In the Senate of the United States,
November 5, 2003.
Resolved, That the bill from the House of Representa-
tives (H.R. 2622) entitled ‘‘An Act to amend the Fair Credit
Reporting Act, to prevent identity theft, improve resolution of
consumer disputes, improve the accuracy of consumer
records, make improvements in the use of, and consumer ac-
cess to, credit information, and for other purposes.’’, do pass
with the following
AMENDMENT:
Strike out all after the enacting clause and insert:
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) SHORT TITLE.—This Act may be cited as the
‘‘National Consumer Credit Reporting System Improve-
ment Act of 2003’’.
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(b) TABLE OF CONTENTS.—The table of contents for
this Act is as follows:
Sec. 1. Short title; table of contents.
TITLE I—IDENTITY THEFT PREVENTION AND CREDIT HISTORY
RESTORATION
Subtitle A—Identity Theft Prevention
Sec. 111. Definitions.
Sec. 112. Fraud alerts and active duty alerts.
Sec. 113. Truncation of credit card and debit card account numbers.
Sec. 114. Establishment of procedures for the identification of possible in-
stances of identity theft.
Sec. 115. Amendments to existing identity theft prohibition.
Sec. 116. Authority to truncate social security numbers.
Subtitle B—Protection and Restoration of Identity Theft Victim Credit
History
Sec. 151. Summary of rights of identity theft victims.
Sec. 152. Blocking of information resulting from identity theft.
Sec. 153. Coordination of identity theft complaint investigations.
Sec. 154. Prevention of repollution of consumer reports.
Sec. 155. Notice by debt collectors with respect to fraudulent information.
Sec. 156. Statute of limitations.
TITLE II—IMPROVEMENTS IN USE OF AND CONSUMER ACCESS
TO CREDIT INFORMATION
Sec. 211. Free credit reports.
Sec. 212. Credit scores.
Sec. 213. Enhanced disclosure of the means available to opt out of prescreened
lists.
Sec. 214. Affiliate sharing.
Sec. 215. Study of effects of credit scores and credit-based insurance scores on
availability and affordability of financial products.
Sec. 216. Disposal of consumer report information and records.
TITLE III—ENHANCING THE ACCURACY OF CONSUMER REPORT
INFORMATION
Sec. 311. Risk-based pricing notice.
Sec. 312. Procedures to enhance the accuracy and completeness of information
furnished to consumer reporting agencies.
Sec. 313. Federal Trade Commission and consumer reporting agency action
concerning complaints.
Sec. 314. Ongoing audits of the accuracy of consumer reports.
Sec. 315. Improved disclosure of the results of reinvestigation.
Sec. 316. Reconciling addresses.
Sec. 317. FTC study of issues relating to the Fair Credit Reporting Act.
TITLE IV—LIMITING THE USE AND SHARING OF MEDICAL
INFORMATION IN THE FINANCIAL SYSTEM
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Sec. 411. Protection of medical information in the financial system.
Sec. 412. Confidentiality of medical contact information in consumer reports.
TITLE V—FINANCIAL LITERACY AND EDUCATION IMPROVEMENT
Sec. 511. Short title.
Sec. 512. Definitions.
Sec. 513. Establishment of Financial Literacy and Education Commission.
Sec. 514. Duties of the Commission.
Sec. 515. Powers of the Commission.
Sec. 516. Commission personnel matters.
Sec. 517. Study by the Comptroller General.
Sec. 518. Authorization of appropriations.
TITLE VI—RELATION TO STATE LAW
Sec. 611. Relation to State law.
TITLE VII—MISCELLANEOUS
Sec. 711. Clerical amendments.
TITLE I—IDENTITY THEFT PRE-
VENTION AND CREDIT HIS-
TORY RESTORATION
Subtitle A—Identity Theft
Prevention
SEC. 111. DEFINITIONS.
Section 603 of the Fair Credit Reporting Act (15
U.S.C. 1681a) is amended by adding at the end the fol-
lowing:
‘‘(q) DEFINITIONS RELATING TO FRAUD ALERTS.—
‘‘(1) ACTIVE DUTY MILITARY CONSUMER.—The
term ‘active duty military consumer’ means a con-
sumer in military service who—
‘‘(A) is on active duty (as defined in sec-
tion 101(d)(1) of title 10, United States Code)
or is a reservist performing duty under a call
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or order to active duty under a provision of law
referred to in section 101(a)(13) of title 10,
United States Code; and
‘‘(B) is assigned to service away from the
usual duty station of the consumer.
‘‘(2) FRAUD
ALERT; ACTIVE
DUTY
ALERT.—
The terms ‘fraud alert’ and ‘active duty alert’ mean
a statement in the file of a consumer that—
‘‘(A) notifies all prospective users of a con-
sumer report relating to the consumer that the
consumer may be a victim of fraud, including
identity theft, or is an active duty military con-
sumer, as applicable;
‘‘(B) provides to all prospective users of a
consumer report relating to the consumer, a
telephone number or other reasonable contact
method designated by the consumer for the user
to obtain authorization from the consumer be-
fore establishing new credit (including providing
any increase in a credit limit with respect to an
existing credit account) in the name of the con-
sumer; and
‘‘(C) is presented in a manner that facili-
tates a clear and conspicuous view of the state-
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ment described in subparagraph (A) or (B) by
any person requesting such consumer report.
‘‘(r) CREDIT CARD.—The term ‘credit card’ has the
same meaning as in section 103 of the Truth in Lending
Act.
‘‘(s) DEBIT CARD.—The term ‘debit card’ means any
card issued by a financial institution to a consumer for
use in initiating an electronic fund transfer from the ac-
count of the consumer at such financial institution, for
the purpose of transferring money between accounts or ob-
taining money, property, labor, or services.
‘‘(t) ACCOUNT
AND ELECTRONIC FUND TRANS-
FER.—The terms ‘account’ and ‘electronic fund transfer’
have the same meanings as in section 903 of the Elec-
tronic Fund Transfer Act.
‘‘(u) CREDIT AND CREDITOR—The terms ‘credit’ and
‘creditor’ have the same meanings as in section 702 of
the Equal Credit Opportunity Act.
‘‘(v) FEDERAL
BANKING
AGENCIES.—The term
‘Federal banking agencies’ has the same meaning as in
section 3 of the Federal Deposit Insurance Act.
‘‘(w) FINANCIAL INSTITUTION.—The term ‘financial
institution’ means a State or National bank, a State or
Federal savings and loan association, a mutual savings
bank, a State or Federal credit union, or any other person
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that, directly or indirectly, holds an account belonging to
a consumer.
‘‘(x) RESELLER.—The term ‘reseller’ means a con-
sumer reporting agency that—
‘‘(1) assembles and merges information con-
tained in the database of another consumer report-
ing agency or multiple consumer reporting agencies
concerning any consumer for purposes of furnishing
such information to any third party, to the extent of
such activities; and
‘‘(2) does not maintain a database of the as-
sembled or merged information from which new con-
sumer reports are produced.
‘‘(y) DEFINITIONS RELATING TO CREDIT SCORES.—
‘‘(1) CREDIT SCORE AND KEY FACTORS.—When
used in connection with an application for an exten-
sion of credit for a consumer purpose that is to be
secured by a dwelling—
‘‘(A) the term ‘credit score’—
‘‘(i) means a numerical value or cat-
egorization derived from a statistical tool
or modeling system used to predict the
likelihood of certain credit behaviors, in-
cluding default; and
‘‘(ii) does not include—
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‘‘(I) any mortgage score or rating
of an automated underwriting system
that considers 1 or more factors in
addition to credit information, includ-
ing 
the 
loan-to-value 
ratio, 
the
amount of down payment, or the fi-
nancial assets of a consumer; or
‘‘(II) other elements of the un-
derwriting process or underwriting de-
cision; and
‘‘(B) the term ‘key factors’ means all rel-
evant elements or reasons affecting the credit
score for a consumer, listed in the order of their
importance, based on their respective effects on
the credit score.
‘‘(2) DWELLING.—The term ‘dwelling’ has the
same meaning as in section 103 of the Truth in
Lending Act.
‘‘(z) IDENTITY THEFT REPORT.—The term ‘identity
theft report’ means a report—
‘‘(1) that alleges an identity theft;
‘‘(2) that is filed by a consumer with an appro-
priate Federal, State, or local government agency,
including the United States Postal Inspection Serv-
ice and any law enforcement agency; and
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‘‘(3) the filing of which subjects the person fil-
ing the report to criminal penalties relating to the
filing of false information if, in fact, the information
in the report is false.’’.
SEC. 112. FRAUD ALERTS AND ACTIVE DUTY ALERTS.
The Fair Credit Reporting Act (15 U.S.C. 1681 et
seq.) is amended by inserting after section 605 the fol-
lowing:
‘‘§ 605A. Identity theft prevention; fraud alerts and
active duty alerts
‘‘(a) ONE-CALL FRAUD ALERTS.—
‘‘(1) INITIAL ALERTS.—Upon the request of a
consumer who asserts in good faith a suspicion that
the consumer has been or is about to become a vic-
tim of fraud or related crime, including identity
theft, a consumer reporting agency described in sec-
tion 603(p) that maintains a file on the consumer
and has received appropriate proof of the identity of
the requester shall—
‘‘(A) include a fraud alert in the file of
that consumer for a period of not less than 90
days, beginning on the date of such request, un-
less the consumer requests that such fraud alert
be removed before the end of such period, and
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the agency has received appropriate proof of the
identity of the requester for such purpose; and
‘‘(B) refer the information regarding the
fraud alert under this paragraph to each of the
other consumer reporting agencies described in
section 603(p), in accordance with procedures
developed under section 621(f).
