I 

118TH CONGRESS 

2D SESSION H. R. 8143 

To establish requirements relating to credit scores and educational credit 

scores, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 29, 2024 

Mrs. BEATTY introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To establish requirements relating to credit scores and 

educational credit scores, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Free Credit Scores 

5 for Consumers Act of 2024’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 

8 (1) While nationwide consumer reporting agen9 cies (‘‘CRAs’’) are required by law to supply con10 sumers with a free copy of their credit report annuVerDate Sep 11 2014 23:27 May 20, 2024 Jkt 049200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H8143.IH H8143

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1 ally, they can charge consumers to obtain a credit 

2 score disclosure. 

3 (2) A July 2011 report by the Consumer Fi4 nancial Protection Bureau (‘‘Consumer Bureau’’) ti5 tled ‘‘The Impact of Differences between Consumer6 and Creditor-Purchased Credit Scores’’ found that 

7 the credit scores made available to and purchased by 

8 consumers from CRAs are unlikely to be the same 

9 credit scores used by creditors and lenders to evalu10 ate consumers’ creditworthiness. 

11 (3) That report found that the scarcity of pub12 lic educational tools to inform consumers of the dif13 ferences among credit scores, the large combined 

14 market share and brand recognition of FICO credit 

15 scores, and the marketing practices of some credit 

16 score sellers may perpetuate consumers’ confusion 

17 about credit scores. As a result, some consumers 

18 may be purchasing an educational credit score or 

19 subscribing to a credit monitoring service sold by a 

20 CRA, without realizing the limitations and useful21 ness of these products and services. 

22 (4) Similarly, a September 2012 Consumer Bu23 reau report titled ‘‘Analysis of Differences between 

24 Consumer- and Creditor-Purchased Credit Scores’’ 

25 found that consumers do not know before they purVerDate Sep 11 2014 23:27 May 20, 2024 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H8143.IH H8143

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1 chase a credit score from a CRA whether this credit 

2 score will closely track or vary significantly from the 

3 credit score sold to creditors or lenders. Given the 

4 lack of transparency about the usefulness of credit 

5 scores that are marketed for purchase by consumers 

6 from CRAs and the resulting consumer confusion, 

7 the Consumer Bureau recommended that companies 

8 selling scores to consumers clearly inform consumers 

9 that the scores marketed to consumers for purchase 

10 by CRAs can vary, sometimes substantially, from 

11 the scores that are actually sold to and used by 

12 creditors and lenders. 

13 (5) A February 2011 study by Consumer Fed14 eration of America and VantageScore also found 

15 that half of the consumers surveyed did not know 

16 that a credit score is designed to indicate the risk 

17 of not repaying a credit obligation. Consumers also 

18 did not know who makes credit scores available, 

19 what numerical range constitutes excellent credit 

20 standing, or the financial implications of having a 

21 low credit score. 

22 (6) Many consumers do not realize that they 

23 have more than just ‘‘one’’ credit score. Because the 

24 submission of credit information to CRAs is vol25 untary and not all furnishers submit information to 


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1 every CRA, the information contained in a report 

2 also varies among CRAs. As a result, the credit 

3 score generated by each CRA is also likely to vary, 

4 resulting in potentially different credit decisions 

5 based on an evaluation of different credit reports ob6 tained from different CRAs. 

7 (7) A February 2015 Consumer Bureau report 

8 titled ‘‘Consumer Voices on Credit Reports and 

9 Scores’’ found that consumers had questions about 

10 what actions to take to improve their scores once 

11 they had seen them, suggesting that additional dis12 closures and educational content would be helpful to 

13 consumers. The Consumer Bureau found that con14 sumers were confused by conflicting advice on how 

15 to improve their scores. 

16 (8) That report also noted that consumers 

17 found the process for obtaining consumer reports 

18 and credit scores confusing. Consumers also were 

19 uncertain about whether, and under what cir20 cumstances, they could obtain a consumer report for 

21 free. 

22 SEC. 3. DEFINITIONS. 

23 (a) IN GENERAL.—Section 603 of the Fair Credit 

24 Reporting Act (15 U.S.C. 1681a) is amended by adding 

25 at the end the following new subsection: 


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1 ‘‘(bb) CREDIT SCORE AND EDUCATIONAL CREDIT

2 SCORE DEFINITIONS.— 

3 ‘‘(1) CREDIT SCORE.—The term ‘credit score’ 

4 means a numerical value or a categorization derived 

5 from a statistical tool or modeling system used by a 

6 person who makes or arranges a loan or extends 

7 credit to predict the likelihood of certain credit be8 haviors, including default, as determined by the Bu9 reau. 

