[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3618 Reported in House (RH)]
<DOC>
Union Calendar No. 247
116th CONGRESS
1st Session
H. R. 3618
[Report No. 116-306]
To establish requirements relating to credit scores and educational
credit scores, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 5, 2019
Mrs. Beatty introduced the following bill; which was referred to the
Committee on Financial Services
November 21, 2019
Additional sponsor: Mr. Cleaver
November 21, 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 5,
2019]
_______________________________________________________________________
A BILL
To establish requirements relating to credit scores and educational
credit scores, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Free Credit Scores for Consumers Act
of 2019''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) While nationwide consumer reporting agencies (``CRAs'')
are required by law to supply consumers with a free copy of
their credit report annually, they can charge consumers to
obtain a credit score disclosure.
(2) A July 2011 report by the Consumer Financial Protection
Bureau (``Consumer Bureau'') titled ``The Impact of Differences
between Consumer- and Creditor-Purchased Credit Scores'' found
that the credit scores made available to and purchased by
consumers from CRAs are unlikely to be the same credit scores
used by creditors and lenders to evaluate consumers'
creditworthiness.
(3) That report found that the scarcity of public
educational tools to inform consumers of the differences among
credit scores, the large combined market share and brand
recognition of FICO credit scores, and the marketing practices
of some credit score sellers may perpetuate consumers'
confusion about credit scores. As a result, some consumers may
be purchasing an educational credit score or subscribing to a
credit monitoring service sold by a CRA, without realizing the
limitations and usefulness of these products and services.
(4) Similarly, a September 2012 Consumer Bureau report
titled ``Analysis of Differences between Consumer- and
Creditor-Purchased Credit Scores'' found that consumers do not
know before they purchase a credit score from a CRA whether
this credit score will closely track or vary significantly from
the credit score sold to creditors or lenders. Given the lack
of transparency about the usefulness of credit scores that are
marketed for purchase by consumers from CRAs and the resulting
consumer confusion, the Consumer Bureau recommended that
companies selling scores to consumers clearly inform consumers
that the scores marketed to consumers for purchase by CRAs can
vary, sometimes substantially, from the scores that are
actually sold to and used by creditors and lenders.
(5) A February 2011 study by Consumer Federation of America
and VantageScore also found that half of the consumers surveyed
did not know that a credit score is designed to indicate the
risk of not repaying a credit obligation. Consumers also did
not know who makes credit scores available, what numerical
range constitutes excellent credit standing, or the financial
implications of having a low credit score.
(6) Many consumers do not realize that they have more than
just ``one'' credit score. Because the submission of credit
information to CRAs is voluntary and not all furnishers submit
information to every CRA, the information contained in a report
also varies among CRAs. As a result, the credit score generated
by each CRA is also likely to vary, resulting in potentially
different credit decisions based on an evaluation of different
credit reports obtained from different CRAs.
(7) A February 2015 Consumer Bureau report titled
``Consumer Voices on Credit Reports and Scores'' found that
consumers had questions about what actions to take to improve
their scores once they had seen them, suggesting that
additional disclosures and educational content would be helpful
to consumers. The Consumer Bureau found that consumers were
confused by conflicting advice on how to improve their scores.
(8) That report also noted that consumers found the process
for obtaining consumer reports and credit scores confusing.
Consumers also were uncertain about whether, and under what
circumstances, they could obtain a consumer report for free.
SEC. 3. DEFINITIONS.
(a) In General.--Section 603 of the Fair Credit Reporting Act (15
U.S.C. 1681a) is amended by adding at the end the following new
subsection:
``(bb) Credit Score and Educational Credit Score Definitions.--
``(1) Credit score.--The term `credit score' means a
numerical value or a categorization derived from a statistical
tool or modeling system used by a person who makes or arranges
a loan or extends credit to predict the likelihood of certain
credit behaviors, including default, as determined by the
Bureau.
