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115th Congress }                                          { REPORT
                        HOUSE OF REPRESENTATIVES
  2d Session   }                                          { 115-568

======================================================================
 
              THE CREDIT ACCESS AND INCLUSION ACT OF 2017

                                _______
                                

 February 16, 2018.--Committed to the Committee of the Whole House on 
            the State of the Union and ordered to be printed

                                _______
                                

Mr. Hensarling, from the Committee on Financial Services, submitted the 
                               following

                              R E P O R T

                        [To accompany H.R. 435]

      [Including cost estimate of the Congressional Budget Office]

    The Committee on Financial Services, to whom was referred 
the bill (H.R. 435) to amend the Fair Credit Reporting Act to 
clarify Federal law with respect to reporting certain positive 
consumer credit information to consumer reporting agencies, and 
for other purposes, having considered the same, report 
favorably thereon with an amendment and recommend that the bill 
as amended do pass.
    The amendment (stated in terms of the page and line numbers 
of the introduced bill) is as follows:
  Page 4, after line 14, insert the following:

  (c) GAO Study and Report.--Not later than 2 years after the 
date of the enactment of this Act, the Comptroller General of 
the United States shall submit to Congress a report on the 
impact of furnishing information pursuant to subsection (f) of 
section 623 of the Fair Credit Reporting Act (15 U.S.C. 1681s-
2) (as added by this Act) on consumers.

                          Purpose and Summary

    Introduced by Representative Ellison on January 11, 2017, 
H.R. 435, the ``Credit Access and Inclusion Act of 2017'' 
amends the Fair Credit Reporting Act (FCRA) to authorize a 
person or the Department of Housing and Urban Development (HUD) 
to furnish to a consumer reporting agency, information relating 
to the performance of a consumer in making payments: (1) under 
a lease agreement for a dwelling, including a lease in which 
HUD provides subsidized payments; or (2) pursuant to a contract 
for a utility or telecommunications service.
    Information about a consumer's use of any utility or 
telecommunications services may be furnished to a consumer 
reporting agency only to the extent that such information 
relates to payment by the consumer for such services or other 
terms of the provision of such services, including any deposit, 
discount, or conditions for interruption or termination of 
service. An energy utility firm may not report payment 
information to a consumer reporting agency with respect to an 
outstanding balance of a consumer as late if the firm and the 
consumer have entered into a payment plan and the consumer is 
meeting the obligations of such plan.
    H.R. 435 also amends the Consumer Credit Protection Act to 
clarify civil liability provisions are inapplicable to credit 
reporting agencies, but applicable to credit furnishers.
    This bill also requires the U.S. Government Accountability 
Office (GAO) to study the impact on consumers of furnishing 
information pursuant to the legislation.

