American consumers in 2014. Similarly, the 
United States Department of Justice found an 
estimated 7 percent of all residents age 16 or 
older (about 17.6 million persons) in this coun-
try were victims of one or more incidents of ID 
theft in 2014, and the number of elderly victims 
age 65 or older (about 86 percent) increased 
from 2.1 million in 2012 to 2.6 million in 2014. 
(E) Consumers frequently express concern 
about the security of their financial informa-
tion. According to a 2015 MasterCard survey, 
a majority of consumers (77 percent) have anx-
iety about the possibility that their financial in-
formation and Social Security numbers may be 
stolen or compromised, with about 55 percent 
of consumers indicating that they would rather 
have naked pictures of themselves leaked online 
than have their financial information stolen. 
(F) That survey also revealed that con-
sumers’ fears about the online security of their 
financial information even outweighed con-
sumers’ worries about other physical security 
dangers such as having their houses robbed (59 
percent) or being pickpocketed (46 percent). 
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(G) According to Consumer Reports, 
roughly 50 million American consumers spent 
about $3.5 billion in 2010 to purchase products 
aimed at protecting their identity, with the an-
nual cost of these services ranging from $120 
to $300. As risks to consumers’ personal and fi-
nancial information continue to grow, con-
sumers need additional protections to ensure 
that they have fair and reasonable access to the 
full suite of ID theft and fraud prevention 
measures that may be right for them. 
SEC. 4. EFFECTIVE DATE. 
Except as otherwise specified, the amendments made 
by this Act shall take effect 2 years after the date of the 
enactment of this Act. 
SEC. 5. DISCRETIONARY SURPLUS FUND. 
(a) IN
GENERAL.—The dollar amount specified 
under section 7(a)(3)(A) of the Federal Reserve Act (12 
U.S.C. 289(a)(3)(A)) is reduced by $26,000,000 (in-
creased by $1,000,000) (increased by $1,000,000) (in-
creased by $15,000,000). 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall take effect on September 30, 2029. 
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TITLE I—IMPROVEMENTS TO 
THE DISPUTE PROCESS 
SEC. 101. DISPUTE PROCEDURES AND DISCLOSURES RE-
LATING TO REINVESTIGATIONS. 
(a) IN GENERAL.—Section 611(a) of the Fair Credit 
Reporting Act (15 U.S.C. 1681i(a)) is amended to read 
as follows: 
‘‘(a) REINVESTIGATIONS
OF DISPUTED INFORMA-
TION BY A CONSUMER REPORTING AGENCY.— 
‘‘(1) REINVESTIGATIONS REQUIRED.— 
‘‘(A) IN GENERAL.—Subject to subsection 
(f), if the completeness or accuracy of any item 
of information contained in a consumer’s file at 
a consumer reporting agency is disputed by the 
consumer and the consumer notifies the agency 
(either directly or indirectly through a reseller 
or an authorized third party) of such dispute, 
the agency shall, free of charge— 
‘‘(i) conduct a reasonable reinvestiga-
tion using the process described in para-
graph (3) to determine whether the dis-
puted information is inaccurate, incom-
plete, or cannot be verified; 
‘‘(ii) notify the consumer that a nota-
tion described in section 605(e) will be 
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added to the consumer’s file until the re-
investigation has been completed and that 
such notation can be removed at the re-
quest of the consumer; and 
‘‘(iii) before the end of the 30-day pe-
riod beginning on the date on which the 
consumer reporting agency receives the no-
tice of the dispute from the consumer or 
the reseller— 
‘‘(I) record the current status of 
the disputed information; or 
‘‘(II) delete or modify the item in 
accordance with paragraph (3)(D). 
‘‘(B) EXTENSION OF PERIOD TO REINVES-
TIGATE.—Except as provided in subparagraph 
(C), the 30-day period described in subpara-
graph (A) may be extended for period not to ex-
ceed 15 days if the consumer reporting agency 
receives additional information from the con-
sumer or the reseller regarding the dispute 
after the date on which the consumer reporting 
agency notified any person who provided any 
item of information in dispute under paragraph 
(2)(A). 
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‘‘(C) LIMITATIONS ON EXTENSION OF PE-
RIOD TO REINVESTIGATE.—Subparagraph (B) 
shall not apply to any reinvestigation in which, 
during the 30-day period described in subpara-
graph (A), the disputed information is found to 
be inaccurate or incomplete, or the consumer 
reporting agency determines that the disputed 
information cannot be verified. 
‘‘(2) PROMPT
NOTICE
OF
DISPUTE
TO
FUR-
NISHER OF INFORMATION; PROVISION OF INFORMA-
TION REGARDING DISPUTE PROVIDED BY THE CON-
SUMER OR RESELLER.— 
‘‘(A) IN GENERAL.—Before the end of the 
period of 5 business days beginning on the date 
on which a consumer reporting agency receives 
notice of a dispute from any consumer or re-
seller under paragraph (1)(A), the consumer re-
porting agency shall provide notification of the 
dispute to any person who provided any item of 
information in dispute, at the address and in 
the manner established with such person. The 
notice shall include all information, including 
substantiating documents, regarding the dispute 
that was submitted to the consumer reporting 
agency. 
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‘‘(B) PROVISION OF ADDITIONAL INFORMA-
TION
REGARDING
DISPUTE
AFTER
NOTIFICA-
TION TO THE FURNISHER OF INFORMATION.— 
If a consumer reporting agency receives addi-
tional information regarding the dispute from 
the consumer or reseller after the agency pro-
vides the notification described under subpara-
graph (A) and before the end of the 30-day pe-
riod described in paragraph (1)(A), the con-
sumer reporting agency shall, not later than 3 
business days after receiving such information, 
provide such information to the person who pro-
vided the information in dispute. 
