79–006 

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. 

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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. 

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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. 

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Insert offset folio 5 here HR568.001

Representative 

Mr. Hensarling---------------

Mr. McHenry -----------------

Mr. King---------------------

Mr. Royce (CAl ---------------

Mr. Lucas--------------------

Mr. Pearce-------------------

Mr. Posey--------------------

Mr. Luetkemeyer--------------

Mr. Huizenga _______________ _ 

Mr. Duffy---------------------

Mr. Stivers-------------------

Mr. Hultgren-----------------

Mr. Ross---------------------

Mr. Pittenger-----------------

Mrs. Wagner ________________ _ 

Mr. Barr ---------------------

Mr. Rothfus ------------------

Mr Messer-------------------

Mr. Tipton--------------------

Mr. Williams ----------------- Mr. Poliquin _________________ _ 

Mrs. Love--------------------

Mr. Hill ----------------------

Mr Emmer-------------------

Mr. Zeldin--------------------

Mr. Trott---------------------

Mr. Loudermilk ______________ _ 

Mr. Mooney (WV) _____________ _ 

Mr. MacArthur----------------

Mr. Dav1dson -----------------

Mr Budd---------------------

Mr. Kustoff (TN)___ ___________ _ 

Ms. Tenney-------------------

Mr. Hollingsworth ____________ _ 

Yea 

.X 

)( 

)\ 

)( 

)( 

X 

X 

X 

X 

X 

X 

)( 

X 

X 

X 

.X 

X 

X 

-~ 

)\ 

X 

X 

.X 

X 

X 

X 

X 

X 

X 

X 

X 

X 

.X 

X 

Nay Present Representative Yea Nay Present 

Ms. Maxine Waters (CA) _______ X 

Mrs. Carolyn B. Maloney (NY) __ X 

Ms. Velazquez ________________ ~ 

Mr. Sherman----------------- X 

Mr. Meeks-------------------- X 

Mr. Capuano----------------- X 

Mr. Clay --------------------- )( 

Mr. Lynch-------------------- X 

Mr. David Scott (GA) __________ )( 

Mr. AI Green (TX) ------------- X 

Mr. Cleaver ------------------ X 

Ms. Moore ·------------------- X 

Mr. Ellison --------- ----~----- X 

Mr. Perlmutter _______________ .X 

Mr. Himes ------------------- )( 

Mr. Foster------------------·- )( 

Mr. Kildee ____________________ .X 

Mr. Delaney------------------ X 

Ms. Sinema .................. X 

Mrs. Beatty ------------------ )\ 

Mr. Heck --------------- --~---

)\ 

Mr. Vargas X 

Mr. Gottheimer --------------- )\ 

Mr. Gonzalez (TX) ------------- X 

Mr Cnst --------------------- X 

Mr. Kihuen ---------------···· )\ 
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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. 

6 

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 

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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): 

8 

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 

§ 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 

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(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 AC- COUNTS.—(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 reVerDate Sep 11 2014 06:05 Feb 17, 2018 Jkt 079006 PO 00000 Frm 00009 Fmt 6659 Sfmt 6602 E:\HR\OC\HR568.XXX HR568
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ported 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 SUBMIS- SIONS.—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)— 

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(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 IN- FORMATION.—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; 

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(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 DIS- PUTE.—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 

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(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 

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(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; øor¿ 

(3) subsection (f) of this section, including any regulations 

issued thereunder; or 

ø(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; 

15 

(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 

16 

radio, electronic, or similar transmission (including the extension of such facilities). 

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