth of a consumer, the full social
security number of a consumer, and any other
information that the Bureau determines would
aid in assuring maximum possible accuracy and
completeness of such consumer reports;
``(ii) establish processes for a consumer
reporting agency to monitor the integrity of
the data provided by furnishers and the
compliance of furnishers with the requirements
of this title;
``(iii) establish processes for a consumer
reporting agency to regularly reconcile data
relating to accounts in collection, including
those that have not been paid in full, by
specifying the circumstances under which the
consumer reporting agency shall remove or
suppress negative or adverse information from a
consumer's file that has not been updated by a
furnisher who is also a debt collector (as
defined in section 803 of the Fair Debt
Collection Practices Act) within the time
period established by the Bureau;
``(iv) establish procedures to require each
consumer reporting agency to review and monitor
the quality of information received from any
source, including information from public
records, by regularly and on an ongoing basis
comparing the information received to the
information available from the original source
and ensuring that the information received is
the most current information;
``(v) develop standards and procedures for
consumer reporting agencies to identify
furnishers that repeatedly fail to provide
accurate and complete information, to take
corrective action against such furnishers, and
to reject information submitted by such
furnishers;
``(vi) develop standards and procedures for
consumer reporting agencies to adopt regarding
collection of public record data, including
standards and procedures to consider the
ultimate data source, how the public record
information is filed and its availability and
accessibility, and whether information relating
to the satisfaction of judgments or other
updates to the public record are available on a
reasonably timely basis from a particular
source; and
``(vii) establish any other factors,
procedures, or processes determined by the
Bureau to be necessary to assist consumer
reporting agencies in achieving maximum
possible accuracy and completeness of the
information in consumer reports.
``(3) Corrective action for furnishers that repeatedly
furnish inaccurate or incomplete information.--Upon identifying
a furnisher that repeatedly fails to furnish accurate,
complete, or verifiable information to consumer reporting
agencies, the Bureau shall--
``(A) ensure the prompt removal of any adverse
information relating to a consumer's accounts submitted
by such furnisher; and
``(B) take corrective action, which may include--
``(i) mandatory revised training and
training materials for the staff of the
furnisher regarding the furnishing of accurate
and complete information;
``(ii) sharing industry best practices and
procedures regarding accuracy and completeness;
or
``(iii) temporarily prohibiting a furnisher
from providing information to a consumer
reporting agency.''.
SEC. 109. INCLUSION OF PUBLIC RECORD DATA SOURCES IN CONSUMER REPORTS.
Section 605(d) of the Fair Credit Reporting Act (15 U.S.C.
1681c(d)) is amended by adding at the end the following:
``(3) Public record data source.--Any consumer reporting
agency that furnishes a consumer report that contains public
record data shall also include in such report the source from
which that data was obtained, including the particular court,
if any, and the date that the data was initially reported or
publicized.''.
SEC. 110. INJUNCTIVE RELIEF FOR VICTIMS.
(a) In General.--The Fair Credit Reporting Act (15 U.S.C. 1681 et
seq.) is amended--
(1) in section 616--
(A) in subsection (a), by amending the subsection
heading to read as follows: ``Damages'';
(B) by redesignating subsections (c) and (d) as
subsections (d) and (e), respectively; and
(C) by inserting after subsection (b) the following
new subsection:
``(c) Injunctive Relief.--In addition to any other remedy set forth
in this section, a court may award injunctive relief to require
compliance with the requirements imposed under this title with respect
to any consumer. In the event of any successful action for injunctive
relief under this subsection, the court may award to the prevailing
party costs and reasonable attorney fees (as determined by the court)
incurred during the action by such party.''; and
(2) in section 617--
(A) in subsection (a), by amending the subsection
heading to read as follows: ``Damages'';
(B) by redesignating subsection (b) as subsection
(c); and
(C) by inserting after subsection (a) the following
new subsection:
``(b) Injunctive Relief.--In addition to any other remedy set forth
in this section, a court may award injunctive relief to require
compliance with the requirements imposed under this title with respect
to any consumer. In the event of any successful action for injunctive
relief under this subsection, the court may award to the prevailing
party costs and reasonable attorney fees (as determined by the court)
incurred during the action by such party.''.