10 ‘‘(2) EDUCATIONAL CREDIT SCORE.—The term 

11 ‘educational credit score’ means a numerical value or 

12 categorization derived from a statistical tool or mod13 eling system based upon information from a con14 sumer report that assists consumers in under15 standing how a lender or creditor may view the con16 sumer’s creditworthiness in deciding whether to 

17 make a loan or extend credit to that consumer. 

18 ‘‘(3) KEY FACTORS.—The term ‘key factors’ 

19 means relevant elements or reasons affecting the 

20 credit score for the particular individual, listed in 

21 the order of importance based on the effect of each 

22 element or reason on the credit score or educational 

23 credit score. 

24 ‘‘(4) CREDIT SCORING MODEL.—The term 

25 ‘credit scoring model’ means a scoring algorithm, 


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1 formula, model, program, or mechanism used to gen2 erate a credit score or an educational credit score.’’. 

3 (b) CONFORMING AMENDMENTS.—The Fair Credit 

4 Reporting Act (15 U.S.C. 1681 et seq.) is amended— 

5 (1) in section 605(d)(2), by striking ‘‘(as de6 fined in section 609(f)(2)(B))’’; and 

7 (2) in section 615— 

8 (A) by striking ‘‘as defined in section 

9 609(f)(2)(A)’’ each place that term appears; 

10 and 

11 (B) by striking ‘‘set forth in subpara12 graphs (B) through (E) of section 609(f)(1)’’ 

13 and inserting ‘‘with respect to a credit score de14 scribed in section 609(f)(2), if available’’ each 

15 place that term appears. 

16 SEC. 4. EXPANDS EXPLANATORY INFORMATION GIVEN TO 

17 CONSUMERS ABOUT HOW SCORES ARE CAL18 CULATED. 

19 Section 609(f) of the Fair Credit Reporting Act (15 

20 U.S.C. 1681g(f)) is amended to read as follows: 

21 ‘‘(f) DISCLOSURE OF CREDIT SCORE AND EDU22 CATIONAL CREDIT SCORE BY CONSUMER REPORTING

23 AGENCIES.— 

24 ‘‘(1) IN GENERAL.—Upon the request of a con25 sumer for a credit score or educational credit score, 


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1 a consumer reporting agency shall supply to the con2 sumer a statement— 

3 ‘‘(A) containing— 

4 ‘‘(i) a current credit score at the time 

5 of the request generated using a commonly 

6 used credit scoring model to generate cred7 it scores, subject to regulations of the Bu8 reau; 

9 ‘‘(ii) an educational credit score at the 

10 time of the request, if it is not practicable 

11 to generate such a credit score, as deter12 mined by the Bureau; or 

13 ‘‘(iii) an explanation that the con14 sumer’s file does not have sufficient infor15 mation from which to generate such a 

16 credit score or educational credit score; 

17 and 

18 ‘‘(B) with respect to each previous credit 

19 score in the file of the consumer— 

20 ‘‘(i) the date on which the credit score 

21 was generated; 

22 ‘‘(ii) the name of any entity that the 

23 credit score was provided to; and 

24 ‘‘(iii) the credit score itself. 


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1 ‘‘(2) REQUIREMENTS.—A statement provided 

2 under clause (i) or (ii) of paragraph (1)(A) shall in3 clude— 

4 ‘‘(A) a minimum of 4 key factors, if avail5 able, that adversely affected the credit score or 

6 educational credit score, except that if one of 

7 the key factors consists of the number of 

8 enquiries made with respect to a consumer re9 port, that factor shall be provided to the con10 sumer in addition to the factors required by 

11 this subparagraph; 

12 ‘‘(B) to the extent possible, specific actions 

13 a consumer could take with respect to each key 

14 factor listed in subparagraph (A) to improve 

15 the consumer’s credit score or educational cred16 it score; 

17 ‘‘(C) a minimum of 4 key factors, if avail18 able, that positively affected the credit score or 

19 educational credit score; 

20 ‘‘(D) the range of possible credit scores or 

21 educational credit scores under the credit scor22 ing model used; 

23 ‘‘(E) the distribution of credit scores or 

24 educational credit scores among consumers who 

25 are scored under the same credit scoring model 


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1 by the consumer reporting agency, and using 