‘‘(2) ACCESS TO FREE REPORTS.—In any case
in which a consumer reporting agency includes a
fraud alert in the file of a consumer pursuant to this
subsection, the consumer reporting agency shall—
‘‘(A) disclose to the consumer that the con-
sumer may request a free copy of the file of the
consumer pursuant to section 612(d); and
‘‘(B) provide to the consumer all disclo-
sures required to be made under section 609,
without charge to the consumer, not later than
3 business days after any request described in
subparagraph (A).
‘‘(b) EXTENDED ALERTS.—
‘‘(1) IN GENERAL.—Upon the request of a con-
sumer who submits an identity theft report to a con-
sumer reporting agency described in section 603(p)
that maintains a file on the consumer, if the agency
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has received appropriate proof of the identity of the
requester, the agency shall—
‘‘(A) include a fraud alert in the file of
that consumer during the 7-year period begin-
ning on the date of such request, unless the
consumer requests that such fraud alert be re-
moved before the end of such period and the
agency has received appropriate proof of the
identity of the requester for such purpose;
‘‘(B) during the 7-year period beginning on
the date of such request, exclude the consumer
from any list of consumers prepared by the con-
sumer reporting agency and provided to any
third party to offer credit or insurance to the
consumer as part of a transaction that was not
initiated by the consumer, unless the consumer
requests that such exclusion be rescinded before
the end of such period; and
‘‘(C) refer the information regarding the
extended fraud alert under this paragraph to
each of the other consumer reporting agencies
described in section 603(p), in accordance with
procedures developed under section 621(f).
‘‘(2) 
VERIFICATION
OF
IDENTITY
THEFT
CLAIM.—For purposes of paragraph (1), a consumer
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reporting agency shall accept as proof of a claim of
identity theft, in lieu of an identity theft report—
‘‘(A) a properly completed copy of a stand-
ardized affidavit of identity theft developed and
made available by the Federal Trade Commis-
sion; or
‘‘(B) any affidavit of fact that is accept-
able to the consumer reporting agency for that
purpose.
‘‘(3) ACCESS TO FREE REPORTS.—In any case
in which a consumer reporting agency includes a
fraud alert in the file of a consumer pursuant to this
subsection, the consumer reporting agency shall—
‘‘(A) disclose to the consumer that the con-
sumer may request 2 free copies of the file of
the consumer pursuant to section 612(d) during
the 12-month period beginning on the date on
which the fraud alert was included in the file;
and
‘‘(B) provide to the consumer all disclo-
sures required to be made under section 609,
without charge to the consumer, not later than
3 business days after any request described in
subparagraph (A).
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agencies described in section 603(p), in accordance
with procedures developed under section 621(f).
‘‘(d) PROCEDURES.—Each consumer reporting agen-
cy described in section 603(p) shall establish policies and
procedures to comply with this section, including proce-
dures that allow consumers and active duty military con-
sumers to request temporary, extended, or active duty
alerts (as applicable) in a simple and easy manner, includ-
ing by telephone.
‘‘(e) REFERRALS OF FRAUD ALERTS.—Each con-
sumer reporting agency described in section 603(p) that
receives a referral of a fraud alert or active duty alert from
another consumer reporting agency pursuant to this sec-
tion shall, as though the agency received the request from
the consumer directly, follow the procedures required
under—
‘‘(1) paragraphs (1)(A) and (2) of subsection
(a), in the case of a referral under subsection
(a)(1)(B);
‘‘(2) paragraphs (1)(A), (1)(B), and (3) of sub-
section (b), in the case of a referral under subsection
(b)(1)(C); and
‘‘(3) paragraphs (1) and (2) of subsection (c),
in the case of a referral under subsection (c)(3).
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‘‘(f) DUTY OF RESELLER TO RECONVEY ALERT.—
A reseller shall include in its report any fraud alert or
active duty alert placed in the file of a consumer pursuant
to this section by another consumer reporting agency.
‘‘(g) DUTY OF OTHER CONSUMER REPORTING AGEN-
CIES TO PROVIDE CONTACT INFORMATION.—If a con-
sumer contacts any consumer reporting agency that is not
described in section 603(p) to communicate a suspicion
that the consumer has been or is about to become a victim
of fraud or related crime, including identity theft, the
agency shall provide information to the consumer on how
to contact the Federal Trade Commission and the con-
sumer reporting agencies described in section 603(p) to
obtain more detailed information and request alerts under
this section.’’.
SEC. 113. TRUNCATION OF CREDIT CARD AND DEBIT CARD
ACCOUNT NUMBERS.
Section 605 of the Fair Credit Reporting Act (15
U.S.C. 1681c) is amended by adding at the end the fol-
lowing:
‘‘(g) TRUNCATION
OF CREDIT CARD
AND DEBIT
CARD NUMBERS.—
‘‘(1) IN GENERAL.—Except as otherwise specifi-
cally provided in this subsection, no person that ac-
cepts credit cards or debit cards for the transaction
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of business shall print more than the last 5 digits
of the card account number or the expiration date
upon any receipt provided to the cardholder at the
point of the sale or transaction.
‘‘(2) LIMITATION.—This subsection applies only
to receipts that are electronically printed, and does
not apply to transactions in which the sole means of
recording a credit card or debit card account num-
ber is by handwriting or by an imprint or copy of
the card.
‘‘(3) EFFECTIVE DATE.—This subsection shall
become effective—
‘‘(A) 3 years after the date of enactment
of this subsection, with respect to any cash reg-
ister or other machine or device that electroni-
cally prints receipts for credit card or debit
card transactions that is in use before January
1, 2005; and
‘‘(B) 1 year after the date of enactment of
this subsection, with respect to any cash reg-
ister or other machine or device that electroni-
cally prints receipts for credit card or debit
card transactions that is first put into use on
or after January 1, 2005.’’.
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SEC. 114. ESTABLISHMENT OF PROCEDURES FOR THE
IDENTIFICATION OF POSSIBLE INSTANCES
OF IDENTITY THEFT.
(a) IN GENERAL.—Section 615 of the Fair Credit
Reporting Act (15 U.S.C. 1681m) is amended—
(1) by striking ‘‘(e)’’ at the end; and
(2) by adding at the end the following:
‘‘(e) RED FLAG GUIDELINES AND REGULATIONS RE-
QUIRED.—
‘‘(1) GUIDELINES.—The Federal banking agen-
cies, the National Credit Union Administration, and
the Federal Trade Commission shall, with respect to
the entities that are subject to their respective en-
forcement authority under section 621, and in co-
ordination as described in paragraph (2)—
‘‘(A) establish and maintain guidelines for
use by each financial institution and each other
person that is a creditor or other user of a con-
sumer report regarding identity theft with re-
spect to account holders at, or customers of,
such entities, and update such guidelines as
often as necessary;
‘‘(B) prescribe regulations requiring each
financial institution and each other person that
is a creditor or other user of a consumer report
to establish reasonable policies and procedures
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for implementing the guidelines established pur-
suant to paragraph (1), to identify possible
risks to account holders or to the safety and
soundness of the institution or customers; and
‘‘(C) prescribe regulations requiring each
financial institution and each other person that
is a creditor or other user of a consumer report
to notify the Federal Trade Commission (and
any other agency or person that such rule-
making agency determines appropriate) in any
case in which there has been, or is reasonably
believed to have been unauthorized access to
computerized or physical records which com-
promises the security, confidentiality, or integ-
rity of consumer information maintained by or
on behalf of that entity, except that such regu-
lations shall not apply to a good faith acquisi-
tion of information by an employee or agent of
such entity for a business purpose of that enti-
ty, if the information is not subject to further
unauthorized access.
‘‘(2) COORDINATION.—Each agency required to
prescribe regulations under paragraph (1) shall con-
sult and coordinate with each other such agency so
that, to the extent possible, the regulations pre-
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scribed by each such entity are consistent and com-
parable with the regulations prescribed by each
other such agency.
‘‘(3) CRITERIA.—In developing the guidelines
required by paragraph (1)(A), the agencies described
in paragraph (1) shall identify patterns, practices,
and specific forms of activity that indicate the pos-
sible existence of identity theft.
‘‘(4) CONSISTENCY
WITH
VERIFICATION
RE-
QUIREMENTS.—Policies and procedures established
pursuant to paragraph (1) shall not be inconsistent
with, or duplicative of, the policies and procedures
required under section 5318(l) of title 31, United
States Code.