‘‘(3) REASONABLE STANDARDS FOR CONSUMER 
REPORTING AGENCIES FOR CONDUCTING REINVES-
TIGATIONS AND RESOLVING DISPUTES SUBMITTED 
BY CONSUMERS.— 
‘‘(A) IN GENERAL.—In conducting a re-
investigation of disputed information, a con-
sumer reporting agency shall, at a minimum— 
‘‘(i) maintain sufficient resources and 
trained staff, commensurate with the vol-
ume and complexity of disputes received or 
reasonably anticipated to be received, to 
determine whether the disputed informa-
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tion is accurate, complete, or can be 
verified by the person who provided the in-
formation; 
‘‘(ii) ensure that all staff involved at 
any level of the reinvestigation process, in-
cluding any individual with ultimate au-
thority over determining whether the dis-
puted information is inaccurate, incom-
plete, or cannot be verified, are located 
within the United States; 
‘‘(iii) verify that the personally identi-
fiable information of the consumer submit-
ting the dispute matches the personally 
identifiable information contained in the 
consumer’s file, and that such information 
is accurate and complete; 
‘‘(iv) verify that the consumer report-
ing agency has a record of the information 
being disputed; and 
‘‘(v) conduct a reasonable review that 
considers all information, including sub-
stantiating documents, provided by the 
consumer or reseller. 
‘‘(B) CONSUMER
REPORTING.—The con-
sumer reporting agency shall not impose any 
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limitation or otherwise impede the ability of a 
consumer to submit information about the dis-
puted item. 
‘‘(C) INDEPENDENT
ANALYSIS.—The re-
investigation conducted under subparagraph 
(A) shall be an independent analysis, separate 
from any investigation by a reseller or a person 
who provided the disputed information. 
‘‘(D) DELETION OR MODIFICATION OF IN-
FORMATION
CONTAINED
IN
A
CONSUMER 
FILE.—If the disputed information is found to 
be inaccurate, incomplete, or cannot be verified, 
the dispute resolution staff of the consumer re-
porting agency shall have the direct authority to 
delete or modify such information in the con-
sumer’s file, as appropriate, during the 30-day 
period described in paragraph (1)(A), shall 
promptly notify the consumer of the results of 
the reinvestigation as described in paragraph 
(4), and shall promptly notify any person who 
provided such information to the consumer re-
porting agency of the modification or deletion 
made to the consumer’s file. 
‘‘(4) NOTICE TO CONSUMER OF RESULTS OF 
REINVESTIGATION.— 
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‘‘(A) IN GENERAL.—Not later than 5 busi-
ness days after the conclusion of a reinvestiga-
tion conducted under this subsection, the con-
sumer reporting agency shall provide written 
notice to the consumer of the results of the re-
investigation by postal mail or, if authorized by 
the consumer for that purpose, by other means 
available to the agency. 
‘‘(B) CONTENTS OF NOTICE TO CONSUMER 
OF RESULTS OF REINVESTIGATION.—The notice 
described in subparagraph (A) shall include— 
‘‘(i) a statement that the reinvestiga-
tion of the disputed information has been 
completed; 
‘‘(ii) a statement informing the con-
sumer as to whether the disputed informa-
tion was determined to be inaccurate, in-
complete, or unverifiable, including a state-
ment of the specific reasons supporting the 
determination; 
‘‘(iii) if information in the consumer’s 
file has been deleted or modified as a re-
sult of the reinvestigation— 
‘‘(I) a copy of the consumer re-
port and credit score or educational 
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score (if applicable) that is based 
upon the consumer’s revised file; 
‘‘(II) a statement identifying the 
specific information from the con-
sumer’s file that was deleted or modi-
fied because such information was de-
termined to be inaccurate, incomplete, 
or unverifiable by the consumer re-
porting agency; 
‘‘(III) a statement that the con-
sumer has the right, free of charge, to 
obtain an additional consumer report 
and credit score or educational credit 
score (if applicable) within the 12- 
month period following the date of the 
conclusion of the reinvestigation, re-
gardless of whether the consumer ob-
tained or will obtain a free annual 
consumer report and credit score or 
educational score (if applicable) under 
section 612; and 
‘‘(IV) a statement that the con-
sumer has the right, free of charge, to 
request under subsection (d) that the 
consumer reporting agency furnish 
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notifications of the consumer’s revised 
report; 
‘‘(iv) a description of the procedure 
used by the dispute resolution staff of the 
consumer reporting agency to determine 
the accuracy or completeness of the infor-
mation, including the business name, mail-
ing address, telephone number, and inter-
net website address (if available) of any 
person who provided information who was 
contacted by the staff in connection with 
the determination; 
‘‘(v) a statement that the consumer 
has the right, free of charge, to add a nar-
rative statement to the consumer’s file dis-
puting the accuracy or completeness of the 
information, regardless of the results of 
the reinvestigation by the agency, and the 
process for submitting such a narrative 
pursuant to subsection (b); 
‘‘(vi) a copy of all information relating 
to the consumer that was used by the con-
sumer reporting agency in carrying out the 
reinvestigation and relied upon as the basis 
for the determination about the accuracy 
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and completeness of the disputed informa-
tion; 
‘‘(vii) a statement that a consumer 
may, free of charge, challenge the results 
of the reinvestigation by appeal within 120 
days after the date the notice of the results 
of the reinvestigation was provided to the 
consumer and the process for submitting 
an appeal; 
‘‘(viii) a statement informing the con-
sumer that a notation described in section 
605(e) will be added to the file of the con-
sumer during the period in which the con-
sumer appeals the results of a reinvestiga-
tion and that such notation can be re-
moved at the request of the consumer; and 
‘‘(ix) any other information, as deter-
mined by the Bureau. 