2 the same scale as that of the score that is pro3 vided to a creditor or consumers— 

4 ‘‘(i) in the form of a bar graph con5 taining a minimum of 6 bars that illus6 trates the percentage of consumers with 

7 credit scores or educational credit scores 

8 within the range of scores represented by 

9 each bar; or 

10 ‘‘(ii) by another clear and readily un11 derstandable graphical depiction, state12 ment, or illustration comparing the con13 sumer’s credit score or educational credit 

14 score to the scores of other consumers, as 

15 determined by the Bureau; 

16 ‘‘(F) the date on which the credit score or 

17 educational credit score was created; and 

18 ‘‘(G) the name of the person that devel19 oped the credit scoring model on which the 

20 credit score or educational credit score was 

21 based. 

22 ‘‘(3) APPLICABILITY TO CERTAIN USES.—This 

23 subsection shall not be construed so as to compel a 

24 consumer reporting agency to— 


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1 ‘‘(A) develop or disclose a credit score if 

2 the agency does not distribute credit scores 

3 used by a person who makes or arranges a loan 

4 or extends credit to predict the likelihood of 

5 certain credit behaviors; or 

6 ‘‘(B) develop or disclose an educational 

7 credit score if the agency does not develop edu8 cational credit scores that assist in under9 standing the general credit behavior of a con10 sumer and predicting the future credit behavior 

11 of the consumer. 

12 ‘‘(4) MAINTENANCE OF CREDIT SCORES.— 

13 ‘‘(A) IN GENERAL.—All consumer report14 ing agencies shall maintain in the consumer’s 

15 file credit scores relating to the consumer for a 

16 period of 2 years from the date on which such 

17 information is generated. 

18 ‘‘(B) DISCLOSURE ONLY TO CON19 SUMERS.—A past credit score maintained in a 

20 consumer’s file pursuant to subparagraph (A) 

21 may only be provided to the consumer to which 

22 the credit score relates and may not be included 

23 in a consumer report or used as a factor in gen24 erating a credit score or educational credit 

25 score. 


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1 ‘‘(C) REMOVAL OF PAST CREDIT

2 SCORES.—A past credit score maintained in a 

3 consumer’s file pursuant to subparagraph (A) 

4 shall be removed from the consumer’s file after 

5 the end of the 2-year period described under 

6 subparagraph (A).’’. 

7 SEC. 5. REQUIRES CONSUMER REPORTING AGENCIES TO 

8 DISCLOSE PROMINENTLY THE DIFFERENCES 

9 BETWEEN AND LIMITATIONS OF CREDIT 

10 SCORES AND EDUCATIONAL CREDIT SCORES 

11 REQUIRED PRIOR TO A CONSUMER OBTAIN12 ING SUCH SCORES. 

13 Section 609(f) of the Fair Credit Reporting Act (15 

14 U.S.C. 1681g(f)), as amended by section 3, is further 

15 amended by adding at the end the following new para16 graphs: 

17 ‘‘(5) WEBSITE DISCLAIMER.—A consumer re18 porting agency that generates or provides credit 

19 scores or educational credit scores shall clearly and 

20 conspicuously display on the home page of the agen21 cy’s internet website, and as part of any application, 

22 solicitation, or marketing material or media pro23 viding information related to a credit score or edu24 cational credit score, the following notice, in boldface 


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1 type of 18-point font or larger and in a text box 

2 with boldface outer borders: 

3 ‘‘ ‘CREDIT SCORE DISCLAIMER. 

4 ‘‘ ‘There is no ‘‘one’’ credit score. There are many 

5 scoring formulas derived from a wide variety of models 

6 available to a consumer and used by lenders and creditors. 

7 Different lenders and creditors use different scoring for8 mulas to determine whether to extend credit or make a 

9 loan to you, and the terms of the credit or loan. An edu10 cational credit score is not a credit score that a person 

11 who makes a loan or extends credit to you is likely to use. 

12 Educational credit scores are merely intended to be used 

13 as an educational tool to help consumers understand how 

14 the information contained in a consumer report may affect 

15 the terms and conditions of a loan or extension of credit 

16 that may be available to a consumer. Lenders and credi17 tors may also rely on information not contained in your 

18 consumer report and not reflected in the calculation of 

19 your credit score.’. 