                  Background and Need for Legislation

    Consumer reporting agencies--commonly called credit 
bureaus--compile and maintain credit reports from data 
voluntarily supplied to them by credit card issuers, mortgage 
lenders, debt collectors, and other creditors. These credit 
reports summarize a consumer's credit history, and provides 
data about the consumer's credit card accounts, mortgages, auto 
loans, student loans, and other credit accounts. Consumer 
credit reports typically include information such as the terms 
on which the consumer obtained credit, how much the consumer 
owes, and the consumer's payment history. Consumer reporting 
agencies also generate credit scores, which are numerical 
ratings of a person's creditworthiness, calculated from the 
information in credit reports.
    Lenders, insurers, employers, and others request credit 
reports and credit scores to assess how consumers manage their 
financial responsibilities. Lenders use credit reports and 
credit scores in determining whether a consumer gets a loan and 
on what terms; insurance companies may use them to decide 
whether a consumer receives coverage; employers may use them to 
make hiring decisions; and telephone and utility companies may 
use the score to decide whether to provide services to a 
consumer.
    Furnishers are entities that provide information about 
their customers to consumer reporting agencies, including 
information about customers' payments on their accounts. 
Examples of furnishers include banks, thrifts, credit unions, 
savings and loan institutions, mortgage lenders, credit card 
issuers, collection agencies, retail installment lenders, and 
auto finance lenders.
    The Fair Credit Reporting Act (FCRA)--which governs the 
collection, assembly, and use of consumer credit information 
and provides the statutory framework for the credit reporting 
system--does not require furnishers to report to consumer 
reporting agencies, but if they do report, they must comply 
with certain provisions of the statute. Furnishers typically 
report full account payment information, both positive, such as 
an on-time payment in full, and negative, such as a missed or 
delayed payment. However, some types of accounts are reported 
only when the payment history turns negative, such as when the 
debt is transferred to a debt collector.
    Owing primarily to regulatory uncertainty at the state 
level, utility and telecom companies only report negative 
information, such as late payments, if they report on a 
consumer's payment activity at all. While there are no federal 
statutory prohibitions, some state regulators have told 
inquiring energy utility and telecommunications firms that they 
are not permitted to share customer payment data with consumer 
reporting agencies. A consumer may make dozens or more on-time 
payments in full, but the reporting mechanism under federal 
law, the consumer will receive no benefit from those ``good'' 
payments to utilities and telecommunications companies.
    Credit reporting is crucial to the efficient functioning of 
the economy. In order to lend, creditors must be able to 
calculate the risk a borrower presents to an institution. The 
more likely the borrower is deemed to repay the loan in-full, 
the borrower is likely to receive more favorable loan terms. At 
the same time, inaccurate, incomplete, misleading or unreliable 
information in their credit histories may penalize a borrower's 
ability to receive credit and according to some observers, the 
financial mainstream may often exclude consumers whose credit 
histories lack enough information to calculate a credit score.
    To resolve these concerns, H.R. 435 will establish a 
furnishing and reporting environment that provides more 
information about a borrower and should create a more thorough 
credit profile and as a result, a more accurate credit score. 
H.R. 435, as amended by an amendment offered by Rep. Maxine 
Waters, also requires the GAO to study the impact of furnishing 
on-time payment data to consumer reporting agencies. When a 
lender is able to accurately assess exposure and risk when it 
extends credit to a consumer, it is able to make additional 
loans it may not otherwise make because of incomplete risk-
assessment information. For consumers, more positive 
information furnished to consumer reporting agencies mean 
increased access to stable and more affordable credit.

                                Hearings

    The Committee on Financial Services held a hearing 
examining matters relating to H.R. 435 on December 7, 2017.

                        Committee Consideration

    The Committee on Financial Services met in open session on 
December 12, 2017 and ordered H.R. 435 to be reported favorably 
by a recorded vote of 60 yeas to 0 nays (Record vote no. FC-
128), a quorum being present. Before the motion to report was 
offered, the Committee adopted an amendment offered by Ms. 
Waters.

                            Committee Votes

    Clause 3(b) of rule XIII of the Rules of the House of 
Representatives requires the Committee to list the record votes 
on the motion to report legislation and amendments thereto. The 
sole recorded vote was on a motion by Chairman Hensarling to 
report the bill favorably to the House without amendment. The 
motion was agreed to by a recorded vote of 60 yeas to 0 nays 
(Record vote no. FC-128), a quorum being present.


                      Committee Oversight Findings

    Pursuant to clause 3(c)(1) of rule XIII of the Rules of the 
House of Representatives, the findings and recommendations of 
the Committee based on oversight activities under clause 
2(b)(1) of rule X of the Rules of the House of Representatives, 
are incorporated in the descriptive portions of this report.

                    Performance Goals and Objectives

    Pursuant to clause 3(c)(4) of rule XIII of the Rules of the 
House of Representatives, the Committee states that H.R. 435 
will better allow lenders to accurately assess exposure and 
risk when they extend credit to a consumer.

   New Budget Authority, Entitlement Authority, and Tax Expenditures

    In compliance with clause 3(c)(2) of rule XIII of the Rules 
of the House of Representatives, the Committee adopts as its 
own the estimate of new budget authority, entitlement 
authority, or tax expenditures or revenues contained in the 
cost estimate prepared by the Director of the Congressional 
Budget Office pursuant to section 402 of the Congressional 
Budget Act of 1974.