‘‘(f) INVESTIGATION OF CHANGES OF ADDRESS.—
‘‘(1) IN GENERAL.—The Federal banking agen-
cies, the National Credit Union Administration, and
the Federal Trade Commission, in carrying out the
responsibilities of such agencies under subsection (e)
shall, with respect to the entities that are subject to
their respective enforcement authority under section
621, and in coordination as described in paragraph
(2), prescribe regulations applicable to card issuers
to ensure that, if any such card issuer receives a re-
quest for an additional or replacement card for an
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existing account not later than 30 days after the
card issuer has received notification of a change of
address for the same account, the card issuer will
follow reasonable policies and procedures that pro-
hibit, as appropriate, the card issuer from issuing
the additional or replacement card, unless the card
issuer—
‘‘(A) notifies the cardholder of the request
at the former address of the cardholder and
provides to the cardholder a means of promptly
reporting incorrect address changes;
‘‘(B) notifies the cardholder of the request
by such other means of communication as the
cardholder and the card issuer previously
agreed to; or
‘‘(C) uses other means of assessing the va-
lidity of the change of address, in accordance
with reasonable policies and procedures estab-
lished by the card issuer in accordance with the
regulations prescribed under subsection (e).
‘‘(2) COORDINATION.—Each agency required to
prescribe regulations under paragraph (1) shall con-
sult and coordinate with each other such agency so
that, to the extent possible, the regulations pre-
scribed by each such entity are consistent and com-
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parable with the regulations prescribed by each
other such agency.
‘‘(3) DEFINITION OF CARD ISSUER.—For pur-
poses of this subsection, the term ‘card issuer’
means—
‘‘(A) any person who issues a credit card,
or the agent of such person with respect to such
card; and
‘‘(B) any person who issues a debit card.’’.
(b) EFFECTIVE DATE.—The amendments made by
subsection (a) shall take effect 1 year after the date of
enactment of this Act.
SEC. 115. AMENDMENTS TO EXISTING IDENTITY THEFT
PROHIBITION.
Section 1028 of title 18, United States Code, is
amended—
(1) in subsection (a)(7)—
(A) by striking ‘‘transfers’’ and inserting
‘‘transfers, possesses,’’; and
(B) by striking ‘‘abet,’’ and inserting
‘‘abet, or in connection with,’’;
(2) in subsection (b)(1)(D), by striking ‘‘trans-
fer’’ and inserting ‘‘transfer, possession,’’; and
(3) in subsection (b)(2), by striking ‘‘three
years’’ and inserting ‘‘5 years’’.
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SEC. 116. AUTHORITY TO TRUNCATE SOCIAL SECURITY
NUMBERS.
Section 609(a)(1) of the Fair Credit Reporting Act
(15 U.S.C. 1681g(a)(1)) is amended by striking ‘‘except
that nothing’’ and inserting the following: ‘‘except that—
‘‘(A) if the consumer to whom the file re-
lates requests that the first 5 digits of the so-
cial security number (or similar identification
number) of the consumer not be included in the
disclosure and the consumer reporting agency
has received appropriate proof of the identity of
the requester, the consumer reporting agency
shall so truncate such number in such disclo-
sure; and
‘‘(B) nothing’’.
Subtitle B—Protection and Res-
toration of Identity Theft Victim
Credit History
SEC. 151. SUMMARY OF RIGHTS OF IDENTITY THEFT VIC-
TIMS.
(a) IN GENERAL.—Section 609 of the Fair Credit
Reporting Act (15 U.S.C. 1681g) is amended by adding
at the end the following:
‘‘(d) SUMMARY OF RIGHTS OF IDENTITY THEFT VIC-
TIMS.—
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‘‘(1) IN GENERAL.—The Federal Trade Com-
mission, in consultation with the Federal banking
agencies and the National Credit Union Administra-
tion, shall prescribe the form and content of a sum-
mary of the rights of consumers under this title with
respect to the procedures for remedying the effects
of fraud or identity theft involving credit, electronic
fund transfers, or accounts or transactions at or
with a financial institution.
‘‘(2) SUMMARY OF RIGHTS AND CONTACT IN-
FORMATION.—If any consumer contacts a consumer
reporting agency and expresses a belief that the con-
sumer is a victim of fraud or identity theft involving
credit, an electronic fund transfer, or an account or
transaction at or with a financial institution, the
consumer reporting agency shall, in addition to any
other action that the agency may take, provide the
consumer with the model summary of rights pre-
pared by the Federal Trade Commission under para-
graph (1) and information on how to contact the
Commission to obtain more detailed information.
‘‘(e) INFORMATION AVAILABLE TO VICTIMS.—
‘‘(1) IN GENERAL.—For the purpose of docu-
menting fraudulent transactions resulting from iden-
tity theft, not later than 20 days after the date of
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receipt of a request from a victim in accordance with
paragraph (3), and subject to verification of the
identity of the victim and the claim of identity theft
in accordance with paragraph (2), a business entity
that has provided credit to, provided for consider-
ation products, goods, or services to, accepted pay-
ment from, or otherwise entered into a commercial
transaction for consideration with, a person who has
allegedly made unauthorized use of the means of
identification of the victim, shall provide a copy of
application and business transaction records in the
control of the business entity, whether maintained
by the business entity or by another person on be-
half of the business entity, evidencing any trans-
action alleged to be a result of identity theft to—
‘‘(A) the victim;
‘‘(B) any Federal, State, or local governing
law enforcement agency or officer specified by
the victim in such a request; or
‘‘(C) any law enforcement agency inves-
tigating the identity theft and authorized by the
victim to take receipt of records provided under
this subsection.
‘‘(2) VERIFICATION OF IDENTITY AND CLAIM.—
Before a business entity provides any information
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under paragraph (1), unless the business entity, at
its discretion, is otherwise able to verify the identity
of the victim making a request under paragraph (1),
the victim shall provide to the business entity—
‘‘(A) as proof of positive identification of
the victim, at the election of the business
entity—
‘‘(i) the presentation of a government-
issued identification card;
‘‘(ii) personally identifying informa-
tion of the same type as was provided to
the business entity by the unauthorized
person; or
‘‘(iii) personally identifying informa-
tion that the business entity typically re-
quests from new applicants or for new
transactions, at the time of the victim’s re-
quest for information, including any docu-
mentation described in clauses (i) and (ii);
and
‘‘(B) as proof of a claim of identity theft,
at the election of the business entity—
‘‘(i) a copy of a police report evidenc-
ing the claim of the victim of identity
theft; and
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‘‘(ii) a properly completed—
‘‘(I) copy of a standardized affi-
davit of identity theft developed and
made available by the Federal Trade
Commission; or
‘‘(II) an affidavit of fact that is
acceptable to the business entity for
that purpose.
‘‘(3) PROCEDURES.—The request of a victim
under paragraph (1) shall—
‘‘(A) be in writing; and
‘‘(B) be mailed to an address specified by
the business entity, if any.
‘‘(4) NO CHARGE TO VICTIM.—Information re-
quired to be provided under paragraph (1) shall be
so provided without charge.
‘‘(5) AUTHORITY TO DECLINE TO PROVIDE IN-
FORMATION.—A business entity may decline to pro-
vide information under paragraph (1) if, in the exer-
cise of good faith, the business entity determines
that—
‘‘(A) this subsection does not require dis-
closure of the information;
‘‘(B) the request for the information is
based on a misrepresentation of fact by the in-
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dividual requesting the information relevant to
the request for information; or
‘‘(C) the information requested is Internet
navigational data or similar information about
a person’s visit to a website or online service.
‘‘(6) LIMITATION
ON
LIABILITY.—Except as
provided in section 621, sections 616 and 617 do not
apply to any violation of this subsection.
‘‘(7) NO NEW RECORDKEEPING OBLIGATION.—
Nothing in this subsection creates an obligation on
the part of a business entity to obtain, retain, or
maintain information or records that are not other-
wise required to be obtained, retained, or maintained
in the ordinary course of its business or under other
applicable law.
‘‘(8) RULE OF CONSTRUCTION.—
‘‘(A) IN GENERAL.—No provision of Fed-
eral or State law (except a law involving the
nondisclosure of information related to a pend-
ing Federal criminal investigation) prohibiting
the disclosure of financial information by a
business entity to third parties shall be used to
deny disclosure of information to the victim
under this subsection.
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‘‘(B) LIMITATION.—Except as provided in
subparagraph (A), nothing in this subsection
permits a business entity to disclose informa-
tion, including information to law enforcement
under subparagraphs (B) and (C) of paragraph
(1), that the business entity is otherwise prohib-
ited from disclosing under any other applicable
provision of Federal or State law.
‘‘(9) AFFIRMATIVE DEFENSE.—In any civil ac-
tion brought to enforce this subsection, it is an af-
firmative defense (which the defendant must estab-
lish by a preponderance of the evidence) for a busi-
ness entity to file an affidavit or answer stating
that—
‘‘(A) the business entity has made a rea-
sonably diligent search of its available business
records; and
‘‘(B) the records requested under this sub-
section do not exist or are not available.
‘‘(10) DEFINITION OF VICTIM.—For purposes
of this subsection, the term ‘victim’ means a con-
sumer whose means of identification or financial in-
formation has been used or transferred (or has been
alleged to have been used or transferred) without the
authority of that consumer, with the intent to com-
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mit, or to aid or abet, identity theft or any other vio-
lation of law.’’.
(b) PUBLIC
CAMPAIGN
TO
PREVENT
IDENTITY
THEFT.—Not later than 2 years after the date of enact-
ment of this Act, the Federal Trade Commission shall es-
tablish and implement a media and distribution campaign
to teach the public how to prevent identity theft. Such
campaign shall include existing Federal Trade Commis-
sion education materials, as well as radio, television, and
print public service announcements, video cassettes, inter-
active digital video discs (DVD’s) or compact audio discs
(CD’s), and Internet resources.
