Fair Access to Credit Scores Act of 2013

Summary: Fair Access to Credit Scores Act of 2013 - Amends the Fair Credit Reporting Act to require certain consumer reporting agencies to disclose, without charge, as part of a consumer's free annual disclosure upon request, 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.  Requires the agencies also to furnish such other consumer information as the Consumer Financial Protection Bureau (CFPB) 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 the credit scores of consumers. Requires such agencies, upon consumer request for either a credit score or a risk score, to supply any such score in the consumer's file at the agency. Requires the agencies to maintain credit scores or other risk scores or predictors in the consumer's file for at least one year after the data is generated.    Directs the CFPB to develop regulations establishing a mandatory format for consumer file disclosures.

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''.