                 Congressional Budget Office Estimates

    Pursuant to clause 3(c)(3) of rule XIII of the Rules of the 
House of Representatives, the following is the cost estimate 
provided by the Congressional Budget Office pursuant to section 
402 of the Congressional Budget Act of 1974:

                                     U.S. Congress,
                               Congressional Budget Office,
                                 Washington, DC, February 15, 2018.
Hon. Jeb Hensarling,
Chairman, Committee on Financial Services,
House of Representatives, Washington, DC.
    Dear Mr. Chairman: The Congressional Budget Office has 
prepared the enclosed cost estimate for H.R. 435, the Credit 
Access and Inclusion Act of 2017.
    If you wish further details on this estimate, we will be 
pleased to provide them. The CBO staff contact is Stephen 
Rabent.
            Sincerely,
                                                Keith Hall,
                                                          Director.
    Enclosure.

H.R. 435--The Credit Access and Inclusion Act of 2017

    H.R. 435 would amend the Fair Credit Reporting Act to allow 
individual people, companies, or the Department of Housing and 
Urban Development (HUD) to report to consumer credit reporting 
agencies information related to a consumer's performance in 
making housing lease payments or payments for utility or 
telecommunication contracts. Under the bill, the Government 
Accountability Office (GAO) would be required to report on the 
effects on consumers of providing such information.
    Using information from the affected agencies about the 
costs of implementing similar requirements, CBO estimates that 
implementing H.R. 435 would cost less than $500,000 over the 
2018-2022 period. Spending by HUD, the Federal Trade 
Commission, and GAO for implementation and enforcement would be 
subject to the availability of appropriated funds.
    Using information from the Consumer Financial Protection 
Bureau, CBO estimates that enacting H.R. 453 also would 
increase direct spending by less than $500,000 for the agency 
to issue a rule to implement the changes required under the 
bill. Because H.R. 435 would affect direct spending, pay-as-
you-go procedures apply. Enacting the bill would not affect 
revenues.
    CBO estimates that enacting H.R. 435 would not 
significantly increase net direct spending or on-budget 
deficits in any of the four consecutive 10-year periods 
beginning in 2028.
    H.R. 435 contains no intergovernmental or private-sector 
mandates as defined in the Unfunded Mandates Reform Act.
    The CBO staff contact for this estimate is Stephen Rabent. 
The estimate was approved by H. Samuel Papenfuss, Deputy 
Assistant Director for Budget Analysis.

                       Federal Mandates Statement

    This information is provided in accordance with section 423 
of the Unfunded Mandates Reform Act of 1995.
    The Committee has determined that the bill does not contain 
Federal mandates on the private sector. The Committee has 
determined that the bill does not impose a Federal 
intergovernmental mandate on State, local, or tribal 
governments.

                      Advisory Committee Statement

    No advisory committees within the meaning of section 5(b) 
of the Federal Advisory Committee Act were created by this 
legislation.

                  Applicability to Legislative Branch

    The Committee finds that the legislation does not relate to 
the terms and conditions of employment or access to public 
services or accommodations within the meaning of the section 
102(b)(3) of the Congressional Accountability Act.

                         Earmark Identification

    With respect to clause 9 of rule XXI of the Rules of the 
House of Representatives, the Committee has carefully reviewed 
the provisions of the bill and states that the provisions of 
the bill do not contain any congressional earmarks, limited tax 
benefits, or limited tariff benefits within the meaning of the 
rule.

                    Duplication of Federal Programs

    In compliance with clause 3(c)(5) of rule XIII of the Rules 
of the House of Representatives, the Committee states that no 
provision of the bill establishes or reauthorizes: (1) a 
program of the Federal Government known to be duplicative of 
another Federal program; (2) a program included in any report 
from the Government Accountability Office to Congress pursuant 
to section 21 of Public Law 111-139; or (3) a program related 
to a program identified in the most recent Catalog of Federal 
Domestic Assistance, published pursuant to the Federal Program 
Information Act (Pub. L. No. 95-220, as amended by Pub. L. No. 
98-169).

                   Disclosure of Directed Rulemaking

    Pursuant to section 3(i) of H. Res. 5, (115th Congress), 
the following statement is made concerning directed 
rulemakings: The Committee estimates that the bill requires no 
directed rulemakings within the meaning of such section.

             Section-by-Section Analysis of the Legislation


Section 1. Short title

    This section cites H.R. 435 as the ``The Credit Access and 
Inclusion Act of 2017.''