20 ‘‘(6) ADDITIONAL REQUIREMENTS FOR EDU21 CATIONAL CREDIT SCORES.— 

22 ‘‘(A) DISCLAIMER.—If an educational 

23 credit score is provided pursuant to paragraph 

24 (1), a consumer reporting agency shall clearly 

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1 tion on the statement, in boldface type of 18- 

2 point font or larger, and in a text box with 

3 boldface outer borders, the following notice: 

4 ‘‘ ‘EDUCATIONAL CREDIT SCORE DISCLAIMER. 

5 ‘‘ ‘The educational credit score provided to you is not 

6 a credit score that a lender or creditor is likely to use to 

7 make a loan or extend credit to you. There are many dif8 ferent credit scores derived from a wide variety of models 

9 used by lenders and creditors. An educational credit score 

10 is merely an educational tool. It is intended to provide con11 sumers with a basic understanding of how the information 

12 contained in a consumer report may affect the terms and 

13 conditions of credit that are available. The credit scores 

14 you receive directly from different lenders and creditors 

15 may not be the same as an educational credit score. There 

16 are a number of reasons for this: 

17 ‘‘ ‘(1) Each company may use a different for18 mula for calculating credit scores and the differences 

19 in the formulas may lead to differences in your 

20 scores. 

21 ‘‘ ‘(2) Companies may produce scores that give 

22 results on different scales. 

23 ‘‘ ‘(3) Not all lenders or creditors report to 

24 every consumer reporting agency, and therefore the 

25 information contained in your consumer report that 


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1 the consumer reporting agencies use to calculate 

2 your educational credit score may differ among 

3 agencies.’. 

4 ‘‘(B) PROHIBITION ON MISLEADING REP5 RESENTATIONS.—A consumer reporting agency 

6 may not refer to an educational credit score as 

7 a credit score in any application, solicitation, 

8 marketing, or other informational materials or 

9 media. 

10 ‘‘(7) MODIFICATION OF DISCLAIMERS.—The 

11 Bureau may modify the content, format, and man12 ner of the disclaimers required under paragraphs (5) 

13 and (6), if warranted, after conducting consumer 

14 testing or research.’’. 

15 SEC. 6. PROVIDES CONSUMERS WITH FREE CREDIT SCORE 

16 DISCLOSURES WITH THEIR FREE ANNUAL 

17 CONSUMER REPORTS UPON REQUEST AND 

18 CREATES INSTANCES WHEN CONSUMERS 

19 AUTOMATICALLY RECEIVE FREE CONSUMER 

20 REPORTS AND CREDIT SCORES. 

21 (a) IN GENERAL.—Section 612 of the Fair Credit 

22 Reporting Act (15 U.S.C. 1681j) is amended— 

23 (1) in subsection (a)— 

24 (A) in paragraph (1)— 


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1 (i) in subparagraph (A), by inserting 

2 after ‘‘section 609’’ the following: ‘‘(includ3 ing the disclosure of a credit score or edu4 cational credit score under subsection (f) 

5 of such section)’’; and 

6 (ii) in subparagraph (C)— 

7 (I) by striking ‘‘Commission’’ 

8 each place such term appears and in9 serting ‘‘Bureau’’; and 

10 (II) by inserting ‘‘, credit scores, 

11 and educational credit scores (as ap12 plicable)’’ after ‘‘consumer reports’’ 

13 each place that term appears; 

14 (B) in paragraph (2)— 

15 (i) by striking ‘‘15 days’’ and insert16 ing ‘‘3 business days’’; and 

17 (ii) by inserting ‘‘, credit score, or 

18 educational credit score’’ after ‘‘consumer 

19 report’’; 

20 (C) in paragraph (3), by inserting ‘‘, credit 

21 score, or educational credit score’’ after ‘‘con22 sumer report’’; and 

23 (D) in paragraph (4), by inserting ‘‘, credit 

24 scores, or educational credit scores’’ after ‘‘con25 sumer reports’’; 


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1 (2) in subsection (b), by inserting ‘‘(including 

2 the disclosure of a credit score or educational credit 

3 score, as applicable, under subsection (f) of such sec4 tion)’’ after ‘‘section 609’’; 

5 (3) in subsection (c)— 

6 (A) by inserting ‘‘(including the disclosure 

7 of a credit score or educational credit score 

8 under subsection (f) of such section)’’ after 

9 ‘‘pursuant to section 609’’; 

10 (B) in paragraph (2), by striking ‘‘; or’’ 