``(2) Educational credit score.--The term `educational
credit score' means a numerical value or categorization derived
from a statistical tool or modeling system based upon
information from a consumer report that assists consumers in
understanding how a lender or creditor may view the consumer's
creditworthiness in deciding whether to make a loan or extend
credit to that consumer.
``(3) Key factors.--The term `key factors' means relevant
elements or reasons affecting the credit score for the
particular individual, listed in the order of importance based
on the effect of each element or reason on the credit score or
educational credit score.
``(4) Credit scoring model.--The term `credit scoring
model' means a scoring algorithm, formula, model, program, or
mechanism used to generate a credit score or an educational
credit score.''.
(b) Conforming Amendments.--The Fair Credit Reporting Act (15
U.S.C. 1681 et seq.) is amended--
(1) in section 605(d)(2), by striking ``(as defined in
section 609(f)(2)(B))''; and
(2) in section 615--
(A) by striking ``as defined in section
609(f)(2)(A)'' each place that term appears; and
(B) by striking ``set forth in subparagraphs (B)
through (E) of section 609(f)(1)'' and inserting ``with
respect to a credit score described in section
609(f)(2), if available'' each place that term appears.
SEC. 4. EXPANDS EXPLANATORY INFORMATION GIVEN TO CONSUMERS ABOUT HOW
SCORES ARE CALCULATED.
Section 609(f) of the Fair Credit Reporting Act (15 U.S.C.
1681g(f)) is amended to read as follows:
``(f) Disclosure of Credit Score and Educational Credit Score by
Consumer Reporting Agencies.--
``(1) In general.--Upon the request of a consumer for a
credit score or educational credit score, a consumer reporting
agency shall supply to the consumer a statement--
``(A) containing--
``(i) a current credit score at the time of
the request generated using a commonly used
credit scoring model to generate credit scores,
subject to regulations of the Bureau;
``(ii) an educational credit score at the
time of the request, if it is not practicable
to generate such a credit score, as determined
by the Bureau; or
``(iii) an explanation that the consumer's
file does not have sufficient information from
which to generate such a credit score or
educational credit score; and
``(B) with respect to each previous credit score in
the file of the consumer--
``(i) the date on which the credit score
was generated;
``(ii) the name of any entity that the
credit score was provided to; and
``(iii) the credit score itself.
``(2) Requirements.--A statement provided under clause (i)
or (ii) of paragraph (1)(A) shall include--
``(A) a minimum of 4 key factors, if available,
that adversely affected the credit score or educational
credit score, except that if one of the key factors
consists of the number of enquiries made with respect
to a consumer report, that factor shall be provided to
the consumer in addition to the factors required by
this subparagraph;
``(B) to the extent possible, specific actions a
consumer could take with respect to each key factor
listed in subparagraph (A) to improve the consumer's
credit score or educational credit score;
``(C) a minimum of 4 key factors, if available,
that positively affected the credit score or
educational credit score;
``(D) the range of possible credit scores or
educational credit scores under the credit scoring
model used;
``(E) the distribution of credit scores or
educational credit scores among consumers who are
scored under the same credit scoring model by the
consumer reporting agency, and using the same scale as
that of the score that is provided to a creditor or
consumers--
``(i) in the form of a bar graph containing
a minimum of 6 bars that illustrates the
percentage of consumers with credit scores or
educational credit scores within the range of
scores represented by each bar; or
``(ii) by another clear and readily
understandable graphical depiction, statement,
or illustration comparing the consumer's credit
score or educational credit score to the scores
of other consumers, as determined by the
Bureau;
``(F) the date on which the credit score or
educational credit score was created; and
``(G) the name of the person that developed the
credit scoring model on which the credit score or
educational credit score was based.