‘‘(5) REQUIREMENTS RELATING TO REINSER-
TION OF PREVIOUSLY DELETED OR MODIFIED MATE-
RIAL.— 
‘‘(A) CERTIFICATION OF NEW DETERMINA-
TION
THAT
ITEM
IS
ACCURATE
OR
COM-
PLETE.—A consumer reporting agency may not 
reinsert into a consumer’s file any information 
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that was previously deleted or modified pursu-
ant to paragraph (3)(D), unless the person who 
provided the information— 
‘‘(i) requests that the consumer re-
porting agency reinsert such information; 
‘‘(ii) submits a written certification 
that the information is accurate and com-
plete; and 
‘‘(iii) provides a statement describing 
the specific reasons why the information 
should be inserted. 
‘‘(B) NOTICE TO CONSUMER BEFORE RE-
INSERTION CAN OCCUR.—Upon receipt of a re-
quest for reinsertion of disputed information 
under subparagraph (A), the consumer report-
ing agency shall, not later than 5 business days 
before the consumer reporting agency reinserts 
the information into the consumer’s file, notify 
the consumer in writing of such request for re-
insertion. Such notice shall include— 
‘‘(i) the business name, mailing ad-
dress, telephone number, and internet 
website address (if available) of any person 
who provided information to or contacted 
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the consumer reporting agency in connec-
tion with the reinsertion; 
‘‘(ii) a copy of the information relat-
ing to the consumer, the certification that 
the information is accurate or complete, 
and the statement of the reasons sup-
porting reinsertion provided by the person 
who provided the information to the con-
sumer reporting agency under subpara-
graph (A); 
‘‘(iii) a statement that the consumer 
may obtain, free of charge and within the 
12-month period following the date the no-
tice under this subparagraph was issued, a 
consumer report and credit score or edu-
cational score (if applicable) from the con-
sumer reporting agency that includes the 
reinserted 
information, 
regardless 
of 
whether the consumer obtained or will ob-
tain a free annual consumer report and 
credit score or educational credit score (if 
applicable) under section 612; 
‘‘(iv) a statement that the consumer 
may appeal the determination that the pre-
viously deleted or modified information is 
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accurate or complete and a description of 
the procedure for the consumer to make 
such an appeal pursuant to subsection (i); 
and 
‘‘(v) a statement that the consumer 
has the right to add a narrative statement, 
free of charge, to the consumer’s file dis-
puting the accuracy or completeness of the 
disputed information and a description of 
the process to add such a narrative state-
ment pursuant to subsection (b). 
‘‘(6) EXPEDITED DISPUTE RESOLUTION.—If a 
consumer reporting agency determines that the in-
formation provided by the consumer is sufficient to 
substantiate that the item of information is inac-
curate, incomplete, or cannot be verified by the per-
son who furnished such information, and the con-
sumer reporting agency deletes or modifies such in-
formation within 3 business days of receiving notice 
of the dispute, the consumer reporting agency shall 
be exempt from the requirements of paragraph (4), 
if the consumer reporting agency provides to the 
consumer— 
‘‘(A) prompt notice confirming the deletion 
or modification of the information from the con-
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sumer’s file in writing or by other means, if 
agreed to by the consumer when the informa-
tion is disputed; 
‘‘(B) a statement of the consumer’s right 
to request that the consumer reporting agency 
furnish notifications of a revised consumer re-
port pursuant to subsection (d); 
‘‘(C) not later than 5 business days after 
deleting or modifying the information, a copy of 
the consumer report and credit score or edu-
cational score (if applicable) that is based upon 
the consumer’s revised file; and 
‘‘(D) a statement that the consumer may 
obtain, free of charge and within the 12-month 
period following the date the notice under this 
paragraph was sent to the consumer, a con-
sumer report and credit score or educational 
score (if applicable) from the consumer report-
ing agency, regardless of whether the consumer 
obtained or will obtain their free annual con-
sumer report and credit score or educational 
score (if applicable) under section 612. 
‘‘(7) NO EXCUSE FOR FAILURE TO CONDUCT 
REINVESTIGATION.—A consumer reporting agency 
may not refuse to conduct a reinvestigation under 
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this subsection because the agency determines that 
the dispute was submitted by an authorized third 
party, unless the agency has clear and convincing 
evidence that the third party is not authorized to 
submit the dispute on the consumer’s behalf. If the 
consumer reporting agency refuses to reinvestigate a 
dispute for these reasons, it shall provide a clear and 
conspicuous notice to the consumer explaining the 
reasons for the refusal and describing the specific in-
formation the consumer is required to provide for 
the agency to conduct the reinvestigation.’’. 
(b) ENSURING CONSUMER REPORTING AGENCIES 
FURNISH CERTAIN NOTIFICATIONS WITHOUT CHARGE.— 
Section 611(d) of the Fair Credit Reporting Act (15 
U.S.C. 1681i(d)) is amended by inserting ‘‘and without 
charge’’ after ‘‘request of the consumer’’. 
(c) INCLUDING SPECIALTY CONSUMER REPORTING 
AGENCIES IN REPORTS.— 
(1) IN GENERAL.—Section 611(e) of the Fair 
Credit Reporting Act (15 U.S.C. 1681i(e)) is 
amended by inserting ‘‘or 603(x)’’ after ‘‘section 
603(p)’’. 
(2) 
TECHNICAL
AMENDMENT.—Section 
611(e)(1) of the Fair Credit Reporting Act (15 
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U.S.C. 1681i(e)(1)) is amended by striking ‘‘The 
Commission’’ and inserting ‘‘The Bureau’’. 
(d) CONFORMING AMENDMENTS.—The Fair Credit 
Reporting Act (15 U.S.C. 1681 et seq.) is further amend-
ed— 
(1) in section 605B(c)(2), by striking ‘‘section 
611(a)(5)(B)’’ and inserting ‘‘section 611(a)(5)’’; 
(2) in section 611— 
(A) in subsection (c), by striking ‘‘unless 
there is reasonable grounds to believe that it is 
frivolous or irrelevant,’’; and 
(B) in subsection (f)(3)— 
(i) in subparagraph (A), by striking 
‘‘paragraph (6), (7), or (8) of subsection 
(a)’’ and inserting ‘‘paragraph (4) or (5) of 
subsection (a)’’; and 
(ii) in subparagraph (B), by striking 
‘‘in the manner required under paragraph 
(8)(A)’’; and 
(3) in section 623(b)(1)(B), by striking ‘‘rel-
evant’’ before ‘‘information’’. 
(e) GLOBAL TECHNICAL CORRECTIONS
TO REF-
ERENCES TO NATIONWIDE SPECIALTY CONSUMER RE-
PORTING AGENCY.—The Fair Credit Reporting Act (15 
U.S.C. 1681 et seq.) is further amended— 
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(1) by striking ‘‘section 603(w)’’ and inserting 
‘‘section 603(x)’’ each place such term appears; and 
(2) in section 612(a)(1)(A), by striking ‘‘(w)’’ 
and inserting ‘‘(x)’’. 
SEC. 102. CONSUMER AWARENESS OF DISPUTE RIGHTS. 
Section 611 of the Fair Credit Reporting Act (15 
U.S.C. 1681i) is amended by adding at the end the fol-
lowing new subsection: 
‘‘(h) INCREASED CONSUMER AWARENESS OF DIS-
PUTE RIGHTS.— 
‘‘(1) IN GENERAL.—Not later than 180 days 
after the date of enactment of this subsection, each 
consumer reporting agency described under sub-
section (p) or (x) of section 603 shall— 
‘‘(A) establish an internet website acces-
sible to consumers; and 
‘‘(B) post on the home page of such 
website a hyperlink to a separate web page es-
tablished and maintained solely for the purpose 
of providing information to a consumer about 
how to dispute an item of information in the 
consumer report of the consumer. 
‘‘(2) DISPUTE
WEB
PAGE
REQUIREMENTS.— 
For a consumer reporting agency described under 
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subsection (p) or (x) of section 603, the separate 
dispute web page described in paragraph (1)(B)— 
‘‘(A) may not include any type or form of 
marketing, advertising, information, or material 
associated with any products or services offered 
or sold to consumers; 
‘‘(B) shall clearly and conspicuously dis-
close a concise statement regarding how to file 
a dispute through the agency, free of charge, in 
the manner and format prescribed by the Bu-
reau; 
‘‘(C) shall describe the types of documents 
that will be used by the agency in resolving the 
dispute, including the business name and mail-
ing address to which a consumer may send such 
documents; 
‘‘(D) shall include a clear and concise ex-
planation of and the process for using electronic 
or other means to submit such documents, free 
of charge, and without any character or data 
limitation imposed by the agency; 
‘‘(E) shall include a statement that the 
consumer may submit information, free of 
charge, that the consumer believes will assist 
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the consumer reporting agency in determining 
the results of the reinvestigation of the dispute; 
‘‘(F) shall clearly and conspicuously dis-
close a statement describing the procedure like-
ly to be used by the consumer reporting agency 
in carrying out a reinvestigation to determine 
the accuracy or completeness of the disputed 
item of information, including the time period 
in which the consumer will be notified of the re-
sults of the reinvestigation, and a statement 
that the agency may extend the reinvestigation 
period by an additional 15 days if the consumer 
submits additional information after a certain 
date; and 
‘‘(G) shall provide translations of all infor-
mation on the web page in each of the 10 most 
commonly 
spoken 
languages, 
other 
than 
English, in the United States, as determined by 
the Bureau of the Census on an ongoing basis, 
and in formats accessible to individuals with 
hearing or vision impairments.’’. 
SEC. 103. MAINTENANCE OF RECORDS BY FURNISHERS. 
Section 623 of the Fair Credit Reporting Act (15 
U.S.C. 1681s–2) is amended by adding at the end the fol-
lowing new subsection: 
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‘‘(f) DUTY OF FURNISHERS TO MAINTAIN RECORDS 
OF CONSUMERS.— 
‘‘(1) IN GENERAL.—A person who furnishes in-
formation to a consumer reporting agency relating 
to a consumer who has an account with that person 
shall maintain all information necessary to substan-
tiate the accuracy and completeness of the informa-
tion furnished, including any records establishing the 
liability and terms and conditions under which credit 
was extended to a consumer and any payment his-
tory with respect to such credit. 
‘‘(2) RETENTION
PERIOD.—Records described 
under paragraph (1) shall be maintained until the 
information with respect to which the records relate 
may no longer be included in a consumer report pur-
suant to section 605. 
‘‘(3) TRANSFER OF OWNERSHIP.—If a person 
providing information to a consumer reporting agen-
cy is acquired by another person, or if another per-
son acquires the right to repayment connected to 
such information, the acquiring person shall be sub-
ject to the requirements of this subsection with re-
spect to such information to the same extent as the 
person who initially provided such information to the 
consumer reporting agency. The person selling or 
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transferring the right to repayment shall provide the 
information described in paragraph (1) to the trans-
feree or the acquirer.’’. 
