[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1002 Introduced in House (IH)]
113th CONGRESS
1st Session
H. R. 1002
To amend the Fair Credit Reporting Act to require the inclusion of
credit scores with free annual credit reports provided to consumers,
and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 6, 2013
Mr. Cohen (for himself, Ms. Norton, Mr. Sires, Ms. Kaptur, Mr. Conyers,
Mr. Grijalva, Mr. Clay, and Ms. Wilson of Florida) introduced the
following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To amend the Fair Credit Reporting Act to require the inclusion of
credit scores with free annual credit reports provided to consumers,
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 ``Fair Access to Credit Scores Act of
2013''.
SEC. 2. CREDIT SCORES INCLUDED IN FREE ANNUAL DISCLOSURES.
(a) In General.--Section 609 of the Fair Credit Reporting Act (15
U.S.C. 1681g) is amended--
(1) in subsection (a)(1)--
(A) by striking ``and'' at the end and inserting a
period;
(B) by striking ``except that--'' and all that
follows through ``(A) if the'' and inserting ``except
that, if the''; and
(C) by striking subparagraph (B);
(2) in subsection (a), by adding at the end the following:
``(7) All consumer reporting agencies described in section
603(p) shall disclose a current credit score generated using
the scoring algorithm, formula, model, program or mechanism
that is most frequently used to generate scores sold to
creditors, subject to regulations of the Bureau, along with any
information in the consumer's file at the time of the request
concerning credit scores or any other risk scores or predictors
relating to the consumer, if such request is made in connection
with a free annual disclosure made pursuant to section 612(a).
``(8) Such other consumer information as the Bureau
considers appropriate with respect to consumer financial
education, including the information required by subsection
(f)(1), information on where the credit score of the consumer
falls with respect to a range of possible credit scores, and
the general factors contributing to the credit scores of
consumers.''; and
(3) in subsection (f)--
(A) by striking ``Upon the request'' and all that
follows through subparagraph (A) and inserting the
following:
``(1) In general.--Upon request of a consumer for a credit
score or a risk score, a consumer reporting agency shall supply
to the consumer--
``(A) any credit score or risk score in the file of
the consumer at the consumer reporting agency;'';
(B) in paragraph (2)--
(i) by redesignating subparagraph (B) as
subparagraph (C); and
(ii) by striking subparagraph (A) and
inserting the following:
``(A) 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 to predict the likelihood
of certain credit behaviors, including default.
``(B) Risk score.--The term `risk score' means a
numerical value or a categorization derived from a
statistical tool or modeling system based upon
information from a consumer report for the purpose of
predicting the likelihood of certain behaviors or
outcomes, and includes scores used for the underwriting
of insurance.'';
(C) by striking paragraph (6) and inserting the
following:
``(6) Maintenance of credit scores.--All consumer reporting
agencies shall maintain in the consumer's file credit scores or
any other risk scores or predictors relating to the consumer
for a period of no less than 1 year from the date on which such
information is generated.'';
(D) by striking paragraph (7); and
(E) in paragraph (8), by inserting before the
period at the end the following: ``, except that a
consumer reporting agency described in section 603(p)
shall provide a credit score without charge to the
consumer if the consumer is requesting the score in
connection with a free annual disclosure made pursuant
to section 612(a)''.
(b) Inclusion in Free Reports.--Section 612 of the Fair Credit
Reporting Act (15 U.S.C. 1681j) is amended--
(1) in subsection (a)(1)(A), by striking ``(w)'' and
inserting ``(x)''; and
(2) in subsection (g)--
(A) in paragraph (1)--
(i) by striking ``free credit report'' and
inserting ``free or low cost credit report or
credit score''; and
(ii) by inserting ``and free credit
scores'' after ``free credit reports''; and
(B) in paragraph (2)--
(i) by striking ``televison'' and inserting
``television''; and
(ii) by inserting ``or free credit score,
as applicable,'' after ``free credit report''.
(c) Technical Corrections.--The Fair Credit Reporting Act (15
U.S.C. 1681a et seq.) is amended--
(1) in section 603(d)(2)(D) (15 U.S.C. 1681a(d)(2)(D)), by
striking ``subsection (o) or (x)'' and inserting with
``subsection (o) or (y)'';
(2) in section 603(i)(1)(C) (15 U.S.C. 1681a(i)(1)(C)), by
striking the period at the end and inserting ``; and'';
(3) in section 609(c)(1) (15 U.S.C. 1681g(c)(1))--
(A) in the paragraph heading, by striking
``Commission'' and inserting ``Bureau'';
(B) in subparagraph (A), by striking ``Commission''
and inserting ``Bureau'';
(C) in subparagraph (B)(vi), by striking ``section
603(w)'' and inserting ``section 603(x)''; and
(D) in subparagraph (C), by striking ``Commission''
and inserting ``Bureau''; and
(4) in section 612(a)(1) (15 U.S.C. 1681j(a)(1))--
(A) in subparagraph (A), by striking ``subsections
(p) and (w)'' and inserting ``subsections (p) and
(x)'';
(B) in subparagraph (C)(i)--
(i) by striking ``Commission'' and
inserting ``Bureau''; and
(ii) by striking ``section 603(w)'' and
inserting ``section 603(x)'';
(C) in subparagraph (C)(iii), by striking
``Commission'' and inserting ``Bureau''; and
(D) in subparagraph (C)(iv), by striking ``section
603(w)'' and inserting ``section 603(x)''.
SEC. 3. RULEMAKING.
Not later than 180 days after the date of enactment of this Act,
the Bureau of Consumer Financial Protection shall develop regulations
establishing a mandatory disclosure format for consumer file
disclosures pursuant to section 612(a)(1)(B) of the Fair Credit
Reporting Act (15 U.S.C. 1681j(a)(1)(B)).
SEC. 4. TECHNICAL CORRECTION.
Section 615(h)(8)(A) of the Fair Credit Reporting Act (15 U.S.C.
1681m(h)(8)(A)) is amended by striking ``this section'' and inserting
``this subsection''.
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