``(3) Applicability to certain uses.--This subsection shall
not be construed so as to compel a consumer reporting agency
to--
``(A) develop or disclose a credit score if the
agency does not distribute credit scores used by a
person who makes or arranges a loan or extends credit
to predict the likelihood of certain credit behaviors;
or
``(B) develop or disclose an educational credit
score if the agency does not develop educational credit
scores that assist in understanding the general credit
behavior of a consumer and predicting the future credit
behavior of the consumer.
``(4) Maintenance of credit scores.--
``(A) In general.--All consumer reporting agencies
shall maintain in the consumer's file credit scores
relating to the consumer for a period of 2 years from
the date on which such information is generated.
``(B) Disclosure only to consumers.--A past credit
score maintained in a consumer's file pursuant to
subparagraph (A) may only be provided to the consumer
to which the credit score relates and may not be
included in a consumer report or used as a factor in
generating a credit score or educational credit score.
``(C) Removal of past credit scores.--A past credit
score maintained in a consumer's file pursuant to
subparagraph (A) shall be removed from the consumer's
file after the end of the 2-year period described under
subparagraph (A).''.
SEC. 5. REQUIRES CONSUMER REPORTING AGENCIES TO DISCLOSE PROMINENTLY
THE DIFFERENCES BETWEEN AND LIMITATIONS OF CREDIT SCORES
AND EDUCATIONAL CREDIT SCORES REQUIRED PRIOR TO A
CONSUMER OBTAINING SUCH SCORES.
Section 609(f) of the Fair Credit Reporting Act (15 U.S.C.
1681g(f)), as amended by section 3, is further amended by adding at the
end the following new paragraphs:
``(5) Website disclaimer.--A consumer reporting agency that
generates or provides credit scores or educational credit
scores shall clearly and conspicuously display on the home page
of the agency's Internet website, and as part of any
application, solicitation, or marketing material or media
providing information related to a credit score or educational
credit score, the following notice, in boldface type of 18-
point font or larger and in a text box with boldface outer
borders:
```CREDIT SCORE DISCLAIMER.
```There is no ``one'' credit score. There are many scoring
formulas derived from a wide variety of models available to a consumer
and used by lenders and creditors. Different lenders and creditors use
different scoring formulas to determine whether to extend credit or
make a loan to you, and the terms of the credit or loan. An educational
credit score is not a credit score that a person who makes a loan or
extends credit to you is likely to use. Educational credit scores are
merely intended to be used as an educational tool to help consumers
understand how the information contained in a consumer report may
affect the terms and conditions of a loan or extension of credit that
may be available to a consumer. Lenders and creditors may also rely on
information not contained in your consumer report and not reflected in
the calculation of your credit score.'.
``(6) Additional requirements for educational credit
scores.--
``(A) Disclaimer.--If an educational credit score
is provided pursuant to paragraph (1), a consumer
reporting agency shall clearly and conspicuously
include in a prominent location on the statement, in
boldface type of 18-point font or larger, and in a text
box with boldface outer borders, the following notice:
```EDUCATIONAL CREDIT SCORE DISCLAIMER.
```The educational credit score provided to you is not a credit
score that a lender or creditor is likely to use to make a loan or
extend credit to you. There are many different credit scores derived
from a wide variety of models used by lenders and creditors. An
educational credit score is merely an educational tool. It is intended
to provide consumers with a basic understanding of how the information
contained in a consumer report may affect the terms and conditions of
credit that are available. The credit scores you receive directly from
different lenders and creditors may not be the same as an educational
credit score. There are a number of reasons for this:
```(1) Each company may use a different formula for
calculating credit scores and the differences in the formulas
may lead to differences in your scores.
```(2) Companies may produce scores that give results on
different scales.
```(3) Not all lenders or creditors report to every
consumer reporting agency, and therefore the information
contained in your consumer report that the consumer reporting
agencies use to calculate your educational credit score may
differ among agencies.'.
``(B) Prohibition on misleading representations.--A
consumer reporting agency may not refer to an
educational credit score as a credit score in any
application, solicitation, marketing, or other
informational materials or media.