(c) CONFORMING AMENDMENT.—Section 624(b)(3)
of the Fair Credit Reporting Act (15 U.S.C. 1681t(b)(3),
regarding relation to State laws) is amended by striking
‘‘section 609(c)’’ and inserting ‘‘subsection (c) or (d) of
section 609’’.
SEC. 152. BLOCKING OF INFORMATION RESULTING FROM
IDENTITY THEFT.
(a) IN GENERAL.—The Fair Credit Reporting Act
(15 U.S.C. 1681 et seq.) is amended by inserting after
section 605A, as added by this Act, the following:
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‘‘§ 605B. Block of information resulting from identity
theft
‘‘(a) BLOCK.—Except as otherwise provided in this
section, a consumer reporting agency shall block the re-
porting of any information in the file of a consumer that
the consumer identifies as information that resulted from
an alleged identity theft, not later than 3 business days
after the date of receipt by such agency of—
‘‘(1) appropriate proof of the identity of the
consumer;
‘‘(2) a copy of an identity theft report; and
‘‘(3) the identification of such information by
the consumer.
‘‘(b) NOTIFICATION.—A consumer reporting agency
shall promptly notify the furnisher of information identi-
fied by the consumer under subsection (a)—
‘‘(1) that the information may be a result of
identity theft;
‘‘(2) that an identity theft report has been filed;
‘‘(3) that a block has been requested under this
section; and
‘‘(4) of the effective dates of the block.
‘‘(c) AUTHORITY TO DECLINE OR RESCIND.—
‘‘(1) IN
GENERAL.—A consumer reporting
agency may decline to block, or may rescind any
block, of information relating to a consumer under
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this section, if the consumer reporting agency rea-
sonably determines that—
‘‘(A) the information was blocked in error
or a block was requested by the consumer in
error;
‘‘(B) the information was blocked, or a
block was requested by the consumer, on the
basis of a material misrepresentation of fact
relevant to the request to block; or
‘‘(C) the consumer obtained possession of
goods, services, or money as a result of the
blocked transaction or transactions.
‘‘(2) NOTIFICATION TO CONSUMER.—If a block
of information is declined or rescinded under this
subsection, the affected consumer shall be notified
promptly, in the same manner as consumers are no-
tified of the reinsertion of information under section
611(a)(5)(B).
‘‘(3) SIGNIFICANCE OF BLOCK.—For purposes
of this subsection, if a consumer reporting agency
rescinds a block, the presence of information in the
file of a consumer prior to the blocking of such in-
formation is not evidence of whether the consumer
knew or should have known that the consumer ob-
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tained possession of any goods, services, or money as
a result of the block.
‘‘(d) EXCEPTION FOR RESELLERS.—
‘‘(1) NO RESELLER FILE.—This section shall
not apply to a consumer reporting agency, if the
consumer reporting agency—
‘‘(A) is a reseller;
‘‘(B) is not, at the time of the request of
the consumer under subsection (a), otherwise
furnishing or reselling a consumer report con-
cerning the information identified by the con-
sumer; and
‘‘(C) informs the consumer, by any means,
that the consumer may report the identity theft
to the Federal Trade Commission to obtain con-
sumer information regarding identity theft.
‘‘(2) RESELLER WITH FILE.—The sole obliga-
tion of the consumer reporting agency under this
section, with regard to any request of a consumer
under this section, shall be to block the consumer re-
port maintained by the consumer reporting agency
from any subsequent use, if—
‘‘(A) the consumer, in accordance with the
provisions of subsection (a), identifies, to a con-
sumer reporting agency, information in the file
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of the consumer that resulted from identity
theft; and
‘‘(B) the consumer reporting agency is a
reseller of the identified information.
‘‘(3) NOTICE.—In carrying out its obligation
under paragraph (2), the reseller shall promptly pro-
vide a notice to the consumer of the decision to
block the file. Such notice shall contain the name,
address, and telephone number of each consumer re-
porting agency from which the consumer information
was obtained for resale.
‘‘(e) EXCEPTION FOR VERIFICATION COMPANIES.—
The provisions of this section do not apply to a check serv-
ices company, acting as such, which issues authorizations
for the purpose of approving or processing negotiable in-
struments, electronic fund transfers, or similar methods
of payments, except that, beginning 3 business days after
receipt of information described in paragraphs (1) through
(3) of subsection (a), a check services company shall not
report to a national consumer reporting agency described
in section 603(p), any information identified in the subject
identity theft report as resulting from identity theft.
‘‘(f) ACCESS TO BLOCKED INFORMATION BY LAW
ENFORCEMENT AGENCIES.—No provision of this section
shall be construed as requiring a consumer reporting agen-
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cy to prevent a Federal, State, or local law enforcement
agency from accessing blocked information in a consumer
file to which the agency could otherwise obtain access
under this title.’’.
(b) CLERICAL AMENDMENT.—The table of sections
for the Fair Credit Reporting Act (15 U.S.C. 1681 et seq.)
is amended by inserting after the item relating to section
605 the following new items:
‘‘605A. Identity theft prevention; fraud alerts and active duty alerts.
‘‘605B. Block of information resulting from identity theft.’’.
SEC. 153. COORDINATION OF IDENTITY THEFT COMPLAINT
INVESTIGATIONS.
Section 621 of the Fair Credit Reporting Act (15
U.S.C. 1681s) is amended by adding at the end the fol-
lowing:
‘‘(f) COORDINATION OF CONSUMER COMPLAINT IN-
VESTIGATIONS.—
‘‘(1) IN GENERAL.—Each consumer reporting
agency described in section 603(p) shall develop and
maintain procedures for the referral to each other
such agency of any consumer complaint received by
the agency alleging identity theft, or requesting a
fraud alert under section 605A or a block under sec-
tion 605B.
‘‘(2) MODEL FORM AND PROCEDURE FOR RE-
PORTING
IDENTITY
THEFT.—The Federal Trade
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Commission, in consultation with the Federal bank-
ing agencies and the National Credit Union Admin-
istration, shall develop a model form and model pro-
cedures to be used by consumers who are victims of
identity theft for contacting and informing creditors
and consumer reporting agencies of the fraud.
‘‘(3) ANNUAL SUMMARY REPORTS.—Each con-
sumer reporting agency described in section 603(p)
shall submit an annual summary report to the Fed-
eral Trade Commission on consumer complaints re-
ceived by the agency on identity theft or fraud
alerts.’’.
SEC. 154. PREVENTION OF REPOLLUTION OF CONSUMER
REPORTS.
(a) PREVENTION OF REINSERTION OF ERRONEOUS
INFORMATION.—
(1) DUTIES OF FURNISHERS UPON NOTICE OF
IDENTITY
THEFT-RELATED
DISPUTES.—Section
623(b) of the Fair Credit Reporting Act (15 U.S.C.
1681s–2(b)) is amended—
(A) by redesignating paragraph (2) as
paragraph (3);
(B) by inserting after paragraph (1) the
following:
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‘‘(2) DUTIES OF FURNISHERS UPON NOTICE OF
IDENTITY
THEFT-RELATED
DISPUTES.—A person
that furnishes information to any consumer report-
ing agency shall—
‘‘(A) have in place reasonable procedures
to respond to any notification that it receives
from a consumer reporting agency under sec-
tion 605B relating to information resulting
from identity theft, to prevent that person from
refurnishing such blocked information; and
‘‘(B) take the actions described in subpara-
graphs (A) through (D) of paragraph (1), if
such person receives directly from a consumer,
an identity theft report or a properly completed
copy of a standardized affidavit of identity theft
developed and made available by the Federal
Trade Commission.’’; and
(C) in paragraph (3), as redesignated, by
striking ‘‘paragraph (1)’’ and inserting ‘‘this
subsection’’.
(2) CONFORMING AMENDMENTS RELATING TO
NOTICE OF IDENTITY THEFT DIRECTLY FROM CON-
SUMERS.—Section 623(b)(1) of the Fair Credit Re-
porting 
Act 
(15 
U.S.C. 
1681s–2(b)(1)) 
is
amended—
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(A) in the matter preceding subparagraph
(A), by inserting ‘‘or as described in paragraph
(2)(B),’’ after ‘‘agency,’’;
(B) subparagraph (B), by inserting before
the semicolon the following: ‘‘, and by the con-
sumer, and other documentation reasonably
available to the person that is necessary to con-
duct a reasonable investigation’’; and
(C) in subparagraph (C), by inserting be-
fore the semicolon at the end the following: ‘‘,
and to the consumer, if notice of the dispute
was received directly from the consumer, as de-
scribed in paragraph (2)(B)’’.
(b) PROHIBITION ON SALE OR TRANSFER OF DEBT
CAUSED BY IDENTITY THEFT.—Section 615 of the Fair
Credit Reporting Act (15 U.S.C. 1681m), as amended by
this Act, is amended by adding at the end the following:
‘‘(g) PROHIBITION ON SALE OR TRANSFER OF DEBT
CAUSED BY IDENTITY THEFT.—
‘‘(1) IN GENERAL.—No person shall sell, trans-
fer for consideration, or place for collection a debt
that such person has been notified under section
605B has resulted from identity theft.