(b) Enforcement by Federal Trade Commission.--Section 621(a)(2)(A)
of the Fair Credit Reporting Act (15 U.S.C. 1681s(a)(2)(A)) is
amended--
(1) by amending the subparagraph heading to read as
follows: ``Negligent, willful, or knowing violations''; and
(2) by inserting ``negligent, willful, or'' before
``knowing''.
TITLE II--PROHIBITION ON MISLEADING AND UNFAIR CONSUMER REPORTING
PRACTICES
SEC. 201. PROHIBITION ON AUTOMATIC RENEWALS FOR PROMOTIONAL CONSUMER
REPORTING AND CREDIT SCORING PRODUCTS AND SERVICES.
The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.) is amended--
(1) by adding at the end the following new section:
``Sec. 630. Promotional periods
``(a) Termination Notice.--With respect to any product or service
related to a consumer report or a credit score that is provided to a
consumer under promotional terms, the seller or provider of such
product or service shall provide clear and conspicuous notice to the
consumer within a reasonable period of time before the promotional
period ends.
``(b) Opt-In.--With respect to any such product or service, the
seller or provider may not continue to sell or provide such product or
service to the consumer after the end of the promotional period unless
the consumer specifically agrees at the end of the promotional period
to continue receiving the product or service.''; and
(2) in the table of contents for such Act, by inserting
after the item relating to section 629 the following new item:
``630. Promotional periods.''.
SEC. 202. PROHIBITION ON MISLEADING AND DECEPTIVE MARKETING RELATED TO
THE PROVISION OF CONSUMER REPORTING AND CREDIT SCORING
PRODUCTS AND SERVICES.
Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g) is
amended--
(1) in subsection (a)--
(A) in paragraph (1)--
(i) by striking ``request, except'' and all
that follows through ``consumer to whom'' and
inserting ``request, unless the consumer to
whom'';
(ii) by striking ``disclosure; and'' and
inserting ``disclosure.''; and
(iii) by striking subparagraph (B); and
(B) in paragraph (6), by inserting ``or educational
credit score (if applicable) under subsection (f) or
section 612'' before the period at the end; and
(2) by adding at the end the following new subsection:
``(h) Disclosures on Products and Services.--The Bureau, in
consultation with the Federal Trade Commission, shall issue regulations
within 18 months of the date of the enactment of this subsection
requiring each consumer reporting agency and reseller to clearly and
conspicuously disclose all material terms and conditions, including any
fee and pricing information associated with any products or services
offered, advertised, marketed, or sold to consumers by the agency or
reseller. Such disclosures shall be made in all forms of communication
to consumers and displayed prominently on the agency or reseller's
website and all other locations where products or services are offered,
advertised, marketed, or sold to consumers.''.
SEC. 203. PROHIBITON ON EXCESSIVE DIRECT-TO-CONSUMER SALES.
The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), as amended
by section 201, is further amended--
(1) by adding at the end the following new section:
``Sec. 631. Fair and reasonable fees for products and services
``The Bureau may, with respect to any product or service offered by
a consumer reporting agency to a consumer, set a fair and reasonable
maximum fee that may be charged for such product or service, except
where such maximum fee is otherwise provided under this title.''; and
(2) in the table of contents for such Act, as amended by
section 201, by adding at the end the following new item:
``631. Fair and reasonable fees for products and services.''.
SEC. 204. FAIR ACCESS TO CONSUMER REPORTING AND CREDIT SCORING
DISCLOSURES FOR NONNATIVE ENGLISH SPEAKERS AND THE
VISUALLY AND HEARING IMPAIRED.
The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), as amended
by section 203, is further amended--
(1) by adding at the end the following new section:
``Sec. 632. Fair access to information for nonnative English speakers
and the visually and hearing impaired
``(a) In General.--Not later than 180 days after the date of the
enactment of this section, the Bureau shall issue a rule to require
consumer reporting agencies and persons who furnish information to
consumer reporting agencies under this title, to the maximum extent
reasonably practicable--
``(1) to provide any information, disclosures, or other
communication with consumers--
``(A) in each of the 10 most commonly spoken
languages, other than English, in the United States, as
determined by the Bureau of the Census on an ongoing
basis; and
``(B) in formats accessible to individuals with
hearing or vision impairments; and
``(2) to ensure that--
``(A) customer service representatives, including
employees assigned to handle disputes or appeals under
sections 611 and 623, who are available to assist
consumers are highly familiar with the requirements of
this title;
``(B) such representatives are available during
regular business hours and outside of regular business
hours, including evenings and weekends; and
``(C) at least one among such representatives is
fluent in each of the 10 most commonly spoken
languages, other than English, in the United States, as
determined by the Bureau of the Census on an ongoing
basis.