``(7) Modification of disclaimers.--The Bureau may modify
the content, format, and manner of the disclaimers required
under paragraphs (5) and (6), if warranted, after conducting
consumer testing or research.''.
SEC. 6. PROVIDES CONSUMERS WITH FREE CREDIT SCORE DISCLOSURES WITH
THEIR FREE ANNUAL CONSUMER REPORTS UPON REQUEST AND
CREATES INSTANCES WHEN CONSUMERS AUTOMATICALLY RECEIVE
FREE CONSUMER REPORTS AND CREDIT SCORES.
(a) In General.--Section 612 of the Fair Credit Reporting Act (15
U.S.C. 1681j) is amended--
(1) in subsection (a)--
(A) in paragraph (1)--
(i) in subparagraph (A), by inserting after
``section 609'' the following: ``(including the
disclosure of a credit score or educational
credit score under subsection (f) of such
section)''; and
(ii) in subparagraph (C)--
(I) by striking ``Commission'' each
place such term appears and inserting
``Bureau''; and
(II) by inserting ``, credit
scores, and educational credit scores
(as applicable)'' after ``consumer
reports'' each place that term appears;
(B) in paragraph (2)--
(i) by striking ``15 days'' and inserting
``3 business days''; and
(ii) by inserting ``, credit score, or
educational credit score'' after ``consumer
report'';
(C) in paragraph (3), by inserting ``, credit
score, or educational credit score'' after ``consumer
report''; and
(D) in paragraph (4), by inserting ``, credit
scores, or educational credit scores'' after ``consumer
reports'';
(2) in subsection (b), by inserting ``(including the
disclosure of a credit score or educational credit score, as
applicable, under subsection (f) of such section)'' after
``section 609'';
(3) in subsection (c)--
(A) by inserting ``(including the disclosure of a
credit score or educational credit score under
subsection (f) of such section)'' after ``pursuant to
section 609'';
(B) in paragraph (2), by striking ``; or'' and
inserting a semicolon;
(C) in paragraph (3), by striking the period at the
end and inserting a semicolon; and
(D) by adding at the end the following new
paragraphs:
``(4) has disputed information, or submitted an appeal of
an investigation or reinvestigation of such information, under
section 611 or 623, regardless of whether the consumer has
already received a credit report, credit score, or educational
credit score under section 611 or 623; or
``(5) has had information that was previously deleted under
section 611(a)(5) reinserted into the consumer's file,
regardless of whether the consumer has already received a
credit report, credit score, or educational credit score under
such section.'';
(4) in subsection (d), by inserting ``(including the
disclosure of a credit score or educational credit score under
subsection (f) of such section)'' after ``section 609'';
(5) in subsection (f)(1)--
(A) by striking ``reasonable charge'' and all that
follows through ``section 609'' and inserting
``reasonable charge on a consumer for providing a
consumer report to a consumer'';
(B) by striking subparagraph (B);
(C) by redesignating clauses (i) and (ii) as
subparagraphs (A) and (B), respectively (and conforming
the margins accordingly); and
(D) in subparagraph (B) (as so redesignated), by
striking ``disclosure; and'' and inserting
``disclosure.''; and
(6) by adding at the end the following new subsections:
``(h) Centralized Source for Obtaining Free Copy of Consumer Report
and Scores.--
``(1) Nationwide consumer reporting agencies.--
``(A) In general.--Not later than 180 days after
the date of enactment of this subsection, each consumer
reporting agency described under subsection (p) of
section 603 shall prominently display on the home page
of the agency's website--
``(i) a hyperlink labeled `Get Your Free
Annual Credit Reports along with either your
Credit Scores or Educational Credit Scores
provided for under Federal Law' or
substantially similar text, as determined by
the Bureau; and
``(ii) a disclosure titled `Consumer's
Right to Free Credit Scores, Educational Credit
Scores, and Reports under Federal Law' or
substantially similar text, as determined by
the Bureau that includes the following
statement:
```All consumers are entitled to obtain a free copy of their
consumer report and credit score or educational credit score annually
from each of the nationwide consumer reporting agencies. Under Federal
law, a consumer is entitled to obtain additional free copies of their
consumer reports, along with a copy of either the consumer's credit
score or educational credit score (under certain circumstances),
including:
```(1) When a consumer is unemployed and intends to apply
for employment within 60 days.