‘‘(2) APPLICABILITY.—The prohibitions of this
subsection shall apply to all persons collecting a debt
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described in paragraph (1) after the date of a notifi-
cation under paragraph (1).
‘‘(3) RULE
OF
CONSTRUCTION.—Nothing in
this subsection shall be construed to prohibit—
‘‘(A) the repurchase of a debt in any case
in which the assignee of the debt requires such
repurchase because the debt has resulted from
identity theft;
‘‘(B) the securitization of a debt; or
‘‘(C) the transfer of debt as a result of a
merger, acquisition, purchase and assumption
transaction, or transfer of substantially all of
the assets of an entity.’’.
SEC. 155. NOTICE BY DEBT COLLECTORS WITH RESPECT TO
FRAUDULENT INFORMATION.
Section 615 of the Fair Credit Reporting Act (15
U.S.C. 1681m), as amended by this Act, is amended by
adding at the end the following:
‘‘(h) DEBT
COLLECTOR
COMMUNICATIONS
CON-
CERNING IDENTITY THEFT.—If a person acting as a debt
collector (as that term is defined in title VIII) on behalf
of a third party that is a creditor or other user of a con-
sumer report is notified that any information relating to
a debt that the person is attempting to collect may be
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fraudulent or may be the result of identity theft, that per-
son shall—
‘‘(1) notify the third party that the information
may be fraudulent or may be the result of identity
theft; and
‘‘(2) upon request of the consumer to whom the
debt purportedly relates, provide to the consumer all
information to which the consumer would otherwise
be entitled if the consumer were not a victim of
identity theft, but wished to dispute the debt under
provisions of law applicable to that person.’’.
SEC. 156. STATUTE OF LIMITATIONS.
Section 618 of the Fair Credit Reporting Act (15
U.S.C. 1681p) is amended to read as follows:
‘‘§ 618. Jurisdiction of courts; limitation of actions
‘‘An action to enforce any liability created under this
title may be brought in any appropriate United States dis-
trict court, without regard to the amount in controversy,
or in any other court of competent jurisdiction, not later
than the earlier of—
‘‘(1) 2 years after the date of discovery by the
plaintiff of the violation that is the basis for such li-
ability; or
‘‘(2) 5 years after the date on which the viola-
tion that is the basis for such liability occurs.’’.
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TITLE 
II—IMPROVEMENTS 
IN
USE OF AND CONSUMER AC-
CESS TO CREDIT INFORMA-
TION
SEC. 211. FREE CREDIT REPORTS.
(a) IN GENERAL.—Section 612 of the Fair Credit
Reporting Act (15 U.S.C. 1681j) is amended—
(1) by redesignating subsection (a) as sub-
section (f), and transferring it to the end of the sec-
tion;
(2) by inserting before subsection (b) the fol-
lowing:
‘‘(a) FREE ANNUAL DISCLOSURE.—
‘‘(1) IN
GENERAL.—A consumer reporting
agency described in section 603(p) shall make all
disclosures pursuant to section 609 once during any
12-month period upon request of the consumer and
without charge to the consumer, only if the request
is made by mail or through an Internet website
using the centralized system and the standardized
form established for such requests in accordance
with section 211(c) of the National Consumer Credit
Reporting System Improvement Act of 2003.
‘‘(2) TIMING.—A consumer reporting agency
shall provide a consumer report under paragraph (1)
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not later than 15 days after the date on which the
request is received under paragraph (1).
‘‘(3) REINVESTIGATIONS.—Notwithstanding the
time periods specified in section 611(a)(1), a re-
investigation under that section by a consumer re-
porting agency upon a request of a consumer that
is made after receiving a consumer report under this
subsection shall be completed not later than 45 days
after the date on which the request is received.’’;
(3) by redesignating subsection (d) as sub-
section (e);
(4) by inserting before subsection (e), as redes-
ignated, the following:
‘‘(d) FREE DISCLOSURES
IN CONNECTION WITH
FRAUD ALERTS.—Upon the request of a consumer, a con-
sumer reporting agency described in section 603(p) shall
make all disclosures pursuant to section 609 without
charge to the consumer, as provided in subsections (a)(2)
and (b)(3) of section 605A, as applicable.’’;
(5) in subsection (e), as redesignated, by strik-
ing ‘‘subsection (a)’’ and inserting ‘‘subsection (f)’’;
and
(6) in subsection (f), as redesignated, by strik-
ing ‘‘Except as provided in subsections (b), (c), and
(d), a’’ and inserting ‘‘In the case of a request from
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a consumer other than a request that is covered by
any of subsections (a) through (d), a’’.
(b) SUMMARY OF RIGHTS TO OBTAIN AND DISPUTE
INFORMATION IN CONSUMER REPORTS AND TO OBTAIN
CREDIT SCORES.—Section 609(c) of the Fair Credit Re-
porting Act (15 U.S.C. 1681g) is amended to read as fol-
lows:
‘‘(c) SUMMARY OF RIGHTS TO OBTAIN AND DISPUTE
INFORMATION IN CONSUMER REPORTS AND TO OBTAIN
CREDIT SCORES.—
‘‘(1) COMMISSION
SUMMARY
OF
RIGHTS
RE-
QUIRED.—
‘‘(A) IN
GENERAL.—The Federal Trade
Commission shall prepare a model summary of
the rights of consumers under this title.
‘‘(B) CONTENT OF SUMMARY.—The sum-
mary of rights prepared under subparagraph
(A) shall include a description of—
‘‘(i) the right of a consumer to obtain
a copy of a consumer report under sub-
section (a) from each consumer reporting
agency;
‘‘(ii) the frequency and circumstances
under which a consumer is entitled to re-
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ceive a consumer report without charge
under section 612;
‘‘(iii) the right of a consumer to dis-
pute information in the file of the con-
sumer under section 611;
‘‘(iv) the right of a consumer to ob-
tain a credit score from a consumer report-
ing agency, and a description of how to ob-
tain a credit score; and
‘‘(v) the method by which a consumer
can contact, and obtain a consumer report
from, a consumer reporting agency without
charge, as provided in the regulations of
the Federal Trade Commission prescribed
under section 211(c) of the National Con-
sumer Credit Reporting System Improve-
ment Act of 2003.
‘‘(C) AVAILABILITY
OF
SUMMARY
OF
RIGHTS.—The 
Federal 
Trade 
Commission
shall—
‘‘(i) actively publicize the availability
of the summary of rights prepared under
this paragraph;
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‘‘(ii) conspicuously post on its Inter-
net website the availability of such sum-
mary of rights; and
‘‘(iii) promptly make such summary of
rights available to consumers, on request.
‘‘(2) SUMMARY OF RIGHTS REQUIRED TO BE IN-
CLUDED WITH AGENCY DISCLOSURES.—A consumer
reporting agency shall provide to a consumer, with
each written disclosure by the agency to the con-
sumer under this section—
‘‘(A) the summary of rights prepared by
the Federal Trade Commission under para-
graph (1);
‘‘(B) in the case of a consumer reporting
agency described in section 603(p), a toll-free
telephone number established by the agency, at
which personnel are accessible to consumers
during normal business hours;
‘‘(C) a list of all Federal agencies respon-
sible for enforcing any provision of this title,
and the address and any appropriate phone
number of each such agency, in a form that will
assist the consumer in selecting the appropriate
agency;
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‘‘(D) a statement that the consumer may
have additional rights under State law, and that
the consumer may wish to contact a State or
local consumer protection agency or a State at-
torney general (or the equivalent thereof) to
learn of those rights; and
‘‘(E) a statement that a consumer report-
ing agency is not required to remove accurate
derogatory information from the file of a con-
sumer, unless the information is outdated under
section 605 or cannot be verified.’’.
(c) RULEMAKING REQUIRED.—
(1) IN GENERAL.—The Federal Trade Commis-
sion shall prescribe regulations applicable to con-
sumer reporting agencies described in section 603(p)
of the Fair Credit Reporting Act to require the es-
tablishment of—
(A) a centralized source, through which
consumers may obtain a consumer report from
each consumer reporting agency described in
that section 603(p) using a single request and
without charge to the consumer, as provided in
section 612(a) of the Fair Credit Reporting Act
(as amended by this Act);
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(B) a standardized form for a consumer to
make such a request for a consumer report by
mail or through an Internet website; and
(C) streamlined methods by which such a
consumer reporting agency shall provide such
consumer reports, after consideration of—
(i) the significant demands that may
be placed on consumer reporting agencies
in providing such consumer reports;
(ii) appropriate means to ensure that
consumer reporting agencies can satisfac-
torily meet those demands, including the
efficacy of a system of staggering the
availability to consumers of such consumer
reports using a quarterly method based on
the birth month of the consumer; and
(iii) the ease by which consumers
should be able to contact consumer report-
ing agencies with respect to access to such
consumer reports.
(2) TIMING.—Regulations required by this sub-
section shall—
(A) be issued in final form not later than
6 months after the date of enactment of this
Act; and
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(B) become effective not later than 6
months after the date on which they are issued
in final form.
(d) EFFECTIVE DATE.—The amendments made by
subsections (a) and (b) shall become effective on the effec-
tive date of the regulations prescribed by the Federal
Trade Commission in accordance with subsection (c).
SEC. 212. CREDIT SCORES.