``(b) Bureau Consultation.--The Bureau shall consult with advocates
for civil rights, consumer groups, community groups, and organizations
that serve traditionally underserved communities and populations in
issuing the rule described in subsection (a).''; and
(2) in the table of contents for such Act, as amended by
section 203, by adding at the end the following new item:
``632. Fair access to information for nonnative English speakers and
the visually and hearing impaired.''.
SEC. 205. COMPARISON SHOPPING FOR LOANS WITHOUT HARM TO CREDIT
STANDING.
Section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c) is
amended by adding at the end the following new subsection:
``(i) Encouraging Consumers To Comparison Shop for Loans by
Treating Grouped Enquiries of the Same Type Within a Reasonable Period
as a Single Enquiry.--
``(1) In general.--With respect to multiple enquiries of
the same type made to a consumer reporting agency for a
consumer report or credit score with respect to a consumer, any
credit scoring model shall treat such enquiries as a single
enquiry if the enquiries are made within a 120-day period.
``(2) Definition of enquiries of the same type.--With
respect to multiple enquiries made to a consumer reporting
agency for a consumer report or credit score with respect to a
consumer, such enquiries are `of the same type' if the consumer
reporting agency has reason to believe that the enquiries are
all made for the purpose of determining the consumer's
creditworthiness for an extension of credit described in one of
the following:
``(A) Any loan primarily for personal, family, or
household use that is secured by a mortgage, deed of
trust, or other equivalent consensual security interest
on a dwelling (as defined in section 103(w) of the
Truth in Lending Act), including a loan in which the
proceeds will be used for--
``(i) a manufactured home (as defined in
section 603 of the Housing and Community
Development Act of 1974 (42 U.S.C. 5402));
``(ii) any installment sales contract, land
contract, or contract for deed on a residential
property; or
``(iii) a reverse mortgage transaction (as
defined in section 103 of the Truth in Lending
Act).
``(B) A motor vehicle loan or lease (as described
in section 609(j)).
``(C) A private education loan.
``(D) Any other consumer financial product or
service, as determined by the Bureau.''.
SEC. 206. NATIONWIDE CONSUMER REPORTING AGENCIES REGISTRY.
The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), as amended
by section 204, is further amended--
(1) by adding at the end the following new section:
``Sec. 633. Nationwide consumer reporting agencies registry
``(a) In General.--Not later than 1 year after the date of
enactment of this section, the Bureau shall establish and maintain a
publicly accessible registry of consumer reporting agencies described
in subsection (p) or (x) of section 603 (and any other agencies the
Bureau determines provide similar services to such consumer reporting
agencies) that includes current contact information of each such
agency, including the Internet website address of the Internet website
described under section 611(h), and information on how consumers can
obtain their consumer report, credit scores, or educational credit
scores (as applicable) by toll-free telephone, postal mail, or
electronic means.
``(b) Registry Requirements.--The registry described in subsection
(a) shall--
``(1) identify the largest agencies and the markets and
demographics covered by such agencies; and
``(2) disclose, with respect to each agency, whether the
agency is subject to the supervisory authority of the Bureau
under this title.
``(c) Information Updates.--Each agency described under subsection
(a) shall submit to the Bureau contact information for the registry,
including any updates to such information. The Bureau shall--
``(1) independently verify information submitted by each
agency; and
``(2) update the registry not less frequently than
annually.''; and
(2) in the table of contents for such Act, as amended by
section 204, by adding at the end the following new item:
``633. Nationwide consumer reporting agencies registry.''.
Union Calendar No. 288
116th CONGRESS
1st Session
H. R. 3642
[Report No. 116-363]
_______________________________________________________________________
A BILL
To amend the Fair Credit Reporting Act to fix the consumer report
dispute process, to ban misleading and unfair consumer reporting
practices, and for other purposes.
_______________________________________________________________________
December 23, 2019
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed