Summary: S.471 — 113th Congress (2013-2014)All Information (Except Text)

There is one summary for S.471. Bill summaries are authored by CRS.

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Introduced in Senate (03/06/2013)

Fair Access to Credit Scores Act of 2013 - Amends the Fair Credit Reporting Act to require certain consumer reporting agencies to disclose, without charge, as part of a consumer's free annual disclosure upon request, a current credit score generated using the scoring methodology most frequently used to generate scores sold to creditors, including information regarding other risk scores or predictors in the consumer's file.

Requires the agencies also to furnish such other consumer information as the Consumer Financial Protection Bureau (CFPB) considers appropriate with respect to consumer financial education, including where the consumer's credit score falls with respect to a range of possible credit scores, and the general factors contributing to the credit scores of consumers.

Requires such agencies, upon consumer request for either a credit score or a risk score, to supply any such score in the consumer's file at the agency.

Requires the agencies to maintain credit scores or other risk scores or predictors in the consumer's file for at least one year after the data is generated.

Directs the CFPB to develop regulations establishing a mandatory format for consumer file disclosures.