SEC. 104. DUTIES OF FURNISHERS RELATING TO DISPUTE 
PROCEDURES, NOTICES, AND DISCLOSURES. 
(a) DUTY TO PROVIDE ACCURATE AND COMPLETE 
INFORMATION.—Section 623(a) of the Fair Credit Re-
porting Act (15 U.S.C. 1681s–2(a)) is amended— 
(1) in the subsection heading, by inserting 
‘‘AND COMPLETE’’ after ‘‘ACCURATE’’; 
(2) in paragraph (1)— 
(A) by inserting ‘‘or incomplete’’ after ‘‘in-
accurate’’ each place that term appears; and 
(B) in subparagraph (D), by inserting ‘‘or 
completeness’’ after ‘‘accuracy’’; and 
(3) in paragraph (8)— 
(A) in subparagraph (A), by inserting 
‘‘and completeness’’ after ‘‘accuracy’’; and 
(B) in subparagraph (D), by inserting ‘‘or 
completeness’’ after ‘‘accuracy’’. 
(b) NEGATIVE INFORMATION NOTICES
TO CON-
SUMERS.—Section 623(a)(7) of the Fair Credit Reporting 
Act (15 U.S.C. 1681s–2(a)(7)) is amended to read as fol-
lows: 
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‘‘(7) DUTY OF FURNISHERS TO INFORM CON-
SUMERS
ABOUT
REPORTING
NEGATIVE
INFORMA-
TION.— 
‘‘(A) GENERAL
NEGATIVE
INFORMATION 
WARNING NOTICE TO ALL CONSUMERS PRIOR 
TO FURNISHING SUCH INFORMATION.— 
‘‘(i) IN GENERAL.—Any person that 
regularly furnishes negative information to 
a consumer reporting agency described in 
subsection (p) or (x) of section 603 about 
activity on any accounts of a consumer 
held by such person or transactions associ-
ated with credit extended to a consumer by 
such person shall provide a written general 
negative information warning notice to 
each such consumer before such person 
may furnish any negative information re-
lating to such a consumer. 
‘‘(ii) CONTENT.—Such notice shall— 
‘‘(I) be clear and conspicuous; 
‘‘(II) describe the types of activi-
ties that constitute negative informa-
tion; 
‘‘(III) inform the consumer that 
the person may report negative infor-
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mation relating to any such accounts 
or transactions to a consumer report-
ing agency described in subsection (p) 
or (x) of section 603; 
‘‘(IV) state that the negative in-
formation may appear on a consumer 
report of the consumer for the periods 
described in section 605 and that dur-
ing such periods, the negative infor-
mation may adversely impact the con-
sumer’s credit score; 
‘‘(V) state that in some limited 
circumstances, the negative informa-
tion may result in other adverse ac-
tions, including a denial of a new job 
or a promotion from existing employ-
ment; and 
‘‘(VI) state that the consumer 
has right to— 
‘‘(aa) obtain a copy of their 
consumer report and credit score 
or educational score (if applica-
ble), which in some instances can 
be obtained free of charge, from 
any consumer reporting agency 
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to which negative information 
may be been sent; and 
‘‘(bb) 
dispute, 
free 
of 
charge, any errors on a consumer 
report relating to the consumer. 
‘‘(iii) TIMING OF NOTICE.—Such per-
son shall provide such notice to a consumer 
not later than 90 days before the date on 
which the person furnishes negative infor-
mation relating to such consumer. 
‘‘(B) SPECIFIC
NEGATIVE
INFORMATION 
NOTICE TO A CONSUMER.— 
‘‘(i) IN
GENERAL.—Any person de-
scribed in subparagraph (A) that has fur-
nished negative information relating to ac-
tivity on any accounts of a consumer held 
by such person or transactions associated 
with credit extended to a consumer by such 
person to a consumer reporting agency de-
scribed in subsection (p) or (x) of section 
603 shall send a written notice to each 
such consumer. 
‘‘(ii) CONTENT.—Such notice shall— 
‘‘(I) be clear and conspicuous; 
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‘‘(II) inform the consumer that 
the person has furnished negative in-
formation relating to such accounts or 
transactions to a consumer reporting 
agency described in subsection (p) or 
(x) of section 603; 
‘‘(III) identify any consumer re-
porting agency to which the negative 
information was furnished, including 
the name of the agency, mailing ad-
dress, internet website address, and 
toll-free telephone number; and 
‘‘(IV) include the statements de-
scribed in subclauses (IV), (V), and 
(VI) of subparagraph (A)(ii). 
‘‘(iii) TIME OF NOTICE.—Such person 
shall provide such notice to a consumer not 
later than 5 business days after the date 
on which the person furnished negative in-
formation relating to such consumer. 
‘‘(C) NOTICE
EFFECTIVE
FOR
SUBSE-
QUENT SUBMISSIONS.—After providing the no-
tice described in subparagraph (B), the person 
may submit additional negative information to 
a consumer reporting agency described in sub-
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section (p) or (x) of section 603 without pro-
viding additional notice to the consumer, unless 
another person acquires the right to repayment 
connected to the additional negative informa-
tion. The acquiring person shall be subject to 
the requirements of this paragraph and shall be 
required to send consumers the written notices 
described in this paragraph, if applicable. 
‘‘(D) 
NON-TRADITIONAL
DATA
FUR-
NISHERS.—Any person that furnishes negative 
information to a consumer reporting agency de-
scribed in subsection (p) or (x) of section 603 
relating to any accounts of, or transactions as-
sociated with, a consumer by such person in-
volving non-traditional data shall be subject to 
the requirements described in subparagraphs 
(A), (B), and (C). 
‘‘(E) MODEL NOTICES.— 
‘‘(i) DUTY
OF
BUREAU.—Not later 
than 6 months after date of the enactment 
of this paragraph, the Bureau shall issue 
model forms for the notices described in 
subparagraphs (A) and (B) that a person 
may use to comply with the requirements 
of this paragraph. 
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‘‘(ii) USE OF MODEL NOTICE NOT RE-
QUIRED.—No provision of this paragraph 
may be construed to require a person to 
use the model notices prescribed by the 
Bureau. 
‘‘(iii) COMPLIANCE USING MODEL NO-
TICES.—A person shall be deemed to be in 
compliance with the requirements of sub-
paragraph (A)(ii) or (B)(ii) (as applicable) 
if the person uses the model notice pre-
scribed by the Bureau. 
‘‘(F) ISSUANCE
OF
GENERAL
NEGATIVE 
WARNING NOTICE WITHOUT SUBMITTING NEGA-
TIVE INFORMATION.—No provision of this para-
graph may be construed to require a person de-
scribed in subparagraph (A) or (D) to furnish 
negative information about a consumer to a 
consumer reporting agency described in sub-
section (p) or (x) of section 603. 
‘‘(G) SAFE HARBOR.—A person shall not 
be liable for failure to perform the duties re-
quired by this paragraph if the person reason-
ably believes that the person is prohibited, by 
law, from contacting the consumer. 
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‘‘(H) EFFECTIVE
DATE.—The require-
ments of subparagraphs (A), (B), (C), and (D) 
shall not take effect until the date that is 6 
months after the date of the issuance of model 
forms for notices under subparagraph (E). 
‘‘(I) DEFINITIONS.—In this paragraph, the 
following definitions shall apply: 
‘‘(i) NEGATIVE
INFORMATION.—The 
term ‘negative information’ means infor-
mation concerning a consumer’s delin-
quencies, late payments, insolvency, or any 
form of default. 
‘‘(ii) NON-TRADITIONAL
DATA.—The 
term ‘non-traditional data’ relates to tele-
communications payments, utility pay-
ments, rent payments, remittances, wire 
transfers, and such other items as deter-
mined by the Bureau.’’. 
(c) DUTIES OF FURNISHERS AFTER RECEIVING NO-
TICE
OF
DISPUTE
FROM
A
CONSUMER.—Section 
623(a)(8)(E) of the Fair Credit Reporting Act (15 U.S.C. 
1681s–2(a)(8)(E)) is amended to read as follows: 
‘‘(E) DUTIES OF FURNISHERS AFTER RE-
CEIVING
NOTICE
OF
DISPUTE
FROM
A
CON-
SUMER.—After receiving a notice of dispute 
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from a consumer pursuant to subparagraph 
(D), the person that provided the information 
in dispute to a consumer reporting agency 
shall— 
‘‘(i) promptly provide to each con-
sumer reporting agency to which the per-
son furnished the disputed information the 
notice of dispute; 
‘‘(ii) review all information, including 
any substantiating documents, provided by 
the consumer about the disputed informa-
tion and conduct an investigation, separate 
from any reinvestigation by a consumer re-
porting agency or a reseller conducted with 
respect to the disputed information; 
‘‘(iii) before the expiration of the pe-
riod under section 611(a)(1) within which 
a consumer reporting agency would be re-
quired to complete its action if the con-
sumer had elected to dispute the informa-
tion under that section, complete an inves-
tigation of the disputed information pursu-
ant to the standards described in subpara-
graph (G); 
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‘‘(iv) notify the consumer, in writing, 
of the receipt of the dispute that in-
cludes— 
‘‘(I) a statement about any infor-
mation additional to the information 
that the person is required to main-
tain under subsection (f) that would 
support the person’s ability to carry 
out an investigation to resolve the 
consumer’s dispute; and 
‘‘(II) a statement that the con-
sumer reporting agency to which the 
disputed information was provided will 
include a notation described in section 
605(e) in the consumer’s file until the 
investigation has been completed, and 
information about how a consumer 
may request that such notation is re-
moved by the agency; 
‘‘(v) if the investigation determines 
the disputed information is inaccurate, in-
complete, or unverifiable, promptly notify 
each consumer reporting agency to which 
the person furnished such information in 
accordance with paragraph (2); and 
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‘‘(vi) notify the consumer of the re-
sults of the investigation, in writing, in ac-
cordance with subparagraph (H).’’. 
(d) ELIMINATING FURNISHERS’ AUTHORITY TO DIS-
MISS DISPUTES AS FRIVOLOUS OR IRRELEVANT.—Section 
623(a)(8) of the Fair Credit Reporting Act (15 U.S.C. 
1681s–2(a)(8)) is amended by striking subparagraph (F) 
and redesignating subparagraph (G) as subparagraph (F). 
