Improving Credit Reporting for All Consumers Act
Bill: H.R.4113 | Sponsor: Rep. Adams, Alma S. (D-NC)
Policy area: Finance and Financial Sector

Summary:
Improving Credit Reporting for All Consumers Act
This bill generally modifies requirements related to consumer credit reporting. Specifically, it revises the dispute process for consumers challenging information contained on their credit report, establishes an appeals process for disputed information, and establishes the right to injunctive relief.
The bill also requires additional disclosures from credit reporting agencies and furnishers of credit information, prohibits automatic renewals for promotional consumer credit products and services, and makes other related changes.
Additionally, the bill directs the Consumer Financial Protection Bureau to issue rules under this bill, including rules to provide for (1) accuracy and completeness in credit reports; (2) access to consumer reporting information for nonnative English speakers, the visually impaired, and the hearing impaired; and (3) the registration of consumer reporting agencies.

To amend the Fair Credit Reporting Act to fix the consumer report 
   dispute process, to ban misleading and unfair consumer reporting 
                   practices, and for other purposes.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Improving Credit 
Reporting for All Consumers Act''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings.
Sec. 3. Effective date.
Sec. 4. Consumer Bureau rulemaking.
              TITLE I--IMPROVEMENTS TO THE DISPUTE PROCESS

Sec. 101. Dispute procedures and disclosures relating to 
                            reinvestigations.
Sec. 102. Consumer awareness of dispute rights.
Sec. 103. Maintenance of records by furnishers.
Sec. 104. Duties of furnishers relating to dispute procedures, notices, 
                            and disclosures.
Sec. 105. Right to appeal disputes relating to reinvestigations and 
                            investigations.
Sec. 106. Revised consumer reports.
Sec. 107. Indication of dispute by consumers and use of disputed 
                            information.
Sec. 108. Accuracy and completeness report duties for consumer 
                            reporting agencies and furnishers.
Sec. 109. Inclusion of public record data sources in consumer reports.
Sec. 110. Injunctive relief for victims.
   TITLE II--PROHIBITION ON MISLEADING AND UNFAIR CONSUMER REPORTING 
                               PRACTICES

Sec. 201. Prohibition on automatic renewals for promotional consumer 
                            reporting and credit scoring products and 
                            services.
Sec. 202. Prohibition on misleading and deceptive marketing related to 
                            the provision of consumer reporting and 
                            credit scoring products and services.
Sec. 203. Prohibition on excessive direct-to-consumer sales.
Sec. 204. Fair access to consumer reporting and credit scoring 
                            disclosures for nonnative English speakers 
                            and the visually and hearing impaired.
Sec. 205. Comparison shopping for loans without harm to credit 
                            standing.
Sec. 206. Nationwide consumer reporting agencies registry.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) General findings.--
                    (A) Consumer reporting agencies (``CRAs'') are 
                companies that collect, compile, and provide 
                information about consumers in the form of consumer 
                reports for certain permissible statutory purposes 
                under the Fair Credit Reporting Act (15 U.S.C. 1681 et 
                seq.) (``FCRA''). The three largest CRAs in this 
                country are Equifax, TransUnion, and Experian. These 
                CRAs are referred to as nationwide CRAs and the reports 
                that they prepare are commonly referred to as credit 
                reports. Furnishers, such as creditors, lenders, and 
                debt collection agencies, voluntarily submit 
                information to CRAs about their accounts such as the 
                total amount for each loan or credit limit for each 
                credit card and the consumer's payment history on these 
                products. Reports also include identifying information 
                about a consumer, such as their birthdate, previous 
                mailing addresses, and current and previous employers.
                    (B) In a December 2012 paper, ``Key Dimensions and 
                Processes in the U.S. Credit Reporting System: A review 
                for how the nation's largest credit bureaus manage 
                consumer data'', the Bureau of Consumer Financial 
                Protection (``Consumer Bureau'') noted that the three 
                nationwide CRAs maintain credit files on approximately 
                200 million adults and receive information from about 
                10,000 furnishers. On a monthly basis, these furnishers 
                provide information on over 1.3 billion consumer credit 
                accounts or other trade lines.
                    (C) The 10 largest institutions furnishing credit 
                information to each of the nationwide CRAs account for 
                more than half of all accounts reflected in consumers' 
                credit files.
                    (D) Consumer reports play an increasingly important 
                role in the lives of American consumers. Most 
                creditors, for example, review these reports to make 
                decisions about whether to extend credit to consumers 
                and what terms and conditions to offer them. As such, 
                information contained in these reports affects whether 
                a person is able to get a private education loan to pay 
                for college costs, to secure a mortgage loan to buy a 
                home, or to obtain a credit card, as well as the terms 
                and conditions under which consumer credit products or 
                services are offered to them.