11 and inserting a semicolon; 

12 (C) in paragraph (3), by striking the pe13 riod at the end and inserting a semicolon; and 

14 (D) by adding at the end the following new 

15 paragraphs: 

16 ‘‘(4) has disputed information, or submitted an 

17 appeal of an investigation or reinvestigation of such 

18 information, under section 611 or 623, regardless of 

19 whether the consumer has already received a credit 

20 report, credit score, or educational credit score 

21 under section 611 or 623; or 

22 ‘‘(5) has had information that was previously 

23 deleted under section 611(a)(5) reinserted into the 

24 consumer’s file, regardless of whether the consumer 


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1 has already received a credit report, credit score, or 

2 educational credit score under such section.’’; 

3 (4) in subsection (d), by inserting ‘‘(including 

4 the disclosure of a credit score or educational credit 

5 score under subsection (f) of such section)’’ after 

6 ‘‘section 609’’; 

7 (5) in subsection (f)(1)— 

8 (A) by striking ‘‘reasonable charge’’ and 

9 all that follows through ‘‘section 609’’ and in10 serting ‘‘reasonable charge on a consumer for 

11 providing a consumer report to a consumer’’; 

12 (B) by striking subparagraph (B); 

13 (C) by redesignating clauses (i) and (ii) as 

14 subparagraphs (A) and (B), respectively (and 

15 conforming the margins accordingly); and 

16 (D) in subparagraph (B) (as so redesig17 nated), by striking ‘‘disclosure; and’’ and insert18 ing ‘‘disclosure.’’; and 

19 (6) by adding at the end the following new sub20 sections: 

21 ‘‘(h) CENTRALIZED SOURCE FOR OBTAINING FREE

22 COPY OF CONSUMER REPORT AND SCORES.— 

23 ‘‘(1) NATIONWIDE CONSUMER REPORTING

24 AGENCIES.— 


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1 ‘‘(A) IN GENERAL.—Not later than 180 

2 days after the date of enactment of this sub3 section, each consumer reporting agency de4 scribed under subsection (p) of section 603 

5 shall prominently display on the home page of 

6 the agency’s website— 

7 ‘‘(i) a hyperlink labeled ‘Get Your 

8 Free Annual Credit Reports along with ei9 ther your Credit Scores or Educational 

10 Credit Scores provided for under Federal 

11 Law’ or substantially similar text, as deter12 mined by the Bureau; and 

13 ‘‘(ii) a disclosure titled ‘Consumer’s 

14 Right to Free Credit Scores, Educational 

15 Credit Scores, and Reports under Federal 

16 Law’ or substantially similar text, as deter17 mined by the Bureau that includes the fol18 lowing statement: 

19 ‘‘ ‘All consumers are entitled to obtain a free copy of 

20 their consumer report and credit score or educational cred21 it score annually from each of the nationwide consumer 

22 reporting agencies. Under Federal law, a consumer is enti23 tled to obtain additional free copies of their consumer re24 ports, along with a copy of either the consumer’s credit 


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1 score or educational credit score (under certain cir2 cumstances), including: 

3 ‘‘ ‘(1) When a consumer is unemployed and in4 tends to apply for employment within 60 days. 

5 ‘‘ ‘(2) When a consumer is a recipient of public 

6 welfare assistance. 

7 ‘‘ ‘(3) When a consumer has a reasonable belief 

8 that their report contains inaccuracies as a result of 

9 fraud. 

10 ‘‘ ‘(4) When a consumer asserts in good faith a 

11 suspicion that the consumer has been or is about to 

12 become a victim of identity theft, fraud, or a related 

13 crime, or harmed by the unauthorized disclosure of 

14 the consumer’s financial or personally identifiable in15 formation. 

16 ‘‘ ‘(5) When a consumer files a dispute or an 

17 appeal of the results of a dispute with a consumer 

18 reporting agency or a person who furnished informa19 tion to the consumer reporting agency regarding the 

20 accuracy or completeness of the information con21 tained on their report. 

22 ‘‘ ‘(6) After a furnisher of information discovers 

23 it has furnished inaccurate or incomplete informa24 tion to a consumer reporting agency, and the fur25 nisher notifies the agency of the error. 


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1 ‘‘ ‘(7) After an adverse action is taken against 

2 a consumer or a consumer receives a risk-based pric3 ing notice. 