(e) ADDITIONAL DUTIES.—Section 623(a)(8) of the 
Fair Credit Reporting Act (15 U.S.C. 1681s–2(a)(8)), as 
amended by subsection (d), is further amended by adding 
at the end the following new subparagraphs: 
‘‘(G) REASONABLE STANDARDS FOR FUR-
NISHERS
FOR
CONDUCTING
INVESTIGATIONS 
AND RESOLVING DISPUTES SUBMITTED BY CON-
SUMERS.—In any investigation conducted by a 
person who furnishes information to a con-
sumer reporting agency of an item of informa-
tion being disputed by a consumer, the person, 
at a minimum— 
‘‘(i) shall maintain sufficient resources 
and trained staff, commensurate with the 
volume and complexity of disputes received 
or reasonably anticipated to be received, to 
conduct investigations; 
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‘‘(ii) shall verify that the person has a 
record of the particular information being 
disputed, consistent with the requirements 
of subsection (f); 
‘‘(iii) shall verify that the personally 
identifiable information of the consumer 
submitting the dispute matches the person-
ally identifiable information contained on 
such records; 
‘‘(iv) shall conduct a reasonable re-
view to determine whether the disputed in-
formation is accurate, complete, and can 
be verified that considers all the informa-
tion, including any substantiating docu-
ments, provided by the consumer about the 
disputed information; 
‘‘(v) shall ensure that the investiga-
tion is an independent analysis that is sep-
arate from any reinvestigation by a con-
sumer reporting agency or a reseller con-
ducted with respect to the disputed infor-
mation; and 
‘‘(vi) may not impose any limitations 
or otherwise impede the ability of a con-
sumer to submit information, including 
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any substantiating documents, about the 
disputed information. 
‘‘(H) CONTENTS OF THE NOTICE TO THE 
CONSUMER ABOUT THE RESULTS OF THE IN-
VESTIGATION BY THE FURNISHER.—The notice 
of the results of the investigation described in 
subparagraph (E) shall include— 
‘‘(i) a statement informing the con-
sumer as to whether the disputed informa-
tion was determined to be inaccurate, in-
complete, or unverifiable; 
‘‘(ii) a statement of the specific rea-
sons supporting the results of the inves-
tigation; 
‘‘(iii) a description of the procedure 
used by the dispute resolution staff of the 
person who furnishes information to a con-
sumer reporting agency to determine the 
accuracy or completeness of the informa-
tion, including the business name, mailing 
address, telephone number, and internet 
website address (if available) of any person 
who was contacted by the staff in connec-
tion with the determination; 
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‘‘(iv) a copy of all information relating 
to the consumer that was used in carrying 
out the investigation and was the basis for 
any determination about the accuracy or 
completeness of the disputed information; 
‘‘(v) a statement that consumer will 
receive, free of charge, a copy of their con-
sumer report and credit score or edu-
cational credit score (if applicable), from 
any consumer reporting agency to which 
the disputed information had been pro-
vided, regardless of whether the consumer 
obtained or will obtain a free consumer re-
port and credit score or educational credit 
score (if applicable) in the 12-month period 
preceding receipt of the notice described in 
this subparagraph pursuant to section 
612(a)(1); 
‘‘(vi) if the disputed information was 
found to be inaccurate, incomplete, or un-
verifiable, a statement that the consumer 
report of the consumer shall be revised to 
reflect the change to the consumer’s file as 
a result of the investigation; 
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‘‘(vii) a statement that the consumer 
has the right to appeal the results of the 
investigation under paragraph (10), free of 
charge, within 120 days after the date of 
the notice of the results of the investiga-
tion was provided to the consumer and the 
process for submitting an appeal; 
‘‘(viii) a statement that the consumer 
may add a narrative statement, free of 
charge, to the consumer’s file held by the 
consumer reporting agency to which the in-
formation has been furnished disputing the 
accuracy or completeness of the informa-
tion, regardless of the results of the inves-
tigation by the person, and the process for 
contacting any agency that received the 
consumer’s information from the person to 
submit a narrative statement; 
‘‘(ix) a statement informing the con-
sumer that a notation described in section 
605(e) will be added to the consumer’s file 
during the period in which the consumer 
appeals the results of an investigation and 
that such notation can be removed at the 
request of the consumer; and 
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‘‘(x) a statement that the consumer 
has the right to request a copy of their 
consumer report and credit score or edu-
cational credit score (if applicable), free of 
charge, within the 12-month period fol-
lowing the date of the conclusion of the in-
vestigation from any consumer reporting 
agency in which the disputed information 
had been provided, regardless of whether 
the consumer obtained or will obtain a free 
annual consumer report and credit score or 
educational credit score (if applicable) 
under 
this 
subparagraph 
or 
section 
612(a)(1).’’. 
(f) 
CONFORMING
AMENDMENT.—Section 
615(a)(4)(B) is amended— 
(1) by striking ‘‘, under section 611, with a 
consumer reporting agency’’; and 
(2) by striking ‘‘furnished by the agency’’ and 
inserting ‘‘to a consumer reporting agency under 
section 611 or to a person who furnished informa-
tion to an agency under section 623’’. 
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SEC. 105. RIGHT TO APPEAL DISPUTES RELATING TO RE-
INVESTIGATIONS AND INVESTIGATIONS. 
(a) APPEALS OF REINVESTIGATIONS CONDUCTED BY 
A CONSUMER REPORTING AGENCY.—Section 611 of the 
Fair Credit Reporting Act (15 U.S.C. 1681i) is amend-
ed— 
(1) in subsection (b), by inserting ‘‘or if the 
consumer is unsatisfied with the results of an appeal 
conducted under subsection (i),’’ after ‘‘resolve the 
dispute,’’; and 
(2) by inserting after subsection (h) (as added 
by section 102) the following new subsection: 
‘‘(i) CONSUMER RIGHT TO APPEAL RESULTS OF A 
CONSUMER REPORTING AGENCY REINVESTIGATION.— 
‘‘(1) IN GENERAL.—Within 120 days after the 
date of receipt of the results of a reinvestigation 
conducted under subsection (a), a consumer (or au-
thorized third party) may, free of charge, appeal the 
results of such reinvestigation by submitting a notice 
of appeal to the consumer reporting agency. 