                    (E) Credit reports are also increasingly used for 
                many noncredit decisions, including by landlords to 
                determine whether to rent an apartment to a prospective 
                tenant and by employers to decide whether to hire 
                potential job applicants or to offer a promotion to 
                existing employees.
                    (F) CRAs have a statutory obligation to verify 
                independently the accuracy and completeness of 
                information included on the reports that they provide.
                    (G) The nationwide CRAs have failed to establish 
                and follow reasonable procedures, as required by 
                existing law, to establish the maximum level of 
                accuracy of information contained on consumer reports. 
                Given the repeated failures of these CRAs to comply 
                with accuracy requirements on their own, legislation is 
                intended to provide them with detailed guidance 
                improving the accuracy and completeness of information 
                contained in consumer reports, including procedures, 
                policies, and practices that these CRAs should already 
                be following to ensure full compliance with their 
                existing obligations.
                    (H) The presence of inaccurate or incomplete 
                information on these reports can result in substantial 
                financial and emotional harm to consumers. Credit 
                reporting errors can lead to the loss of a new 
                employment opportunity or a denial of a promotion in an 
                existing job, stop someone from being able to access 
                credit on favorable terms, prevent a person from 
                obtaining rental housing, or even trigger mental 
                distress.
                    (I) Current industry practices impose an unfair 
                burden of proof on consumers trying to fix errors on 
                their reports.
                    (J) Consumer reports containing inaccurate or 
                incomplete credit information also undermine the 
                ability of creditors and lenders to effectively and 
                accurately underwrite and price credit.
                    (K) Recognizing that credit reporting affects the 
                lives of almost all consumers in this country and that 
                the consequences of errors on a consumer report can be 
                catastrophic for a consumer, the Consumer Bureau began 
                accepting consumer complaints about credit reporting in 
                October 2012.
                    (L) As of February 2017, the Consumer Bureau has 
                handled approximately 185,717 credit reporting 
                complaints, making credit reporting consistently the 
                third most-complained-about subject matter on which the 
                Consumer Bureau accepts consumer complaints.
                    (M) In the ``Monthly Complaint Report Volume 20'', 
                released in February 2017, the Consumer Bureau noted 
                that 76 percent of credit reporting complaints involved 
                incorrect information on reports, with consumers 
                frequently expressing their frustrations about the 
                burdensome and time-consuming process to disputing 
                items.
                    (N) Other common types of credit reporting 
                complaints submitted to the Consumer Bureau related to 
                the improper use of a report, trouble obtaining a 
                report or credit score, CRAs' investigations, and 
                credit monitoring or identity protection.
                    (O) In the summer 2015 ``Supervisory Highlights'', 
                the Consumer Bureau noted that one or more of the 
                largest CRAs failed to adequately oversee furnishers to 
                ensure that they were adhering to the CRA's vetting 
                policies and to establish proper procedures to verify 
                public record information.
                    (P) According to the fall 2016 ``Supervisory 
                Highlights'', Consumer Bureau examiners determined that 
                one or more debt collectors never investigated indirect 
                disputes that lacked detail or were not accompanied by 
                attachments with relevant information from the 
                consumer. Examiners also found that notifications sent 
                to consumers about disputes considered frivolous failed 
                to identify for the consumers the type of material that 
                they could provide in order for the debt collector to 
                complete the investigation of the disputed item.
                    (Q) A February 2014 Consumer Bureau report titled 
                ``Credit Reporting Complaint Snapshot'' found that 
                consumers are confused about the extent to which the 
                nationwide CRAs are required to provide them with 
                validation and documentation of a debt that appears on 
                their credit report.
                    (R) As evidence that the current system lacks 
                sufficient market incentives for CRAs to develop more 
                robust procedures to increase the accuracy and 
                completeness of information on credit reports, 
                litigation discovery documented by the National 
                Consumer Law Center (``NCLC''), as part of a January 
                2009 report titled, ``Automated Injustice: How a 
                Mechanized Dispute System Frustrates Consumers Seeking 
                to Fix Errors in Their Credit Reports'', showed that at 
                least two of the three largest CRAs use quota systems 
                to force employees to process disputes hastily and 
                without the opportunity for conducting meaningful 
                investigations. At least one nationwide CRA only 
                allowed dispute resolution staff five minutes to handle 
                a consumer's call. Furthermore, these CRAs were found 
                to have awarded bonuses for meeting quotas and punished 
                those who didn't meet production numbers with 
                probation.
                    (S) Unlike most other business relationships, where 
                consumers can register their satisfaction or 
                unhappiness with a particular credit product or service 
                simply by taking their business elsewhere, consumers 
                have no say in whether their information is included in 
                the CRAs databases and limited legal remedies to hold 
                the CRAs accountable for inaccuracies or poor service.
