(C) in subparagraph (D) (as so redesig-
nated, by striking ‘‘or current insurer,’’. 
(2) Section 604(c) of the Fair Credit Reporting 
Act (15 U.S.C. 1681b(c)) is amended—
(A) in paragraphs (1) and (3) by striking 
‘‘or insurance’’ each place such term appears; 
and 
(B) in paragraph (1), by striking ‘‘sub-
paragraph (A) or (C) of subsection (a)(3)’’ and 
inserting ‘‘subsection (a)(3)(A)’’. 
(3) Paragraphs (1) and (5) of section 604(e) of 
the Fair Credit Reporting Act (15 U.S.C. 1681b(e)) 
are each amended by striking ‘‘or insurance’’ each 
place such term appears. 
(4) Section 604(g) of the Fair Credit Reporting 
Act (15 U.S.C. 1681b(g)) is amended by striking 
‘‘or insurance’’. 
(c) CLERICAL AMENDMENTS.—The heading for sec-
tion 604(c) of the Fair Credit Reporting Act (15 U.S.C. 
1681b(c)) is amended by striking ‘‘OR INSURANCE’’. 
(d) COMPLIANCE STUDY.—The Federal Trade Com-
mission shall conduct a study of the compliance of insur-
ance providers with the amendment made by this section 
and shall submit a report containing the findings and con-
clusions of the Commission to the Congress before the end
of the 1-year period beginning on the date of the enact-
ment of this Act. 
SEC. 5. AMENDMENTS TO THE DISCLOSURE OF CREDIT 
SCORES AND CREDIT REPORTS TO CON-
SUMERS. 
(a) IN GENERAL.—Section 609(a) of the Fair Credit 
Reporting Act (15 U.S.C. 1681g(a)) is amended by strik-
ing all of the provisions of such subsection that precede 
paragraph (2) and inserting the following: 
‘‘(a) INFORMATION ON FILE; SOURCES; REPORT RE-
CIPIENTS.—Every consumer reporting agency shall, upon 
request, and subject to section 610(a)(1), clearly and ac-
curately disclose to the consumer the following: 
‘‘(1) INFORMATION.—All information in the 
consumer’s file at the time of the request including 
credit consumer reports, any information concerning 
credit scores and credit consumer reports, and any 
other risk scores or predictors relating to the con-
sumer including any credit scores used, and a clear 
and concise summary of how the scores and predic-
tors are derived, including—
‘‘(A) The factors taken into account in de-
riving a score or predictor; 
‘‘(B) How such factors are applied to the 
consumer;
‘‘(C) The relative weight given to each fac-
tor; 
‘‘(D) The manner and extent to which 
such factors raise or lower the score or pre-
dictor; 
‘‘(E) The names of all persons that pro-
vided the credit score or credit file upon which 
the credit score was created; and 
‘‘(F) A statement indicating that the infor-
mation and credit scoring model may be dif-
ferent from the credit score that may be used 
by the lender.’’. 
(b) ANNUAL DISCLOSURE OF RIGHTS REQUIRED.—
Section 609 of the Fair Credit Reporting Act (15 U.S.C. 
1681g) is amended by adding at the end the following new 
subsection: 
‘‘(d) ANNUAL DISCLOSURE OF RIGHTS REQUIRED.—
‘‘(1) IN GENERAL.—A credit reporting agency 
shall annually provide a consumer with the written
summary of rights required under section 609(c), by 
letter sent by first-class mail, whenever one of the 
following events occurs within any 12-month period: 
‘‘(A) The credit reporting agency has re-
ceived 3 credit inquiries pertaining to the con-
sumer.
‘‘(B) The credit reporting agency has re-
ceived a report that would add negative infor-
mation to the consumer’s file. 
‘‘(2) FORMAT OF LETTER.—Any letter mailed 
to a consumer pursuant to this subsection may be a 
form letter, except that each letter shall include a 
notice or separate form the consumer may complete 
and return to the consumer reporting agency to re-
quest a copy of the credit consumer report. 
‘‘(3) 
ADDITIONAL
CONTACT
INFORMATION 
UNDER CERTAIN CIRCUMSTANCES.—In the case of 
any consumer reporting agency which compiles and 
maintains files on consumers on a nationwide basis, 
the letter or notice shall include a toll-free telephone 
number and worldwide web address established by 
the agency for the consumer to request a free report 
under the terms of section 612(c).’’. 
(c) FREE
DISCLOSURES
UNDER
CERTAIN
CIR-
CUMSTANCES.—Section 612(c) of the Fair Credit Report-
ing Act (15 U.S.C. 1681j(c)) is amended to read as fol-
lows: 
‘‘(c) FREE DISCLOSURE OF CONSUMER REPORTS.—
In addition to the disclosures required under subsection 
(b) or the law of any State, upon the request of a con-
sumer, a consumer reporting agency shall make all disclo-
sures pursuant to section 609 without charge to that con-
sumer under the following circumstances: 
‘‘(1) Annually, upon the written, oral, or elec-
tronic request of the consumer. 
‘‘(2) Up to 3 additional times a year, if a con-
sumer certifies in writing that the consumer—
‘‘(A) is unemployed and intends to apply 
for employment in the 60-day period beginning 
on the date on which the certification is made; 
‘‘(B) is a recipient of public welfare assist-
ance; or 
‘‘(C) has reason to believe that the file on 
the consumer at the agency contains inaccurate 
information due to fraud or identity theft.’’. 
(d) DUTIES OF USERS TAKING ADVERSE ACTIONS 
ON THE BASIS OF INFORMATION CONTAINED IN CON-
SUMER REPORTS.—Section 615(a) of the Fair Credit Re-
porting Act (15 U.S.C. 1681m(a)) is amended to read as 
follows: 
‘‘(a) DUTIES OF USERS TAKING ADVERSE ACTIONS 
ON THE BASIS OF INFORMATION CONTAINED IN CON-
SUMER REPORTS.—
‘‘(1) IN GENERAL.—If any person takes any ad-
verse action with respect to any consumer that is