Fair Access to Credit Scores Act of 2016

Summary: Fair Access to Credit Scores Act of 2016 This bill amends the Fair Credit Reporting Act to require certain consumer reporting agencies to disclose, upon request and without charge, as part of a consumer's free annual disclosure, 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.  Those agencies shall also furnish any other consumer information the Consumer Financial Protection Bureau 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 consumer credit scores. Upon consumer request for a credit score, a consumer reporting agency shall disclose any a credit or risk score in a consumer's file. All consumer reporting agencies shall maintain credit scores or other risk scores or predictors in the consumer's file for at least one year after the data is generated.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fair Access to Credit Scores Act of 
2016''.

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) If the consumer reporting agency is a consumer 
        reporting agency that compiles and maintains files on consumers 
        on a nationwide basis as described in section 603(p), each such 
        agency shall disclose a current credit score generated using 
        the scoring algorithm, formula, model, program, or mechanism 
        that is most frequently used to generate credit 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 other 
        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 describing the credit score of the consumer 
        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) in paragraph (1)--
                            (i) by striking ``, a consumer reporting 
                        agency'' and all that follows through ``shall 
                        include--'' and inserting ``or a risk score, a 
                        consumer reporting agency shall supply to the 
                        consumer--''; and
                            (ii) by amending subparagraph (A) to read 
                        as follows:
                    ``(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 other predictors relating to the 
        consumer for a period of not less than 1 year beginning on the 
        date on which such information is generated.'';
                    (D) by striking paragraph (7) and redesignating 
                paragraphs (8) and (9) as paragraphs (7) and (8), 
                respectively; and
                    (E) in paragraph (7) (as so redesignated), 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(g) of the Fair Credit 
Reporting Act (15 U.S.C. 1681j(g)) is amended--
            (1) in paragraph (1)--
                    (A) by striking ``free credit report'' and 
                inserting ``free or low cost credit report or credit 
                score''; and
                    (B) by inserting ``and free credit scores'' after 
                ``free credit reports''; and
            (2) in paragraph (2), 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 (15 U.S.C. 1681a)--
                    (A) in subsection (d)(2)(D), by striking ``(x)'' 
                and inserting ``(y)'';
                    (B) in subsection (q)(5), by striking ``103(i)'' 
                and inserting ``103(j)''; and
                    (C) in subsection (v), by striking ``Bureau'' and 
                inserting ``Federal Trade Commission'';
            (2) in section 604 (15 U.S.C. 1681b)--
                    (A) in subsection (b)--
                            (i) in paragraph (2)(B)(i), by striking 
                        ``section 615(a)(3)'' and inserting ``section 
                        615(a)(4)'';
                            (ii) in paragraph (3)(B)(ii), by striking 
                        ``clause (B)(i)(IV)'' and inserting ``clause 
                        (i)(IV)'';
                            (iii) in paragraph (4)(A)(ii), by inserting 
                        ``and'' after the semicolon; and
                            (iv) by striking ``section 609(c)(3)'' each 
                        place that term appears and inserting ``section 
                        609(c)''; and
                    (B) in subsection (g)(5), by striking ``paragraph 
                (2).--'' and all that follows through ``The Bureau'' 
                and inserting ``paragraph (2).--The Bureau'';
            (3) in section 605 (15 U.S.C. 1681c)--
                    (A) in subsection (f), by striking ``who'' and 
                inserting ``which''; and
                    (B) in subsection (h)(2)(A)--
                            (i) by striking ``shall,,'' and inserting 
                        ``shall,''; and
                            (ii) by striking ``Commission,,'' and 
                        inserting ``Commission,'';
            (4) in section 605A(h)(1)(A) (15 U.S.C. 1681c-1(h)(1)(A)), 
        by striking ``103(i)'' and inserting ``103(j)'';
            (5) in section 607(e)(3)(A) (15 U.S.C. 1681e(e)(3)(A)), by 
        striking ``section 604(b)(4)(E)(i)'' and inserting ``section 
        604(b)(4)(D)(i)'';
            (6) in section 609 (15 U.S.C. 1681g)--
                    (A) in subsection (a)(3)(C)(i), by striking 
                ``section 604(b)(4)(E)(i)'' and inserting ``section 
                604(b)(4)(D)(i)'';
                    (B) in subsection (c)(1)--
                            (i) in the paragraph heading, by striking 
                        ``Commission'' and inserting ``Bureau''; and
                            (ii) in subparagraph (B)(vi), by striking 
                        ``603(w)'' and inserting ``603(x)'';
                    (C) in subsection (e)(2)(B)(ii)(II), by striking 
                ``an''; and
                    (D) by striking ``The Commission'' each place that 
                term appears and inserting ``The Bureau'';
            (7) in section 610 (15 U.S.C. 1681h)--
                    (A) in subsection (b)(1), by inserting ``section'' 
                after ``under''; and
                    (B) in subsection (e), by inserting a comma after 
                ``on the report'';
            (8) in section 611 (15 U.S.C. 1681i), by striking ``The 
        Commission'' each place that term appears and inserting ``The 
        Bureau'';
            (9) in section 612 (15 U.S.C. 1681j)--
                    (A) in subsection (a)(1)--
                            (i) in subparagraph (A), by striking 
                        ``(w)'' and inserting ``(x)''; and
                            (ii) in subparagraph (C), by striking 
                        ``603(w)'' each place that term appears and 
                        inserting ``603(x)'';
                    (B) in subsection (g)(2), by striking ``televison'' 
                and inserting ``television''; and
                    (C) by striking ``The Commission'' each place that 
                term appears and inserting ``The Bureau''; and
            (10) in section 621 (15 U.S.C. 1681s)--
                    (A) in subsection (a)(1), in the first sentence, by 
                striking ``, subsection (b)'';
                    (B) in subsection (e)(2), by inserting a period 
                after ``provisions of this title''; and
                    (C) in subsection (f)(2), by striking ``The 
                Commission'' and inserting ``The Bureau''.