```(2) When a consumer is a recipient of public welfare
assistance.
```(3) When a consumer has a reasonable belief that their
report contains inaccuracies as a result of fraud.
```(4) When a consumer asserts in good faith a suspicion
that the consumer has been or is about to become a victim of
identity theft, fraud, or a related crime, or harmed by the
unauthorized disclosure of the consumer's financial or
personally identifiable information.
```(5) When a consumer files a dispute or an appeal of the
results of a dispute with a consumer reporting agency or a
person who furnished information to the consumer reporting
agency regarding the accuracy or completeness of the
information contained on their report.
```(6) After a furnisher of information discovers it has
furnished inaccurate or incomplete information to a consumer
reporting agency, and the furnisher notifies the agency of the
error.
```(7) After an adverse action is taken against a consumer
or a consumer receives a risk-based pricing notice.
```(8) When a mortgage lender, private educational lender,
indirect auto lender, or motor vehicle lender obtains and uses
a consumer's reports or scores for underwriting purposes.'.
``(B) Hyperlink requirements.--The hyperlink
described in subparagraph (A)(i) shall be prominently
located on the top of the home page and should link
directly to the website of the centralized source
established pursuant to section 211(d) of the Fair and
Accurate Credit Transactions Act of 2003 (15 U.S.C.
1681j note).
``(C) Modifications.--The Bureau may modify the
disclosure described in subparagraph (A)(ii) as
necessary to include other circumstances under which a
consumer has the right to receive a free consumer
report, credit score, or educational credit score.
``(2) Nationwide specialty consumer reporting agencies.--
``(A) In general.--Not later than 180 days after
the date of enactment of this subsection, each
nationwide specialty consumer reporting agency shall
prominently display on the Internet home webpage of the
agency a disclosure titled `Consumer's Right to Free
Consumer Reports and Credit Score or Educational Credit
Score (as applicable) under Federal Law'. Such
disclosure shall include the following statement:
```Upon request, all consumers are entitled to obtain a free copy
of their consumer report and credit score or educational credit score
(as applicable) during any 12-month period from each of the nationwide
specialty consumer reporting agencies. Federal law also provides
further circumstances under which a consumer is entitled to obtain
additional free copies of their consumer report and credit score or
educational credit score (as applicable) including:
```(1) When a consumer is unemployed and intends to apply
for employment within 60 days.
```(2) When a consumer is a recipient of public welfare
assistance.
```(3) When a consumer has a reasonable belief that their
report contains inaccuracies as a result of fraud.
```(4) When a consumer files a dispute or an appeal of the
results of a dispute with a consumer reporting agency or a
person who furnished information to the consumer reporting
agency regarding the accuracy or completeness of the
information contained on their report.
```(5) After a furnisher of information discovers it has
furnished inaccurate or incomplete information to a consumer
reporting agency, and the furnisher notifies the agency of the
error.
```(6) After an adverse action is taken against a consumer
or a consumer receives a risk-based pricing notice.
```(7) When a mortgage lender, private educational lender,
indirect auto lender, or motor vehicle lender obtains and uses
a consumer's reports or scores for underwriting purposes.'.
``(B) Modifications.--The Bureau may modify the
disclosure described in subparagraph (A) as necessary
to include other circumstances under which a consumer
has the right to receive a free consumer report and
credit score or educational credit score (as
applicable).
