Fair Access to Credit Scores Act of 2016

To amend the Fair Credit Reporting Act to require the inclusion of credit scores with free annual credit reports provided to consumers, and for other purposes. 1. Short title This Act may be cited as the Fair Access to Credit Scores Act of 2016 2. Credit scores included in free annual disclosures (a) In general Section 609 of the Fair Credit Reporting Act ( 15 U.S.C. 1681g (1) in subsection (a)(1)— (A) by striking and (B) by striking except that— (A) if the except that if the (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 shall include— or a risk score, a consumer reporting agency shall supply to the consumer— (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 (B) Risk score The term risk score ; (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) (1) in paragraph (1)— (A) by striking free credit report free or low cost credit report or credit score (B) by inserting and free credit scores free credit reports (2) in paragraph (2), by inserting or free credit score, as applicable, free credit report (c) Technical corrections The Fair Credit Reporting Act ( 15 U.S.C. 1681a et seq. (1) in section 603 ( 15 U.S.C. 1681a (A) in subsection (d)(2)(D), by striking (x) (y) (B) in subsection (q)(5), by striking 103(i) 103(j) (C) in subsection (v), by striking Bureau 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) section 615(a)(4) (ii) in paragraph (3)(B)(ii), by striking clause (B)(i)(IV) clause (i)(IV) (iii) in paragraph (4)(A)(ii), by inserting and (iv) by striking section 609(c)(3) section 609(c) (B) in subsection (g)(5), by striking paragraph (2).— The Bureau paragraph (2).— (3) in section 605 ( 15 U.S.C. 1681c (A) in subsection (f), by striking who which (B) in subsection (h)(2)(A)— (i) by striking shall,, shall, (ii) by striking Commission,, Commission, (4) in section 605A(h)(1)(A) ( 15 U.S.C. 1681c–1(h)(1)(A) 103(i) 103(j) (5) in section 607(e)(3)(A) ( 15 U.S.C. 1681e(e)(3)(A) section 604(b)(4)(E)(i) 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) section 604(b)(4)(D)(i) (B) in subsection (c)(1)— (i) in the paragraph heading, by striking Commission Bureau (ii) in subparagraph (B)(vi), by striking 603(w) 603(x) (C) in subsection (e)(2)(B)(ii)(II), by striking an (D) by striking The Commission The Bureau (7) in section 610 ( 15 U.S.C. 1681h (A) in subsection (b)(1), by inserting section under (B) in subsection (e), by inserting a comma after on the report (8) in section 611 ( 15 U.S.C. 1681i The Commission The Bureau (9) in section 612 ( 15 U.S.C. 1681j (A) in subsection (a)(1)— (i) in subparagraph (A), by striking (w) (x) (ii) in subparagraph (C), by striking 603(w) 603(x) (B) in subsection (g)(2), by striking televison television (C) by striking The Commission The Bureau (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 (C) in subsection (f)(2), by striking The Commission The Bureau

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.