Section 2. Positive credit reporting permitted

    This section authorizes a person or the Department of 
Housing and Urban Development (HUD) to furnish to a consumer 
reporting agency information relating to the performance of a 
consumer in making payments: (1) under a lease agreement for a 
dwelling, including a lease in which HUD provides subsidized 
payments; or (2) pursuant to a contract for a utility or 
telecommunications service.
    This section also limits information about a consumer's 
usage of any utility or telecommunications services to be 
furnished to a consumer reporting agency only to the extent 
that such information relates to payment by the consumer for 
such services or other terms of the provision of such services, 
including any deposit, discount, or conditions for interruption 
or termination of service. In addition, an energy utility firm 
may not report payment information to a consumer reporting 
agency with respect to an outstanding balance of a consumer as 
late if the firm and the consumer have entered into a payment 
plan and the consumer is meeting the obligations of such plan.
    This section also amends the Consumer Credit Protection Act 
to clarify that civil liability for willful or negligent 
noncompliance with requirements imposed by such Act on credit 
reporting agencies, are inapplicable to any violation of this 
Act.
    This section also directs and requires the U.S. Government 
Accountability Office, within 2 years of enactment, to study 
the impact on consumers of furnishing information pursuant to 
the legislation.

         Changes in Existing Law Made by the Bill, as Reported

    In compliance with clause 3(e) of rule XIII of the Rules of 
the House of Representatives, changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets, new 
matter is printed in italics, and existing law in which no 
change is proposed is shown in roman):

         Changes in Existing Law Made by the Bill, as Reported

  In compliance with clause 3(e) of rule XIII of the Rules of 
the House of Representatives, changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets, new 
matter is printed in italics, and existing law in which no 
change is proposed is shown in roman):

                     CONSUMER CREDIT PROTECTION ACT



           *       *       *       *       *       *       *
                  TITLE VI--CONSUMER CREDIT REPORTING

Sec. 601. Short title

  This title may be cited as the ``Fair Credit Reporting Act''.

           *       *       *       *       *       *       *


SEC. 623. RESPONSIBILITIES OF FURNISHERS OF INFORMATION TO CONSUMER 
                    REPORTING AGENCIES.