(a) DUTIES OF CONSUMER REPORTING AGENCIES
TO DISCLOSE CREDIT SCORES.—
(1) IN GENERAL.—Section 609(a) of the Fair
Credit Reporting Act (15 U.S.C. 1681g(a)) is
amended by adding at the end the following:
‘‘(6) In connection with an application for an
extension of credit for a consumer purpose that is to
be secured by a dwelling—
‘‘(A) the current, or most recent, credit
score of the consumer that was previously cal-
culated by the agency;
‘‘(B) the range of possible credit scores
under the model used;
‘‘(C) the key factors, if any, not to exceed
4, that adversely affected the credit score of the
consumer in the model used;
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‘‘(D) the date on which the credit score
was created; and
‘‘(E) the name of the person or entity that
provided the credit score or the credit file on
the basis of which the credit score was cre-
ated.’’.
(2) LIMITATIONS ON REQUIRED PROVISION OF
CREDIT SCORE.—Section 609 of the Fair Credit Re-
porting Act (15 U.S.C. 1681g), as amended by this
Act, is amended by adding at the end the following:
‘‘(f) LIMITATIONS
ON REQUIRED PROVISION
OF
CREDIT SCORE.—
‘‘(1) IN GENERAL.—Subsection (a)(6) may not
be construed—
‘‘(A) to compel a consumer reporting agen-
cy to develop or disclose a credit score if the
agency does not, in the ordinary course of its
business—
‘‘(i) distribute scores that are used in
connection with extensions of credit se-
cured by residential real property; or
‘‘(ii) develop credit scores that assist
creditors in understanding the general
credit behavior of the consumer and pre-
dicting future credit behavior;
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‘‘(B) to require a consumer reporting
agency that distributes credit scores developed
by another person or entity to provide a further
explanation of those scores, or to process a dis-
pute arising pursuant to section 611(a), except
that the consumer reporting agency shall be re-
quired to provide to the consumer the name and
information for contacting the person or entity
that developed the score;
‘‘(C) to require a consumer reporting agen-
cy to maintain credit scores in its files; or
‘‘(D) to compel disclosure of a credit score,
except upon specific request of the consumer,
except that if a consumer requests the credit
file and not the credit score, then the consumer
shall be provided with the credit file and a
statement that the consumer may request and
obtain a credit score.
‘‘(2) PROVISION OF SCORING MODEL.—In com-
plying with subsection (a)(6) and this subsection, a
consumer reporting agency shall supply to the
consumer—
‘‘(A) a credit score that is derived from a
credit scoring model that is widely distributed
to users of credit scores by that consumer re-
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porting agency in connection with any extension
of credit secured by a dwelling; or
‘‘(B) a credit score that assists the con-
sumer in understanding the credit scoring as-
sessment of the credit behavior of the consumer
and predictions about future credit behavior.’’.
(3) 
CONFORMING
AMENDMENT.—Section
609(a)(1)(B) of the Fair Credit Reporting Act (15
U.S.C. 1681g(a)(1)(B)), as so designated by section
116, is amended by inserting before the period ‘‘,
other than as provided in paragraph (6)’’.
(b) DUTIES OF USERS OF CREDIT SCORES.—
(1) IN
GENERAL.—Section 615 of the Fair
Credit Reporting Act (15 U.S.C. 1681m), as amend-
ed by this Act, is amended by adding at the end the
following:
‘‘(i) DUTIES OF USERS OF CREDIT SCORES.—
‘‘(1) DISCLOSURES.—Any person that makes or
arranges extensions of credit for consumer purposes
that are to be secured by a dwelling and that uses
credit scores for that purpose, shall be required to
provide to the consumer to whom the credit score re-
lates, as soon as is reasonably practicable after such
use—
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‘‘(A) a copy of the information described in
section 609(a)(6) that was obtained from a con-
sumer reporting agency or that was developed
and used by that user of the credit score infor-
mation; or
‘‘(B) if the user of the credit score infor-
mation obtained such information from a third
party that developed such information (other
than a consumer reporting agency or the user
itself), only—
‘‘(i) a copy of the information de-
scribed in section 609(a)(6) provided to
the user by the person or entity that devel-
oped the credit score; and
‘‘(ii) a notice that generally describes
credit scores, their use, and the sources
and kinds of data used to generate credit
scores.
‘‘(2) RULE
OF
CONSTRUCTION.—This sub-
section may not be construed to require the user of
a credit score described in paragraph (1)—
‘‘(A) to explain to the consumer the infor-
mation provided pursuant to section 609(a)(6),
unless that information was developed by the
user;
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‘‘(B) to disclose any information other
than a credit score or the key factors required
to be disclosed under section 609(a)(6)(C);
‘‘(C) to disclose any credit score or related
information obtained by the user after a trans-
action occurs; or
‘‘(D) to provide more than 1 disclosure
under this subsection to any 1 consumer per
credit transaction.
‘‘(3) LIMITATION.—Except as otherwise pro-
vided in this subsection, the obligation of a user of
a credit score under this subsection shall be limited
solely to providing a copy of the information that
was received from the consumer reporting agency or
other person. A user of a credit score has no liability
under this subsection for the content of credit score
information received from a consumer reporting
agency or for the omission of any information within
the report provided by the consumer reporting agen-
cy.’’.
(2) CONFORMING
AMENDMENT.—Section 615
of the Fair Credit Reporting Act (15 U.S.C. 1681m)
is amended in the section heading, by adding at the
end the following: ‘‘and credit scores’’.
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(c) CONTRACTUAL LIABILITY.—Section 616 of the
Fair Credit Reporting Act (15 U.S.C. 1681n) is amended
by adding at the end the following:
‘‘(d) USE OF CREDIT SCORES.—Any provision of any
contract that prohibits the disclosure of a credit score by
a consumer reporting agency or a person who makes or
arranges extensions of credit to the consumer to whom
the credit score relates is void. A user of a credit score
shall not have liability under any such contractual provi-
sion for disclosure of a credit score.’’.
(d) RELATION TO STATE LAWS.—Section 624(b)(1)
of the Fair Credit Reporting Act (15 U.S.C. 1681t(b)(1),
regarding relation to State laws) is amended—
(1) in subparagraph (E), by striking ‘‘or’’ at
the end; and
(2) by adding at the end the following:
‘‘(G) subsections (a)(6) and (f) of section
609, relating to the disclosure of credit scores
by consumer reporting agencies in connection
with an application for an extension of credit
that is to be secured by a dwelling;
‘‘(H) section 615(i), relating to the duties
of users of credit scores to disclose credit score
information to consumers in connection with an
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application for an extension of credit that is to
be secured by a dwelling; or’’.
(e) EFFECTIVE DATE.—The amendments made by
this section shall become effective 180 days after the date
of enactment of this Act.
SEC. 213. ENHANCED DISCLOSURE OF THE MEANS AVAIL-
ABLE TO OPT OUT OF PRESCREENED LISTS.
(a) NOTICE AND RESPONSE FORMAT FOR USERS OF
REPORTS.—Section 615(d)(2) of the Fair Credit Report-
ing Act (15 U.S.C. 1681m(d)(2)) is amended to read as
follows:
‘‘(2) DISCLOSURE
OF
ADDRESS
AND
TELE-
PHONE
NUMBER; 
FORMAT.—A statement under
paragraph (1) shall—
‘‘(A) include the address and toll-free tele-
phone number of the appropriate notification
system established under section 604(e); and
‘‘(B) be presented in such format and in
such type size and manner as is established by
the Federal Trade Commission, by rule, in con-
sultation with the Federal banking agencies and
the National Credit Union Administration.’’.
(b) RULEMAKING SCHEDULE.—Regulations required
by section 615(d)(2) of the Fair Credit Reporting Act, as
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amended by this section, shall be issued in final form not
later than 1 year after the date of enactment of this Act.
(c) DURATION OF ELECTIONS.—Section 604(e) of
the Fair Credit Reporting Act (15 U.S.C. 1681b(e)) is
amended in each of paragraphs (3)(A) and (4)(B)(i)), by
striking ‘‘2-year period’’ each place that term appears and
inserting ‘‘7-year period’’.
(d) PUBLIC AWARENESS CAMPAIGN.—The Federal
Trade Commission shall actively publicize and conspicu-
ously post on its website any address and the toll-free tele-
phone number established as part of a notification system
for opting out of prescreening under section 604(e), and
otherwise take measures to increase public awareness re-
garding the availability of the right to opt out of
prescreening.
SEC. 214. AFFILIATE SHARING.
(a) LIMITATION.—The Fair Credit Reporting Act (15
U.S.C. 1601 et seq.) is amended—
(1) by redesignating section 624 (regarding re-
lation to State laws), as so designated by section
2413(b) of the Consumer Credit Reporting Reform
Act of 1996 (110 Stat. 3009–447), as section 625;
(2) by redesignating section 624 (regarding dis-
closures to FBI for counterintelligence purposes), as
added by section 601(a) of the Intelligence Author-
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ization Act for Fiscal Year 1996 (Public Law 104–
93; 109 Stat. 974) (15 U.S.C. 1681u)), as section
626; and
(3) by inserting after section 623 the following:
‘‘SEC. 624. AFFILIATE SHARING.