                    (T) Accordingly, despite the existing statutory 
                mandate for CRAs to follow reasonable procedures to 
                assure the maximum possible accuracy of the information 
                whenever they prepare consumer reports, numerous 
                studies, the high volume of consumer complaints 
                submitted to the Consumer Bureau about incorrect 
                information on consumer reports, and supervisory 
                activities by the Consumer Bureau demonstrate that CRAs 
                continue to skirt their obligations under the law.
            (2) Incorrect information on consumer reports.--
                    (A) Consumers are entitled to dispute errors on 
                their consumer reports with either the CRA, who issued 
                the report, or directly with furnishers, who supplied 
                the account information to the CRA, and request that 
                mistakes be deleted or removed. Consumers, who believe 
                an investigation has not correctly resolved their 
                dispute, however, have few options, other than 
                requesting that a statement about the dispute be 
                included with their future reports.
                    (B) CRAs have a statutory obligation under the FCRA 
                to perform a reasonable investigation by conducting a 
                substantive and searching inquiry when a consumer 
                disputes an item on their report. In doing so, CRAs 
                must conduct an independent review about the accuracy 
                of any disputed item and cannot merely rely on a 
                furnisher's ``rubber-stamp'' verification of the 
                integrity of the information they have provided to 
                CRAs.
                    (C) The Federal Trade Commission (``FTC''), in a 
                ``Report to Congress Under Section 319 of the Fair and 
                Accurate Credit Transactions Act of 2003'' released in 
                December 2012, found that 26 percent of survey 
                participants identified at least one potentially 
                material error on their consumer reports, and 13 
                percent experienced a change in their credit score once 
                the error was fixed.
                    (D) Consumer Bureau examiners have identified 
                repeated deficiencies with the nationwide CRAs' 
                information collection. In the summer 2015 
                ``Supervisory Highlights'' released in June 2015, the 
                Consumer Bureau noted continued weaknesses with CRAs' 
                methods and processes for assuring maximum possible 
                accuracy in their reports. Examiners also found, with 
                certain exceptions, no quality control policies and 
                procedures in place to test consumer reports for 
                accuracy.
                    (E) In its ``Credit Reporting Complaint Snapshot'' 
                released in February 2014, the Consumer Bureau found 
                that consumers were uncertain about the depth and 
                validity of the investigations performed about a 
                disputed item. Consumers also expressed frustration 
                that, even though they provided supporting materials 
                that they believed demonstrated the inaccuracy of the 
                information provided by furnishers, errors continued to 
                remain on their reports.
                    (F) In the winter 2015 ``Supervisory Highlights'' 
                released in March 2015, the Consumer Bureau reported 
                that one or more nationwide CRAs failed to adequately 
                fulfill their dispute-handling obligations, including 
                by not forwarding to furnishers all relevant 
                information found in letters and supporting documents 
                supplied by consumers when they submitted disputes 
                failing to notify consumers that they had completed 
                investigations, and not providing consumers with the 
                results of the CRAs' reviews about their disputes.
                    (G) Consumer Bureau examiners also noted in the 
                fall 2016 ``Supervisory Highlights'' released in 
                October 2016 that one or more entities failed to 
                provide adequate guidance and training to staff about 
                how to differentiate FCRA disputes from general 
                customer inquiries, complaints, or debt validation 
                requests. Consumer Bureau supervisors also directed one 
                or more entities to develop and implement reasonable 
                procedures to ensure that direct and indirect disputes 
                are appropriately logged, categorized, and resolved.
                    (H) Consumers' increasing frustration about the 
                difficulties of trying to fix credit reporting errors, 
                evidenced through the volume of consumer complaints 
                related to errors submitted to the Consumer Bureau, are 
                also echoed in another FTC study issued in January 
                2015. In the ``Report to Congress under Section 319 for 
                the Fair and Accurate Credit Transactions Act of 
                2003'', the FTC found that nearly 70 percent (84 
                people) of participants from a previous survey that had 
                filed disputes with CRAs continued to believe that at 
                least some of the disputed information remained 
                inaccurate at the time of the follow-up survey. Despite 
                these views, 50 percent (42 people) of the survey 
                participants decided to just give up trying to fix the 
                errors, with only 45 percent (38 people) of them 
                planning to continue to try to resolve their disputes.
                    (I) The consistently high volume of consumer 
                complaints submitted to the Consumer Bureau about 
                credit reporting errors, coupled with the largest CRAs' 
                repeated quality control weaknesses found by Consumer 
                Bureau examiners, show that the nationwide CRAs have 
                failed to establish and follow reasonable procedures to 
                assure maximum accuracy of information and to conduct 
                independent investigations of consumers' disputes. 