  (a) Duty of Furnishers of Information To Provide Accurate 
Information.--
          (1) Prohibition.--
                  (A) Reporting information with actual 
                knowledge of errors.--A person shall not 
                furnish any information relating to a consumer 
                to any consumer reporting agency if the person 
                knows or has reasonable cause to believe that 
                the information is inaccurate.
                  (B) Reporting information after notice and 
                confirmation of errors.--A person shall not 
                furnish information relating to a consumer to 
                any consumer reporting agency if--
                          (i) the person has been notified by 
                        the consumer, at the address specified 
                        by the person for such notices, that 
                        specific information is inaccurate; and
                          (ii) the information is, in fact, 
                        inaccurate.
                  (C) No address requirement.--A person who 
                clearly and conspicuously specifies to the 
                consumer an address for notices referred to in 
                subparagraph (B) shall not be subject to 
                subparagraph (A); however, nothing in 
                subparagraph (B) shall require a person to 
                specify such an address.
                  (D) Definition.--For purposes of subparagraph 
                (A), the term ``reasonable cause to believe 
                that the information is inaccurate'' means 
                having specific knowledge, other than solely 
                allegations by the consumer, that would cause a 
                reasonable person to have substantial doubts 
                about the accuracy of the information.
          (2) Duty to correct and update information.--A person 
        who--
                  (A) regularly and in the ordinary course of 
                business furnishes information to one or more 
                consumer reporting agencies about the person's 
                transactions or experiences with any consumer; 
                and
                  (B) has furnished to a consumer reporting 
                agency information that the person determines 
                is not complete or accurate,
        shall promptly notify the consumer reporting agency of 
        that determination and provide to the agency any 
        corrections to that information, or any additional 
        information, that is necessary to make the information 
        provided by the person to the agency complete and 
        accurate, and shall not thereafter furnish to the 
        agency any of the information that remains not complete 
        or accurate.
          (3) Duty to provide notice of dispute.--If the 
        completeness or accuracy of any information furnished 
        by any person to any consumer reporting agency is 
        disputed to such person by a consumer, the person may 
        not furnish the information to any consumer reporting 
        agency without notice that such information is disputed 
        by the consumer.
          (4) Duty to provide notice of closed accounts.--A 
        person who regularly and in the ordinary course of 
        business furnishes information to a consumer reporting 
        agency regarding a consumer who has a credit account 
        with that person shall notify the agency of the 
        voluntary closure of the account by the consumer, in 
        information regularly furnished for the period in which 
        the account is closed.
          (5) Duty to provide notice of delinquency of 
        accounts.--(A) In general.--A person who furnishes 
        information to a consumer reporting agency regarding a 
        delinquent account being placed for collection, charged 
        to profit or loss, or subjected to any similar action 
        shall, not later than 90 days after furnishing the 
        information, notify the agency of the date of 
        delinquency on the account, which shall be the month 
        and year of the commencement of the delinquency on the 
        account that immediately preceded the action.
                  (B) Rule of construction.--For purposes of 
                this paragraph only, and provided that the 
                consumer does not dispute the information, a 
                person that furnishes information on a 
                delinquent account that is placed for 
                collection, charged for profit or loss, or 
                subjected to any similar action, complies with 
                this paragraph, if--
                          (i) the person reports the same date 
                        of delinquency as that provided by the 
                        creditor to which the account was owed 
                        at the time at which the commencement 
                        of the delinquency occurred, if the 
                        creditor previously reported that date 
                        of delinquency to a consumer reporting 
                        agency;
                          (ii) the creditor did not previously 
                        report the date of delinquency to a 
                        consumer reporting agency, and the 
                        person establishes and follows 
                        reasonable procedures to obtain the 
                        date of delinquency from the creditor 
                        or another reliable source and reports 
                        that date to a consumer reporting 
                        agency as the date of delinquency; or
                          (iii) the creditor did not previously 
                        report the date of delinquency to a 
                        consumer reporting agency and the date 
                        of delinquency cannot be reasonably 
                        obtained as provided in clause (ii), 
                        the person establishes and follows 
                        reasonable procedures to ensure the 
                        date reported as the date of 
                        delinquency precedes the date on which 
                        the account is placed for collection, 
                        charged to profit or loss, or subjected 
                        to any similar action, and reports such 
                        date to the credit reporting agency.
          (6) Duties of furnishers upon notice of identity 
        theft-related information.--
                  (A) Reasonable procedures.--A person that 
                furnishes information to any consumer reporting 
                agency shall have in place reasonable 
                procedures to respond to any notification that 
                it receives from a consumer reporting agency 
                under section 605B relating to information 
                resulting from identity theft, to prevent that 
                person from refurnishing such blocked 
                information.
                  (B) Information alleged to result from 
                identity theft.--If a consumer submits an 
                identity theft report to a person who furnishes 