``(C) Toll-free telephone access.--The information
described in this paragraph shall also be made
available via a toll-free telephone number. Such number
shall be prominently displayed on the home page of the
website of each nationwide specialty consumer reporting
agency. Each of the circumstances under which a
consumer may obtain a free consumer report and credit
score or educational credit score (as applicable) shall
be presented in an easily understandable format and
consumers shall be directed to an individual who is a
customer service representative not later than 2
minutes after the initial phone connection is made by
the consumer. Information provided through such
telephone number shall comply with the requirements of
section 633.
``(D) Online consumer reports; exemption.--Upon
receipt of a request by a consumer for a consumer
report, each nationwide specialty consumer reporting
agency shall provide access to such report
electronically on the Internet website described in
section 611(h).
``(i) Automatic Provision of Free Consumer Reports and Credit
Scores or Educational Credit Scores.--A consumer reporting agency shall
provide to a consumer a free copy of the file and credit score or
educational credit score of the consumer who--
``(1) obtains a fraud alert, extended alert, active duty
alert, or security freeze as described in section 605A; or
``(2) has disputed information, or submitted an appeal of
an investigation or reinvestigation of such information, under
section 611 or 623.''.
(b) Technical Amendment.--Section 615(h)(7) of such Act (15 U.S.C.
1681m(h)(7)) is amended by striking ``section'' and inserting
``subsection''.
SEC. 7. REQUIRES PRIVATE EDUCATIONAL LENDERS TO PROVIDE CONSUMERS WITH
FREE COPIES OF ANY CONSUMER REPORTS AND CREDIT SCORES
THAT THEY USED FOR UNDERWRITING BEFORE CONSUMERS SIGN
LOAN AGREEMENTS.
Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g) is
amended by adding at the end the following new subsection:
``(h) Disclosure of Consumer Reports and Credit Scores by Private
Educational Lenders.--
``(1) In general.--If a private educational lender obtains
a copy of any consumer reports or credit scores and uses such
reports or scores in connection with an application of a
consumer for a private education loan, the private educational
lender shall provide to the consumer, not later than 3 business
days after obtaining such reports or scores and before the date
on which the consumer enters into a loan agreement with the
private educational lender, a copy of any such reports or
scores, along with the statement described under subsection
(f)(2).
``(2) Costs.--None of the costs to the private educational
lender associated with procuring consumer reports or credit
scores under this subsection may be charged, directly or
indirectly, to the consumer.
``(3) Rule of construction.--Nothing in this subsection
shall be construed to eliminate any requirement for creditors
and lenders to provide credit score disclosures, including the
statement described under subsection (f)(2), to consumers as
part of an adverse action or risk-based pricing notice.''.
SEC. 8. REQUIRES MOTOR VEHICLE LENDERS OR INDIRECT AUTO LENDERS TO
PROVIDE CONSUMERS WITH FREE COPIES OF ANY CONSUMER
REPORTS AND CREDIT SCORES THAT THEY USED FOR UNDERWRITING
BEFORE CONSUMERS SIGN LEASE OR LOAN AGREEMENTS.
Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g), as
amended by section 6, is further amended by adding at the end the
following new subsection:
``(i) Disclosure of Consumer Reports and Credit Scores Used by
Motor Vehicle Lenders or Indirect Auto Lenders.--
``(1) In general.--If a motor vehicle lender or indirect
auto lender obtains a copy of any consumer reports or credit
scores and uses such reports or scores in connection with an
application of a consumer for a motor vehicle loan or lease,
the motor vehicle lender or indirect auto lender shall provide
to the consumer a document, separate from the consumer's lease
or purchase agreement and before the consumer enters into a
lease or purchase agreement, disclosing any consumer reports
and credit scores, including the statement described in
subsection (f)(2), used by the lender to determine whether to
extend credit to the consumer.