‘‘(2) NOTICE OF APPEAL.— 
‘‘(A) REQUIREMENTS.—A notice of appeal 
described in paragraph (1) may be submitted in 
writing, or through a toll-free telephone number 
or other electronic means established by the 
consumer reporting agency (including on the 
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internet website described in subsection (h)), 
and— 
‘‘(i) shall identify the information con-
tained in the consumer’s file that is the 
subject of the appeal; 
‘‘(ii) shall describe the specific reasons 
for submitting the notice of appeal; and 
‘‘(iii) may provide any information the 
consumer believes is relevant to substan-
tiate the validity of the dispute. 
‘‘(B) CONSUMER REPORTING AGENCY NO-
TICE TO CONSUMER.—Upon receipt of such no-
tice of appeal, the consumer reporting agency 
shall promptly provide to the consumer a state-
ment confirming the receipt of the consumer’s 
notice of appeal that shall include— 
‘‘(i) an approximate date on which the 
consumer’s appeal review will be com-
pleted; 
‘‘(ii) the process and procedures by 
which such review will be conducted; and 
‘‘(iii) an employee reference number 
or other employee identifier for each of the 
specific individuals designated by the con-
sumer reporting agency who, upon the re-
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quest of the consumer, may discuss the 
substance and status of the appeal. 
‘‘(3) CONSUMER REPORTING AGENCY REQUIRE-
MENTS UPON RECEIPT OF NOTICE OF APPEAL.— 
‘‘(A) IN
GENERAL.—Not later than 20 
days after receiving a notice of appeal, the con-
sumer reporting agency shall review the appeal. 
If the consumer reporting agency determines 
the information is inaccurate, incomplete, or 
cannot be verified, the consumer reporting 
agency shall delete or modify the item of infor-
mation being disputed by the consumer from 
the file of the consumer before the end of the 
20-day period beginning on the date on which 
the consumer reporting agency receives a notice 
of an appeal from the consumer. 
‘‘(B) NOTICE OF APPEAL TO FURNISHER; 
INFORMATION REGARDING DISPUTE PROVIDED 
BY THE CONSUMER.— 
‘‘(i) IN GENERAL.—Before the end of 
the period of 3 business days beginning on 
the date on which a consumer reporting 
agency receives a notice of appeal, the con-
sumer reporting agency shall provide no-
tice of the appeal, including all information 
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relating to the specific appeal that the con-
sumer reporting agency has received from 
the consumer, to any person who provided 
any information in dispute. 
‘‘(ii) PROVISION OF ADDITIONAL IN-
FORMATION REGARDING THE DISPUTE.—If 
the consumer reporting agency receives ad-
ditional information from the consumer 
after the agency provides the notice re-
quired under clause (i) and before the end 
of the 20-day period described in subpara-
graph (A), the consumer reporting agency 
shall, not later than 3 business days after 
receiving such information, provide such 
information to any person who provided 
the information in dispute and shall have 
an additional 10 business days to complete 
the appeal review. 
‘‘(C) MINIMUM STANDARDS FOR APPEALS 
EMPLOYEES.— 
‘‘(i) DESIGNATION.—Upon receipt of 
a notice of appeal under paragraph (1), a 
consumer reporting agency shall designate 
one or more specific employees who— 
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‘‘(I) shall be assigned an em-
ployee reference number or other em-
ployee identifier that can be used by 
the consumer to discuss the appeal 
with the specific individuals handling 
the appeal; 
‘‘(II) shall have direct authority 
to resolve the dispute that is the sub-
ject of the notice of appeal from the 
review stage to its completion; 
‘‘(III) shall meet minimum train-
ing and ongoing certification require-
ments at regular intervals, as estab-
lished by the Bureau; 
‘‘(IV) shall be located within the 
United States; 
‘‘(V) may not have been involved 
in the reinvestigation conducted or 
terminated pursuant to subsection (a); 
and 
‘‘(VI) may not be subject to any 
requirements linking incentives, in-
cluding promotion, to the number of 
appeals processed within a certain 
time period. 
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‘‘(ii) REQUIREMENTS.—Such employ-
ees shall conduct a robust review of the ap-
peal and make a determination regarding 
the accuracy and completeness of the dis-
puted information by— 
‘‘(I) conducting an independent 
analysis, separate from any investiga-
tion by a reseller or person who pro-
vided the disputed information, and 
separate from any prior reinvestiga-
tion conducted by the consumer re-
porting agency of the disputed infor-
mation; 
‘‘(II) verifying that the personally 
identifiable information of the con-
sumer submitting the dispute matches 
the personally identifiable information 
contained on the consumer’s file; 
‘‘(III) analyzing the notice of ap-
peal and all information, including 
any substantiating documents, pro-
vided by the consumer with the notice 
of appeal; 
‘‘(IV) evaluating the validity of 
any information submitted by any 
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person that was used by the consumer 
reporting agency in the reinvestigation 
of the initial dispute; 
‘‘(V) verifying that the consumer 
reporting agency has a record of the 
information being disputed; and 
‘‘(VI) applying any additional 
factors or investigative processes, as 
specified by the Bureau. 
‘‘(D) NOTICE OF APPEAL RESULTS.—Not 
later than 5 days after the end of the 20-day 
period described under subparagraph (A) (or 
the 10-day extension period, as applicable) the 
consumer reporting agency shall provide the 
consumer with written notice of the results of 
the appeal by postal mail or, if requested by the 
consumer, by other means. The contents of 
such notice shall include— 
‘‘(i) a statement that the appeal is 
completed and the date on which it was 
completed, the results of the appeal, and 
the specific reasons supporting the results 
of the appeal; 
VerDate Sep 11 2014 
18:18 Aug 27, 2021
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