                information to a consumer reporting agency at 
                the address specified by that person for 
                receiving such reports stating that information 
                maintained by such person that purports to 
                relate to the consumer resulted from identity 
                theft, the person may not furnish such 
                information that purports to relate to the 
                consumer to any consumer reporting agency, 
                unless the person subsequently knows or is 
                informed by the consumer that the information 
                is correct.
          (7) Negative information.--
                  (A) Notice to consumer required.--
                          (i) In general.--If any financial 
                        institution that extends credit and 
                        regularly and in the ordinary course of 
                        business furnishes information to a 
                        consumer reporting agency described in 
                        section 603(p) furnishes negative 
                        information to such an agency regarding 
                        credit extended to a customer, the 
                        financial institution shall provide a 
                        notice of such furnishing of negative 
                        information, in writing, to the 
                        customer.
                          (ii) Notice effective for subsequent 
                        submissions.--After providing such 
                        notice, the financial institution may 
                        submit additional negative information 
                        to a consumer reporting agency 
                        described in section 603(p) with 
                        respect to the same transaction, 
                        extension of credit, account, or 
                        customer without providing additional 
                        notice to the customer.
                  (B) Time of notice.--
                          (i) In general.--The notice required 
                        under subparagraph (A) shall be 
                        provided to the customer prior to, or 
                        no later than 30 days after, furnishing 
                        the negative information to a consumer 
                        reporting agency described in section 
                        603(p).
                          (ii) Coordination with new account 
                        disclosures.--If the notice is provided 
                        to the customer prior to furnishing the 
                        negative information to a consumer 
                        reporting agency, the notice may not be 
                        included in the initial disclosures 
                        provided under section 127(a) of the 
                        Truth in Lending Act.
                  (C) Coordination with other disclosures.--The 
                notice required under subparagraph (A)--
                          (i) may be included on or with any 
                        notice of default, any billing 
                        statement, or any other materials 
                        provided to the customer; and
                          (ii) must be clear and conspicuous.
                  (D) Model disclosure.--
                          (i) Duty of bureau.--The Bureau shall 
                        prescribe a brief model disclosure that 
                        a financial institution may use to 
                        comply with subparagraph (A), which 
                        shall not exceed 30 words.
                          (ii) Use of model not required.--No 
                        provision of this paragraph may be 
                        construed to require a financial 
                        institution to use any such model form 
                        prescribed by the Bureau.
                          (iii) Compliance using model.--A 
                        financial institution shall be deemed 
                        to be in compliance with subparagraph 
                        (A) if the financial institution uses 
                        any model form prescribed by the Bureau 
                        under this subparagraph, or the 
                        financial institution uses any such 
                        model form and rearranges its format.
                  (E) Use of notice without submitting negative 
                information.--No provision of this paragraph 
                shall be construed as requiring a financial 
                institution that has provided a customer with a 
                notice described in subparagraph (A) to furnish 
                negative information about the customer to a 
                consumer reporting agency.
                  (F) Safe harbor.--A financial institution 
                shall not be liable for failure to perform the 
                duties required by this paragraph if, at the 
                time of the failure, the financial institution 
                maintained reasonable policies and procedures 
                to comply with this paragraph or the financial 
                institution reasonably believed that the 
                institution is prohibited, by law, from 
                contacting the consumer.
                  (G) Definitions.--For purposes of this 
                paragraph, the following definitions shall 
                apply:
                          (i) Negative information.--The term 
                        ``negative information'' means 
                        information concerning a customer's 
                        delinquencies, late payments, 
                        insolvency, or any form of default.
                          (ii) Customer; financial 
                        institution.--The terms ``customer''and 
                        ``financial institution'' have the same 
                        meanings as in section 509 Public Law 
                        106-102.
          (8) Ability of consumer to dispute information 
        directly with furnisher.--
                  (A) In general.--The Bureau shall, in 
                consultation with the Federal Trade Commission, 
                the Federal banking agencies, and the National 
                Credit Union Administration, prescribe 
                regulations that shall identify the 
                circumstances under which a furnisher shall be 
                required to reinvestigate a dispute concerning 
                the accuracy of information contained in a 
                consumer report on the consumer, based on a 
                direct request of a consumer.
                  (B) Considerations.--In prescribing 
                regulations under subparagraph (A), the 
                agencies shall weigh--
                          (i) the benefits to consumers with 
                        the costs on furnishers and the credit 
                        reporting system;
                          (ii) the impact on the overall 
                        accuracy and integrity of consumer 
                        reports of any such requirements;
                          (iii) whether direct contact by the 