4 ‘‘ ‘(8) When a mortgage lender, private edu5 cational lender, indirect auto lender, or motor vehicle 

6 lender obtains and uses a consumer’s reports or 

7 scores for underwriting purposes.’. 

8 ‘‘(B) HYPERLINK REQUIREMENTS.—The 

9 hyperlink described in subparagraph (A)(i) shall 

10 be prominently located on the top of the home 

11 page and should link directly to the website of 

12 the centralized source established pursuant to 

13 section 211(d) of the Fair and Accurate Credit 

14 Transactions Act of 2003 (15 U.S.C. 1681j 

15 note). 

16 ‘‘(C) MODIFICATIONS.—The Bureau may 

17 modify the disclosure described in subparagraph 

18 (A)(ii) as necessary to include other cir19 cumstances under which a consumer has the 

20 right to receive a free consumer report, credit 

21 score, or educational credit score. 

22 ‘‘(2) NATIONWIDE SPECIALTY CONSUMER RE23 PORTING AGENCIES.— 

24 ‘‘(A) IN GENERAL.—Not later than 180 

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1 section, each nationwide specialty consumer re2 porting agency shall prominently display on the 

3 Internet home webpage of the agency a disclo4 sure titled ‘Consumer’s Right to Free Con5 sumer Reports and Credit Score or Educational 

6 Credit Score (as applicable) under Federal 

7 Law’. Such disclosure shall include the fol8 lowing statement: 

9 ‘‘ ‘Upon request, all consumers are entitled to obtain 

10 a free copy of their consumer report and credit score or 

11 educational credit score (as applicable) during any 12- 

12 month period from each of the nationwide specialty con13 sumer reporting agencies. Federal law also provides fur14 ther circumstances under which a consumer is entitled to 

15 obtain additional free copies of their consumer report and 

16 credit score or educational credit score (as applicable) in17 cluding: 

18 ‘‘ ‘(1) When a consumer is unemployed and in19 tends to apply for employment within 60 days. 

20 ‘‘ ‘(2) When a consumer is a recipient of public 

21 welfare assistance. 

22 ‘‘ ‘(3) When a consumer has a reasonable belief 

23 that their report contains inaccuracies as a result of 

24 fraud. 


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1 ‘‘ ‘(4) When a consumer files a dispute or an 

2 appeal of the results of a dispute with a consumer 

3 reporting agency or a person who furnished informa4 tion to the consumer reporting agency regarding the 

5 accuracy or completeness of the information con6 tained on their report. 

7 ‘‘ ‘(5) After a furnisher of information discovers 

8 it has furnished inaccurate or incomplete informa9 tion to a consumer reporting agency, and the fur10 nisher notifies the agency of the error. 

11 ‘‘ ‘(6) After an adverse action is taken against 

12 a consumer or a consumer receives a risk-based pric13 ing notice. 

14 ‘‘ ‘(7) When a mortgage lender, private edu15 cational lender, indirect auto lender, or motor vehicle 

16 lender obtains and uses a consumer’s reports or 

17 scores for underwriting purposes.’. 

18 ‘‘(B) MODIFICATIONS.—The Bureau may 

19 modify the disclosure described in subparagraph 

20 (A) as necessary to include other circumstances 

21 under which a consumer has the right to receive 

22 a free consumer report and credit score or edu23 cational credit score (as applicable). 

24 ‘‘(C) TOLL-FREE TELEPHONE ACCESS.— 

25 The information described in this paragraph 


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1 shall also be made available via a toll-free tele2 phone number. Such number shall be promi3 nently displayed on the home page of the 

4 website of each nationwide specialty consumer 

5 reporting agency. Each of the circumstances 

6 under which a consumer may obtain a free con7 sumer report and credit score or educational 

8 credit score (as applicable) shall be presented in 

9 an easily understandable format and consumers 

10 shall be directed to an individual who is a cus11 tomer service representative not later than 2 

12 minutes after the initial phone connection is 

13 made by the consumer. Information provided 

14 through such telephone number shall comply 

15 with the requirements of section 633. 