‘‘(a) SPECIAL RULE FOR SOLICITATION FOR PUR-
POSES OF MARKETING.—
‘‘(1) NOTICE.—Any person that receives from
another person related to it by common ownership or
affiliated by corporate control a communication of
information that would be a consumer report, except
for clauses (i) through (iii) of section 603(d)(2)(A),
may not use the information to make a solicitation
for marketing purposes to a consumer about its
products or services, unless—
‘‘(A) it is clearly and conspicuously dis-
closed to the consumer that the information
may be communicated among such persons for
purposes of making such solicitations to the
consumer; and
‘‘(B) the consumer is provided an oppor-
tunity and a simple method to prohibit the
making of such solicitations to the consumer by
such person.
‘‘(2) CONSUMER CHOICE.—
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‘‘(A) IN
GENERAL.—The notice required
under paragraph (1) shall allow the consumer
the opportunity to prohibit all such solicita-
tions, and may allow the consumer to choose
from different options when electing to prohibit
the sending of such solicitations, including op-
tions regarding the types of entities and infor-
mation covered, and which methods of deliv-
ering solicitations the consumer elects to pro-
hibit.
‘‘(B) FORMAT.—Notwithstanding subpara-
graph (A), the notice required under paragraph
(1) must be clear, conspicuous, and concise, and
any method provided under paragraph (1)(B)
must be simple. The regulations prescribed to
implement this section shall provide specific
guidance regarding how to comply with such
standards.
‘‘(3) DURATION.—The election of a consumer
pursuant to paragraph (1)(B) to prohibit the send-
ing of solicitations shall be effective permanently, be-
ginning on the date on which the person receives the
election of the consumer, unless the consumer re-
quests that such election be revoked.
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‘‘(4) DEFINITION.—For purposes of this sec-
tion, the term ‘pre-existing business relationship’
means a relationship between a person and a con-
sumer, based on—
‘‘(A) the purchase, rental, or lease by the
consumer of that person’s goods or services, or
a financial transaction between the consumer
and that person during the 18-month period
immediately preceding the date on which the
consumer receives the notice required under
this section; or
‘‘(B) an inquiry or application by the con-
sumer regarding a product or service offered by
that person, during the 3-month period imme-
diately preceding the date on which the con-
sumer receives the notice required under this
section.
‘‘(5) SCOPE.—This section shall not apply to a
person—
‘‘(A) using information to make a solicita-
tion for marketing purposes to a consumer with
whom the person has a pre-existing business re-
lationship;
‘‘(B) using information to perform services
on behalf of another person related by common
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ownership or affiliated by corporate control, ex-
cept that this subparagraph shall not permit a
person to send solicitations on behalf of another
person if such other person would not be per-
mitted to send the solicitation on its own behalf
as a result of the election of the consumer to
prohibit solicitations under paragraph (1)(B);
‘‘(C) using information in direct response
to a communication initiated by the consumer
in which the consumer has requested informa-
tion about a product or service; or
‘‘(D) using information to directly respond
to solicitations authorized or requested by the
consumer.
‘‘(b) NOTICE
FOR
OTHER
PURPOSES
PERMIS-
SIBLE.—A notice or other disclosure that is equivalent to
the notice required by subsection (a), and that is provided
by a person described in subsection (a) to a consumer to-
gether with disclosures required by any other provision of
law shall satisfy the requirements of subsection (a).’’.
(b) RULEMAKING REQUIRED.—
(1) IN GENERAL.—The Federal banking agen-
cies, the National Credit Union Administration, and
the Federal Trade Commission shall, with respect to
the entities that are subject to their respective en-
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forcement authority under section 621 of the Fair
Credit Reporting Act, and in coordination as de-
scribed in paragraph (2), prescribe regulations to
implement section 624 of the Fair Credit Reporting
Act, as added by this section.
(2) COORDINATION.—Each agency required to
prescribe regulations under paragraph (1) shall con-
sult and coordinate with each other such agency so
that, to the extent possible, the regulations pre-
scribed by each such entity are consistent and com-
parable with the regulations prescribed by each
other such agency.
(3) CONSIDERATIONS.—In promulgating regu-
lations under this subsection, the Federal Trade
Commission shall—
(A) ensure that affiliate sharing notifica-
tion methods provide a simple means for con-
sumers to make determinations and choices
under section 624 of the Fair Credit Reporting
Act, as added by this section; and
(B) consider the affiliate sharing notifica-
tion practices employed on the date of enact-
ment of this Act by persons that will be subject
to that section 624.
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(4) TIMING.—Regulations required by this sub-
section shall—
(A) be issued in final form not later than
6 months after the date of enactment of this
Act; and
(B) become effective not later than 3
months after the date on which they are issued
in final form.
(c) 
CONFORMING
AMENDMENT.—Section
603(d)(2)(A) of the Fair Credit Reporting Act (15 U.S.C.
1681a(d)(2)(A)) is amended by inserting ‘‘subject to sec-
tion 624,’’ after ‘‘(A)’’.
(d) CLERICAL AMENDMENT.—The Fair Credit Re-
porting Act (15 U.S.C. 1681 et seq.) is amended in the
table of sections, by striking the items following the item
relating to section 623 and inserting the following:
‘‘624. Affiliate sharing.
‘‘625. Relation to State laws.
‘‘626. Disclosures to FBI for counterintelligence purposes.’’.
(e) STUDIES
OF
INFORMATION
SHARING
PRAC-
TICES.—
(1) IN GENERAL.—The Federal banking agen-
cies, the National Credit Union Administration, and
the Federal Trade Commission shall jointly conduct
regular studies of the consumer information sharing
practices by financial institutions and other persons
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that are creditors or users of consumer reports with
their affiliates.
(2) MATTERS FOR STUDY.—In conducting the
studies required by paragraph (1), the agencies de-
scribed in paragraph (1) shall—
(A) identify—
(i) the purposes for which financial in-
stitutions and other creditors and users of
consumer reports share consumer informa-
tion;
(ii) the types of information shared by
such entities with their affiliates;
(iii) the number of choices provided to
consumers with respect to the control of
such sharing, and the degree to and man-
ner in which consumers exercise such
choices, if at all; and
(iv) whether such entities share or
may share personally identifiable trans-
action or experience information with affili-
ates for purposes—
(I) that are related to employ-
ment or hiring, including whether the
person that is the subject of such in-
formation is given notice of such shar-
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ing, and the specific uses of such
shared information; or
(II) of general publication of
such information; and
(B) specifically examine the information
sharing practices that financial institutions and
other creditors and users of consumer reports
and their affiliates employ for the purpose of
making underwriting decisions or credit evalua-
tions of consumers.
(3) REPORTS.—
(A) INITIAL
REPORT.—Not later than 3
years after the date of enactment of this Act,
the Federal banking agencies, the National
Credit Union Administration, and the Federal
Trade Commission shall jointly submit a report
to the Congress on the results of the initial
study conducted in accordance with this sub-
section, together with any recommendations for
legislative or regulatory action.
(B) FOLLOWUP
REPORTS.—The Federal
banking agencies, the National Credit Union
Administration, and the Federal Trade Com-
mission shall, not less frequently than once
every 3 years following the date of submission
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of the initial report under subparagraph (A),
jointly submit a report to the Congress that, to-
gether with any recommendations for legislative
or regulatory action—
(i) documents any changes in the
areas of study referred to in paragraph
(2)(A) occurring since the date of submis-
sion of the previous report;
(ii) identifies any changes in the prac-
tices of financial institutions and other
creditors and users of consumer reports in
sharing consumer information with their
affiliates for the purpose of making under-
writing decisions or credit evaluations of
consumers occurring since the date of sub-
mission of the previous report; and
(iii) examines the effects that changes
described in clause (ii) have had, if any, on
the degree to which such affiliate sharing
practices reduce the need for financial in-
stitutions, creditors, and other users of
consumer reports to rely on credit reports
for such decisions.
(f) DEFINITIONS.—As used in this section—
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(1) the terms ‘‘consumer’’, ‘‘consumer report’’,
‘‘consumer reporting agency’’, ‘‘creditor’’, ‘‘Federal
banking agencies’’, and ‘‘financial institution’’, have
the same meanings as in section 603 of the Fair
Credit Reporting Act, as amended by this Act; and
(2) the term ‘‘affiliates’’ means persons that are
related by common ownership or affiliated by cor-
porate control.
SEC. 215. STUDY OF EFFECTS OF CREDIT SCORES AND
CREDIT-BASED 
INSURANCE 
SCORES 
ON
AVAILABILITY AND AFFORDABILITY OF FI-
NANCIAL PRODUCTS.
(a) DEFINED TERM.—As used in this section, the
term ‘‘credit score’’ means a numerical value or a cat-
egorization derived from a statistical tool or modeling sys-
tem used to predict the likelihood of certain credit or in-
surance behaviors, including default.
(b) STUDY REQUIRED.—The Federal Trade Commis-
sion shall conduct a study of—
(1) the effects of the use of credit scores and
credit-based insurance scores on the availability and
affordability of financial products and services, in-
cluding credit cards, mortgages, auto loans, and
property and casualty insurance;
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(2) the degree of correlation between the factors
considered by credit score systems and the quantifi-
able risks and actual losses experienced by busi-
nesses, including the extent to which each of the fac-
tors considered or otherwise taken into account by
such systems correlated to risk or loss;
(3) the extent to which the use of credit scoring
models, credit scores and credit-based insurance
scores benefit or negatively impact persons based on
geography, income, ethnicity, race, color, religion,
national origin, age, sex, marital status, or creed;
and
(4) the extent to which credit scoring systems
are used by businesses, the factors considered by
such systems, and the effects of variables which are
not considered by such systems.