                        consumer with the furnisher would 
                        likely result in the most expeditious 
                        resolution of any such dispute; and
                          (iv) the potential impact on the 
                        credit reporting process if credit 
                        repair organizations, as defined in 
                        section 403(3), including entities that 
                        would be a credit repair organization, 
                        but for section 403(3)(B)(i), are able 
                        to circumvent the prohibition in 
                        subparagraph (G).
                  (C) Applicability.--Subparagraphs (D) through 
                (G) shall apply in any circumstance identified 
                under the regulations promulgated under 
                subparagraph (A).
                  (D) Submitting a notice of dispute.--A 
                consumer who seeks to dispute the accuracy of 
                information shall provide a dispute notice 
                directly to such person at the address 
                specified by the person for such notices that--
                          (i) identifies the specific 
                        information that is being disputed;
                          (ii) explains the basis for the 
                        dispute; and
                          (iii) includes all supporting 
                        documentation required by the furnisher 
                        to substantiate the basis of the 
                        dispute.
                  (E) Duty of person after receiving notice of 
                dispute.--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) conduct an investigation with 
                        respect to the disputed information;
                          (ii) review all relevant information 
                        provided by the consumer with the 
                        notice;
                          (iii) complete such person's 
                        investigation of the dispute and report 
                        the results of the investigation to the 
                        consumer 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; and
                          (iv) if the investigation finds that 
                        the information reported was 
                        inaccurate, promptly notify each 
                        consumer reporting agency to which the 
                        person furnished the inaccurate 
                        information of that determination and 
                        provide to the agency any correction to 
                        that information that is necessary to 
                        make the information provided by the 
                        person accurate.
                  (F) Frivolous or irrelevant dispute.--
                          (i) In general.--This paragraph shall 
                        not apply if the person receiving a 
                        notice of a dispute from a consumer 
                        reasonably determines that the dispute 
                        is frivolous or irrelevant, including--
                                  (I) by reason of the failure 
                                of a consumer to provide 
                                sufficient information to 
                                investigate the disputed 
                                information; or
                                  (II) the submission by a 
                                consumer of a dispute that is 
                                substantially the same as a 
                                dispute previously submitted by 
                                or for the consumer, either 
                                directly to the person or 
                                through a consumer reporting 
                                agency under subsection (b), 
                                with respect to which the 
                                person has already performed 
                                the person's duties under this 
                                paragraph or subsection (b), as 
                                applicable.
                          (ii) Notice of determination.--Upon 
                        making any determination under clause 
                        (i) that a dispute is frivolous or 
                        irrelevant, the person shall notify the 
                        consumer of such determination not 
                        later than 5 business days after making 
                        such determination, by mail or, if 
                        authorized by the consumer for that 
                        purpose, by any other means available 
                        to the person.
                          (iii) Contents of notice.--A notice 
                        under clause (ii) shall include--
                                  (I) the reasons for the 
                                determination under clause (i); 
                                and
                                  (II) identification of any 
                                information required to 
                                investigate the disputed 
                                information, which may consist 
                                of a standardized form 
                                describing the general nature 
                                of such information.
                  (G) Exclusion of credit repair 
                organizations.--This paragraph shall not apply 
                if the notice of the dispute is submitted by, 
                is prepared on behalf of the consumer by, or is 
                submitted on a form supplied to the consumer 
                by, a credit repair organization, as defined in 
                section 403(3), or an entity that would be a 
                credit repair organization, but for section 
                403(3)(B)(i).
          (9) Duty to provide notice of status as medical 
        information furnisher.--A person whose primary business 
        is providing medical services, products, or devices, or 
        the person's agent or assignee, who furnishes 
        information to a consumer reporting agency on a 
        consumer shall be considered a medical information 
        furnisher for purposes of this title, and shall notify 
        the agency of such status.
  (b) Duties of Furnishers of Information Upon Notice of 
Dispute.--
          (1) In general.--After receiving notice pursuant to 
        section 611(a)(2) of a dispute with regard to the 
        completeness or accuracy of any information provided by 
        a person to a consumer reporting agency, the person 
        shall--
                  (A) conduct an investigation with respect to 
                the disputed information;
                  (B) review all relevant information provided 
                by the consumer reporting agency pursuant to 
                section 611(a)(2);
                  (C) report the results of the investigation 
                to the consumer reporting agency;
                  (D) if the investigation finds that the 
                information is incomplete or inaccurate, report 