16 ‘‘(D) ONLINE CONSUMER REPORTS; EX17 EMPTION.—Upon receipt of a request by a con18 sumer for a consumer report, each nationwide 

19 specialty consumer reporting agency shall pro20 vide access to such report electronically on the 

21 Internet website described in section 611(h). 

22 ‘‘(i) AUTOMATIC PROVISION OF FREE CONSUMER

23 REPORTS AND CREDIT SCORES OR EDUCATIONAL CREDIT

24 SCORES.—A consumer reporting agency shall provide to 


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1 a consumer a free copy of the file and credit score or edu2 cational credit score of the consumer who— 

3 ‘‘(1) obtains a fraud alert, extended alert, active 

4 duty alert, or security freeze as described in section 

5 605A; or 

6 ‘‘(2) has disputed information, or submitted an 

7 appeal of an investigation or reinvestigation of such 

8 information, under section 611 or 623.’’. 

9 (b) TECHNICAL AMENDMENT.—Section 615(h)(7) of 

10 such Act (15 U.S.C. 1681m(h)(7)) is amended by striking 

11 ‘‘section’’ and inserting ‘‘subsection’’. 

12 SEC. 7. REQUIRES PRIVATE EDUCATIONAL LENDERS TO 

13 PROVIDE CONSUMERS WITH FREE COPIES OF 

14 ANY CONSUMER REPORTS AND CREDIT 

15 SCORES THAT THEY USED FOR UNDER16 WRITING BEFORE CONSUMERS SIGN LOAN 

17 AGREEMENTS. 

18 Section 609 of the Fair Credit Reporting Act (15 

19 U.S.C. 1681g) is amended by adding at the end the fol20 lowing new subsection: 

21 ‘‘(h) DISCLOSURE OF CONSUMER REPORTS AND

22 CREDIT SCORES BY PRIVATE EDUCATIONAL LENDERS.— 

23 ‘‘(1) IN GENERAL.—If a private educational 

24 lender obtains a copy of any consumer reports or 

25 credit scores and uses such reports or scores in conVerDate Sep 11 2014 23:27 May 20, 2024 Jkt 049200 PO 00000 Frm 00024 Fmt 6652 Sfmt 6201 E:\BILLS\H8143.IH H8143

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1 nection with an application of a consumer for a pri2 vate education loan, the private educational lender 

3 shall provide to the consumer, not later than 3 busi4 ness days after obtaining such reports or scores and 

5 before the date on which the consumer enters into 

6 a loan agreement with the private educational lend7 er, a copy of any such reports or scores, along with 

8 the statement described under subsection (f)(2). 

9 ‘‘(2) COSTS.—None of the costs to the private 

10 educational lender associated with procuring con11 sumer reports or credit scores under this subsection 

12 may be charged, directly or indirectly, to the con13 sumer. 

14 ‘‘(3) RULE OF CONSTRUCTION.—Nothing in 

15 this subsection shall be construed to eliminate any 

16 requirement for creditors and lenders to provide 

17 credit score disclosures, including the statement de18 scribed under subsection (f)(2), to consumers as 

19 part of an adverse action or risk-based pricing no20 tice.’’. 


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1 SEC. 8. REQUIRES MOTOR VEHICLE LENDERS OR INDIRECT 

2 AUTO LENDERS TO PROVIDE CONSUMERS 

3 WITH FREE COPIES OF ANY CONSUMER RE4 PORTS AND CREDIT SCORES THAT THEY 

5 USED FOR UNDERWRITING BEFORE CON6 SUMERS SIGN LEASE OR LOAN AGREEMENTS. 

7 Section 609 of the Fair Credit Reporting Act (15 

8 U.S.C. 1681g), as amended by section 6, is further 

9 amended by adding at the end the following new sub10 section: 

11 ‘‘(i) DISCLOSURE OF CONSUMER REPORTS AND

12 CREDIT SCORES USED BY MOTOR VEHICLE LENDERS OR

13 INDIRECT AUTO LENDERS.— 

14 ‘‘(1) IN GENERAL.—If a motor vehicle lender or 

15 indirect auto lender obtains a copy of any consumer 

16 reports or credit scores and uses such reports or 

17 scores in connection with an application of a con18 sumer for a motor vehicle loan or lease, the motor 

19 vehicle lender or indirect auto lender shall provide to 

20 the consumer a document, separate from the con21 sumer’s lease or purchase agreement and before the 

22 consumer enters into a lease or purchase agreement, 

23 disclosing any consumer reports and credit scores, 

24 including the statement described in subsection 

25 (f)(2), used by the lender to determine whether to 

26 extend credit to the consumer. 


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1 ‘‘(2) COSTS.—None of the costs to the motor 

2 vehicle lender or indirect auto lender associated with 

3 procuring consumer reports or credit scores under 

4 this subsection may be charged, directly or indi5 rectly, to the consumer. 