``(2) Costs.--None of the costs to the motor vehicle lender
or indirect auto lender associated with procuring consumer
reports or credit scores under this subsection may be charged,
directly or indirectly, to the consumer.
``(3) Rule of construction.--Nothing in this subsection
shall be construed to eliminate any requirement for creditors
and lenders to provide credit score disclosures, including the
statement described under subsection (f)(2), to consumers as
part of an adverse action or risk-based pricing notice.
``(4) Definitions.--
``(A) Indirect auto lender.--The term `indirect
auto lender' has the meaning given the term by the
Bureau, and shall include a person extending a loan
made with respect to a car, boat, motorcycle,
recreational vehicle, or other similar vehicle used
primarily for personal or household purposes.
``(B) Motor vehicle lender.--The term `motor
vehicle lender' has the meaning given the term by the
Board of Governors of the Federal Reserve System, and
shall include a person extending a loan made with
respect to a car, boat, motorcycle, recreational
vehicle, or other similar vehicle used primarily for
personal or household purposes.''.
SEC. 9. REQUIRES RESIDENTIAL MORTGAGE LENDERS TO PROVIDE CONSUMERS WITH
FREE COPIES OF ANY CONSUMER REPORTS AND CREDIT SCORES
THAT THEY USED FOR UNDERWRITING BEFORE CONSUMERS SIGN
LOAN AGREEMENTS.
Section 609(g) of the Fair Credit Reporting Act (15 U.S.C.
1681g(g)) is amended--
(1) by redesignating paragraph (2) as paragraph (5);
(2) in paragraph (1)--
(A) by striking ``a consumer credit score'' and
inserting ``any consumer reports or credit scores'';
(B) by striking ``, as defined in subsection
(f),'';
(C) by striking ``the following to the consumer as
soon as reasonably practicable:'' and inserting ``, not
later than 3 business days after using such reports or
scores, a document disclosing any consumer reports and
credit scores used by the lender to determine whether
to extend credit to the consumer along with the
statement described in subsection (f)(2).'';
(D) by striking subparagraphs (A), (B), (C), (E),
and (F);
(E) by redesignating subparagraph (D) as paragraph
(3) (and adjusting the margins accordingly); and
(F) by redesignating subparagraph (G) as paragraph
(4) (and adjusting the margins accordingly);
(3) by inserting before paragraph (3) (as so redesignated)
the following new paragraph:
``(2) Rule of construction.--Nothing in this subsection
shall be construed to eliminate any requirement for lenders to
provide credit score disclosures, including the statement
described under subsection (f)(2), to consumers as part of an
adverse action or risk-based pricing notice.'';
(4) in paragraph (3) (as so redesignated), in the quoted
material--
(A) by inserting ``, free of charge,'' after
``disclose to you''; and
(B) by striking ``affecting your credit scores''
and inserting ``affecting your credit score or
scores'';
(5) in paragraph (5) (as so redesignated) by inserting ``or
scores'' after ``credit score'' each place such term appears;
and
(6) by adding at the end the following new paragraphs:
``(6) Actions not required.--This subsection shall not
require any person to disclose any credit score or related
information obtained by the person after a loan has closed.
``(7) No procurement costs.--None of the costs to the
creditor or lender associated with procuring any consumer
reports or scores under this subsection may be charged,
directly or indirectly, to the consumer.''.
SEC. 10. RULEMAKING.
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.
Union Calendar No. 247
116th CONGRESS
1st Session
H. R. 3618
[Report No. 116-306]
_______________________________________________________________________
A BILL
To establish requirements relating to credit scores and educational
credit scores, and for other purposes.
_______________________________________________________________________
November 21, 2019
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
Free Credit Scores for Consumers Act of 2019
#3618 | HR Congress #116
Policy Area: Finance and Financial Sector
Last Action: Placed on the Union Calendar, Calendar No. 247. (11/21/2019)
Bill Text Source: Congress.gov
Summary and Impacts
Original Text