                those results to all other consumer reporting 
                agencies to which the person furnished the 
                information and that compile and maintain files 
                on consumers on a nationwide basis; and
                  (E) if an item of information disputed by a 
                consumer is found to be inaccurate or 
                incomplete or cannot be verified after any 
                reinvestigation under paragraph (1), for 
                purposes of reporting to a consumer reporting 
                agency only, as appropriate, based on the 
                results of the reinvestigation promptly--
                          (i) modify that item of information;
                          (ii) delete that item of information; 
                        or
                          (iii) permanently block the reporting 
                        of that item of information.
          (2) Deadline.--A person shall complete all 
        investigations, reviews, and reports required under 
        paragraph (1) regarding information provided by the 
        person to a consumer reporting agency, before the 
        expiration of the period under section 611(a)(1) within 
        which the consumer reporting agency is required to 
        complete actions required by that section regarding 
        that information.
  (c) Limitation on Liability.--Except as provided in section 
621(c)(1)(B), sections 616 and 617 do not apply to any 
violation of--
          (1) subsection (a) of this section, including any 
        regulations issued thereunder;
          (2) subsection (e) of this section, except that 
        nothing in this paragraph shall limit, expand, or 
        otherwise affect liability under section 616 or 617, as 
        applicable, for violations of subsection (b) of this 
        section; [or]
          (3) subsection (f) of this section, including any 
        regulations issued thereunder; or
          [(3)] (4) subsection (e) of section 615.
  (d) Limitation on Enforcement.--The provisions of law 
described in paragraphs (1) through (3) of subsection (c) 
(other than with respect to the exception described in 
paragraph (2) of subsection (c)) shall be enforced exclusively 
as provided under section 621 by the Federal agencies and 
officials and the State officials identified in section 621.
  (e) Accuracy Guidelines and Regulations Required.--
          (1) Guidelines.--The Bureau shall, with respect to 
        persons or entities that are subject to the enforcement 
        authority of the Bureau under section 621--
                  (A) establish and maintain guidelines for use 
                by each person that furnishes information to a 
                consumer reporting agency regarding the 
                accuracy and integrity of the information 
                relating to consumers that such entities 
                furnish to consumer reporting agencies, and 
                update such guidelines as often as necessary; 
                and
                  (B) prescribe regulations requiring each 
                person that furnishes information to a consumer 
                reporting agency to establish reasonable 
                policies and procedures for implementing the 
                guidelines established pursuant to subparagraph 
                (A).
          (2) Criteria.--In developing the guidelines required 
        by paragraph (1)(A), the Bureau shall--
                  (A) identify patterns, practices, and 
                specific forms of activity that can compromise 
                the accuracy and integrity of information 
                furnished to consumer reporting agencies;
                  (B) review the methods (including 
                technological means) used to furnish 
                information relating to consumers to consumer 
                reporting agencies;
                  (C) determine whether persons that furnish 
                information to consumer reporting agencies 
                maintain and enforce policies to ensure the 
                accuracy and integrity of information furnished 
                to consumer reporting agencies; and
                  (D) examine the policies and processes that 
                persons that furnish information to consumer 
                reporting agencies employ to conduct 
                reinvestigations and correct inaccurate 
                information relating to consumers that has been 
                furnished to consumer reporting agencies.
  (f) Full-File Credit Reporting.--
          (1) In general.--Subject to the limitation in 
        paragraph (2) and notwithstanding any other provision 
        of law, a person or the Secretary of Housing and Urban 
        Development may furnish to a consumer reporting agency 
        information relating to the performance of a consumer 
        in making payments--
                  (A) under a lease agreement with respect to a 
                dwelling, including such a lease in which the 
                Department of Housing and Urban Development 
                provides subsidized payments for occupancy in a 
                dwelling; or
                  (B) pursuant to a contract for a utility or 
                telecommunications service.
          (2) Limitation.--Information about a consumer's usage 
        of any utility services provided by a utility or 
        telecommunication firm may be furnished to a consumer 
        reporting agency only to the extent that such 
        information relates to payment by the consumer for the 
        services of such utility or telecommunication service 
        or other terms of the provision of the services to the 
        consumer, including any deposit, discount, or 
        conditions for interruption or termination of the 
        services.
          (3) Payment plan.--An energy utility firm may not 
        report payment information to a consumer reporting 
        agency with respect to an outstanding balance of a 
        consumer as late if--
                  (A) the energy utility firm and the consumer 
                have entered into a payment plan (including a 
                deferred payment agreement, an arrearage 
                management program, or a debt forgiveness 
                program) with respect to such outstanding 
                balance; and
                  (B) the consumer is meeting the obligations 
                of the payment plan, as determined by the 
                energy utility firm.
          (4) Definitions.--In this subsection, the following 
        definitions shall apply:
                  (A) Energy utility firm.--The term ``energy 
                utility firm'' means an entity that provides 
                gas or electric utility services to the public.
                  (B) Utility or telecommunication firm.--The 
                term ``utility or telecommunication firm'' 
                means an entity that provides utility services 
                to the public through pipe, wire, landline, 
                wireless, cable, or other connected facilities, 
                or radio, electronic, or similar transmission 
                (including the extension of such facilities).

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