6 ‘‘(3) RULE OF CONSTRUCTION.—Nothing in 

7 this subsection shall be construed to eliminate any 

8 requirement for creditors and lenders to provide 

9 credit score disclosures, including the statement de10 scribed under subsection (f)(2), to consumers as 

11 part of an adverse action or risk-based pricing no12 tice. 

13 ‘‘(4) DEFINITIONS.— 

14 ‘‘(A) INDIRECT AUTO LENDER.—The term 

15 ‘indirect auto lender’ has the meaning given the 

16 term by the Bureau, and shall include a person 

17 extending a loan made with respect to a car, 

18 boat, motorcycle, recreational vehicle, or other 

19 similar vehicle used primarily for personal or 

20 household purposes. 

21 ‘‘(B) MOTOR VEHICLE LENDER.—The 

22 term ‘motor vehicle lender’ has the meaning 

23 given the term by the Board of Governors of 

24 the Federal Reserve System, and shall include 

25 a person extending a loan made with respect to 


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1 a car, boat, motorcycle, recreational vehicle, or 

2 other similar vehicle used primarily for personal 

3 or household purposes.’’. 

4 SEC. 9. REQUIRES RESIDENTIAL MORTGAGE LENDERS TO 

5 PROVIDE CONSUMERS WITH FREE COPIES OF 

6 ANY CONSUMER REPORTS AND CREDIT 

7 SCORES THAT THEY USED FOR UNDER8 WRITING BEFORE CONSUMERS SIGN LOAN 

9 AGREEMENTS. 

10 Section 609(g) of the Fair Credit Reporting Act (15 

11 U.S.C. 1681g(g)) is amended— 

12 (1) by redesignating paragraph (2) as para13 graph (5); 

14 (2) in paragraph (1)— 

15 (A) by striking ‘‘a consumer credit score’’ 

16 and inserting ‘‘any consumer reports or credit 

17 scores’’; 

18 (B) by striking ‘‘, as defined in subsection 

19 (f),’’; 

20 (C) by striking ‘‘the following to the con21 sumer as soon as reasonably practicable:’’ and 

22 inserting ‘‘, not later than 3 business days after 

23 using such reports or scores, a document dis24 closing any consumer reports and credit scores 

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1 tend credit to the consumer along with the 

2 statement described in subsection (f)(2).’’; 

3 (D) by striking subparagraphs (A), (B), 

4 (C), (E), and (F); 

5 (E) by redesignating subparagraph (D) as 

6 paragraph (3) (and adjusting the margins ac7 cordingly); and 

8 (F) by redesignating subparagraph (G) as 

9 paragraph (4) (and adjusting the margins ac10 cordingly); 

11 (3) by inserting before paragraph (3) (as so re12 designated) the following new paragraph: 

13 ‘‘(2) RULE OF CONSTRUCTION.—Nothing in 

14 this subsection shall be construed to eliminate any 

15 requirement for lenders to provide credit score dis16 closures, including the statement described under 

17 subsection (f)(2), to consumers as part of an adverse 

18 action or risk-based pricing notice.’’; 

19 (4) in paragraph (3) (as so redesignated), in 

20 the quoted material— 

21 (A) by inserting ‘‘, free of charge,’’ after 

22 ‘‘disclose to you’’; and 

23 (B) by striking ‘‘affecting your credit 

24 scores’’ and inserting ‘‘affecting your credit 

25 score or scores’’; 


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1 (5) in paragraph (5) (as so redesignated) by in2 serting ‘‘or scores’’ after ‘‘credit score’’ each place 

3 such term appears; and 

4 (6) by adding at the end the following new 

5 paragraphs: 

6 ‘‘(6) ACTIONS NOT REQUIRED.—This subsection 

7 shall not require any person to disclose any credit 

8 score or related information obtained by the person 

9 after a loan has closed. 

10 ‘‘(7) NO PROCUREMENT COSTS.—None of the 

11 costs to the creditor or lender associated with pro12 curing any consumer reports or scores under this 

13 subsection may be charged, directly or indirectly, to 

14 the consumer.’’. 

15 SEC. 10. RULEMAKING. 

16 Not later than the end of the 2-year period beginning 

17 on the date of the enactment of this Act, the Bureau of 

18 Consumer Financial Protection shall issue final rules to 

19 implement the amendments made by this Act. 

Æ 


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