Summary: S.1786 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for S.1786. Bill summaries are authored by CRS.

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Introduced in Senate (09/11/2017)

Stopping Errors in Consumer Use and REporting Act of 2017 or the SECURE Act of 2017

This bill amends the Fair Credit Reporting Act with respect to civil liability for willful or negligent noncompliance with consumer credit protection requirements. Specifically, it authorizes a court to award: (1) injunctive relief to require compliance with that Act, and (2) costs and fees to the prevailing party in any successful action for injunctive relief.

In disputes regarding information contained in a consumer's credit report, the consumer reporting agency must provide all documentation provided by the consumer to the furnisher of the disputed information. The furnisher must review and consider the documentation.

The Consumer Financial Protection Bureau (CFPB) must issue rules to ensure accuracy of consumer reports issued by consumer reporting agencies.

This bill adds negligence and willful violations of the Act as a basis for civil action and penalty by the Federal Trade Commission.

A consumer reporting agency: (1) must give a consumer a credit score free of charge if one is requested in connection with a free annual consumer report, and (2) must provide free disclosures to any consumer who has received either a notice of adverse action or an offer of credit on materially less favorable terms.

Upon request by a consumer under age 16 or the consumer's legal guardian or custodian, a consumer reporting agency may not provide anyone with the minor's consumer report, nor add information to the file without permission.

The Government Accountability Office must study the feasibility of a government-administered consumer credit reporting system.