(c) PUBLIC PARTICIPATION.—The Federal Trade
Commission shall seek public input about the prescribed
methodology and research design of the study required by
subsection (b).
(d) REPORT.—
(1) IN GENERAL.—Before the end of the 18-
month period beginning on the date of enactment of
this Act, the Federal Trade Commission shall sub-
mit a detailed report on the study conducted under
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this section to the Committee on Financial Services
of the House of Representatives and the Committee
on Banking, Housing, and Urban Affairs of the Sen-
ate.
(2) CONTENTS.—The report submitted under
paragraph (1) shall include—
(A) the findings and conclusions of the
Commission;
(B) recommendations to address specific
areas of concern that were identified in the
study; and
(C) recommendations for legislative or ad-
ministrative action that the Commission may
determine to be necessary to ensure that credit
and credit-based insurances score are used ap-
propriately and fairly.
SEC. 216. DISPOSAL OF CONSUMER REPORT INFORMATION
AND RECORDS.
(a) IN GENERAL.—The Fair Credit Reporting Act
(15 U.S.C. 1681m) is amended by adding at the end the
following:
‘‘§ 627. Disposal of records
‘‘(a) REGULATIONS.—
‘‘(1) IN GENERAL.—Not later than 1 year after
the date of enactment of this section, the Federal
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Trade Commission shall issue final regulations re-
quiring any person that maintains or otherwise pos-
sesses consumer information or any compilation of
consumer information derived from consumer re-
ports for a business purpose to properly dispose of
any such information or compilation.
‘‘(2) EXEMPTION AUTHORITY.—In issuing regu-
lations under this section, the Federal Trade Com-
mission may exempt any person or class of persons
from application of those regulations, as the Com-
mission deems appropriate to carry out the purpose
of this section.
‘‘(b) RULE OF CONSTRUCTION.—Nothing in this sec-
tion may be construed to alter or affect any requirement
imposed under any other provision of law to maintain any
record.’’.
(b) CLERICAL AMENDMENT.—The table of sections
for the Fair Credit Reporting Act (15 U.S.C. 1681 et
seq.), as amended by this Act, is amended by adding at
the end the following:
‘‘627. Disposal of records.’’.
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TITLE III—ENHANCING THE AC-
CURACY OF CONSUMER RE-
PORT INFORMATION
SEC. 311. RISK-BASED PRICING NOTICE.
(a) DUTIES OF USERS.—Section 615 of the Fair
Credit Reporting Act (15 U.S.C. 1681m), as amended by
this Act, is amended by adding at the end the following:
‘‘(j) DUTIES OF USERS IN CERTAIN CREDIT TRANS-
ACTIONS.—
‘‘(1) IN GENERAL.—Subject to rules prescribed
as provided in paragraph (5), if any person uses a
consumer report in connection with a grant, exten-
sion, or other provision of credit on material terms
that are materially less favorable than the most fa-
vorable terms available to a substantial proportion of
consumers from or through that person, based in
whole or in part on a consumer report, the person
shall provide a notice to the consumer in the form
and manner required by regulations prescribed in
accordance with this subsection.
‘‘(2) EXCEPTIONS.—No notice shall be required
from a person under this subsection if—
‘‘(A) the consumer applied for specific ma-
terial terms and was granted those terms, un-
less those terms were initially specified by the
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person after the transaction was initiated by
the consumer and after the person obtained a
consumer report; or
‘‘(B) the person has provided or will pro-
vide a notice to the consumer under subsection
(a) in connection with the transaction.
‘‘(3) OTHER NOTICE NOT SUFFICIENT.—A per-
son that is required to provide a notice under sub-
section (a) cannot meet that requirement by pro-
viding a notice under this subsection.
‘‘(4) CONTENT AND DELIVERY OF NOTICE.—A
notice under this subsection shall include, at a
minimum—
‘‘(A) a statement informing the consumer
that the terms offered to the consumer were set
based on information from a consumer report;
‘‘(B) identification of the consumer report-
ing agency that furnished that report;
‘‘(C) a statement informing the consumer
that the consumer may obtain a copy of a con-
sumer report from that consumer reporting
agency without charge; and
‘‘(D) the contact information specified by
that consumer reporting agency for obtaining
such consumer reports (including a toll-free
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telephone number established by the agency in
the case of a consumer reporting agency de-
scribed in section 603(p)).
‘‘(5) RULEMAKING.—
‘‘(A) RULES
REQUIRED.—The Federal
Trade Commission and the Board of Governors
of the Federal Reserve System shall jointly pre-
scribe rules, in accordance with section 553 of
title 5, United States Code, to carry out this
subsection.
‘‘(B) CONTENT.—Rules required by sub-
paragraph (A) shall address, but are not limited
to—
‘‘(i) the form, content, time, and man-
ner of delivery of any notice under this
subsection;
‘‘(ii) clarification of the meaning of
terms used in this subsection, including
what credit terms are material, and when
credit terms are materially less favorable;
‘‘(iii) exceptions to the notice require-
ment under this subsection for classes of
persons or transactions regarding which
the agencies determine that notice would
not significantly benefit consumers; and
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‘‘(iv) a model notice that may be used
to comply with this subsection.’’.
(b) RELATION TO STATE LAWS.—Section 625(b)(1)
of the Fair Credit Reporting Act (15 U.S.C. 1681t(b)(1),
regarding relation to State laws), as so designated and
amended by this Act, is amended by adding at the end
the following:
‘‘(I) section 615(j), relating to the duties
of users of consumer reports to provide notice
with respect to terms in certain credit trans-
actions;’’.
SEC. 312. PROCEDURES TO ENHANCE THE ACCURACY AND
COMPLETENESS 
OF 
INFORMATION 
FUR-
NISHED TO CONSUMER REPORTING AGEN-
CIES.
(a) ACCURACY GUIDELINES AND REGULATIONS.—
Section 623 of the Fair Credit Reporting Act (15 U.S.C.
15 U.S.C. 1681s–2) is amended by adding at the end the
following:
‘‘(e) ACCURACY GUIDELINES AND REGULATIONS RE-
QUIRED.—
‘‘(1) GUIDELINES.—The Federal banking agen-
cies, the National Credit Union Administration, and
the Federal Trade Commission shall, with respect to
the entities that are subject to their respective en-
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forcement authority under section 621, and in co-
ordination as described in paragraph (2)—
‘‘(A) establish and maintain guidelines for
use by each person that furnishes information
to a consumer reporting agency regarding the
accuracy and completeness of the information
relating to consumers that such entities furnish
to consumer reporting agencies, and update
such guidelines as often as necessary; and
‘‘(B) prescribe regulations requiring each
person that furnishes information to a con-
sumer reporting agency to establish reasonable
policies and procedures for implementing the
guidelines established pursuant to subpara-
graph (A).
‘‘(2) COORDINATION.—Each agency required to
prescribe regulations under paragraph (1) shall con-
sult and coordinate with each other such agency so
that, to the extent possible, the regulations pre-
scribed by each such entity are consistent and com-
parable with the regulations prescribed by each
other such agency.
‘‘(3) CRITERIA.—In developing the guidelines
required by paragraph (1)(A), the agencies described
in paragraph (1) shall—
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‘‘(A) identify patterns, practices, and spe-
cific forms of activity that can compromise the
accuracy and completeness of information fur-
nished to consumer reporting agencies;
‘‘(B) review the methods (including techno-
logical means) used to furnish information re-
lating to consumers to consumer reporting
agencies;
‘‘(C) determine whether persons that fur-
nish information to consumer reporting agen-
cies maintain and enforce policies to provide
complete and accurate information to consumer
reporting agencies; and
‘‘(D) examine the policies and processes
that persons that furnish information to con-
sumer reporting agencies employ to conduct re-
investigations and correct inaccurate informa-
tion relating to consumers that has been fur-
nished to consumer reporting agencies.’’.
(b) FURNISHER
LIABILITY
EXCEPTION.—Section
623(a)(5) of the Fair Credit Reporting Act (15 U.S.C.
1681s–2(a)(5)) is amended—
(1) by striking ‘‘A person’’ and inserting the
following:
‘‘(A) IN GENERAL.—A person’’;
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(2) by inserting ‘‘date of delinquency on the ac-
count, which shall be the’’ before ‘‘month’’;
(3) by inserting ‘‘on the account’’ before ‘‘that
immediately preceded’’; and
(4) by adding at the end the following:
‘‘(B) RULE OF CONSTRUCTION.—For pur-
poses of this paragraph only, and provided that
the consumer does not dispute the information,
a person that furnishes information on a delin-
quent account that is placed for collection,
charged for profit or loss, or subjected to any
similar action, complies with this paragraph,
if—
‘‘(i) the person reports the same date
of delinquency as that provided by the
creditor to which the account was owed at
the time at which the commencement of
the delinquency occurred, if the creditor
previously reported that date of delin-
quency to a consumer reporting agency;
‘‘(ii) the creditor did not previously
report the date of delinquency to a con-
sumer reporting agency, and the person es-
tablishes and follows reasonable procedures
to obtain the date of delinquency from the