                These ongoing problems demonstrate the need for 
                legislation to--
                            (i) enhance obligations on furnishers to 
                        substantiate information and require furnishers 
                        to keep records for the same amount of time 
                        that adverse information about these accounts 
                        may appear on a person's consumer report;
                            (ii) eliminate CRAs' discretion to 
                        determine the relevancy of materials provided 
                        by consumers to support their dispute claims by 
                        instead requiring them to pass all material 
                        onto furnishers and eliminating CRA's 
                        discretion to deem some disputes frivolous or 
                        irrelevant when a consumer resubmits a claim 
                        that they believe has been inadequately 
                        resolved;
                            (iii) enhance educational content on CRAs' 
                        websites to improve consumers' understanding of 
                        the dispute process and to make it easier for 
                        all consumers to initiate claims, including by 
                        providing these disclosures in other languages 
                        besides English; and
                            (iv) create a new consumer right to appeal 
                        reviews by CRAs and furnishers of the initial 
                        disputes.
            (3) Injunctive relief.--
                    (A) Despite the fact that the FCRA currently 
                provides implicit authority for injunctive relief, 
                consumers have been prevented from exercising this 
                right. Legislation explicitly clarifying this right is 
                intended to underscore congressional intent that 
                injunctive relief should be viewed as a remedy 
                available to consumers.
                    (B) Myriad findings by the courts, regulators, 
                consumers, and consumer advocates make clear that CRAs 
                have failed to establish adequate standards for the 
                accuracy and completeness of consumer reports, yet the 
                nationwide CRAs have demonstrated little willingness to 
                voluntarily retool their policies and procedures to fix 
                the problems.
                    (C) Providing courts with explicit authority to 
                issue injunctive relief, by telling the CRAs to remedy 
                unlawful practices and procedures, would further CRAs' 
                mandate under the FCRA to assure the maximum possible 
                accuracy and completeness of information contained on 
                credit reports.
                    (D) Absent explicit authority to issue injunctions, 
                history suggests that the nationwide CRAs are likely to 
                continue conducting business as usual in treating any 
                monetary settlements with individual consumers and 
                fines imposed by State attorneys general and Federal 
                regulators, simply as the ``cost of doing business''.
            (4) Deceptive and misleading marketing practices.--
                    (A) The Consumer Bureau's February 2015 report 
                titled ``Consumer Voices on Credit Reports and Scores'' 
                found that some consumers did not obtain a copy of 
                their consumer report due to concerns about security or 
                of being trapped into purchasing unwanted products like 
                an additional report or a credit monitoring service.
                    (B) In January 2017, the Consumer Bureau fined 
                TransUnion and Equifax for deceptively marketing credit 
                scores for purchase by consumers as the same credit 
                scores typically used by lenders to determine 
                creditworthiness and for luring consumers into costly 
                subscription services that were advertised as ``free'' 
                or ``$1'' that automatically charged recurring fees 
                unless cancelled by consumers. The Consumer Bureau also 
                found that Equifax was illegally advertising its 
                products on webpages that consumers accessed through 
                AnnualCreditReport.com before consumers obtained their 
                free disclosures. Because of these troubling practices, 
                TransUnion was ordered to pay $13.9 million in 
                restitution to harmed consumers and a civil penalty of 
                $3 million to the Consumer Bureau. Equifax was ordered 
                to pay more than $3.7 million to affected consumers as 
                well as a civil money penalty of $2.5 million to the 
                Consumer Bureau. As part of the consent orders, the 
                CRAs are also supposed to change the way that they sell 
                their products to consumers. The CRAs must also obtain 
                consumers' express consent before enrolling them into 
                subscription services as well as make it easer for 
                consumers to cancel these programs.
                    (C) The Consumer Bureau fined the other nationwide 
                CRA--Experian--in March 2017 for deceiving consumers 
                about the use of credit scores that it marketed and 
                sold to consumers as credit scores that were used by 
                lenders and for illegally advertising its products on 
                web pages that consumers accessed through 
                AnnualCreditReport.com before they obtained their free 
                annual disclosures. Experian was ordered to pay more 
                than $3.7 million in restitution to harmed consumers 
                and a civil monetary penalty of $2.5 million to the 
                Consumer Bureau.
                    (D) The Consumer Bureau's January and March 2017 
                consent orders with the three nationwide CRAs show that 
                these CRAs have enticed consumers into purchasing 
                products and services that they may not want or need, 
                in some instances by advertising products or services 
                ``free'' that automatically converted into an ongoing 
                subscription service at the regular price unless 
                cancelled by the consumer. Although these CRAs must now 
                change their deceptive marketing practices, codifying 
                these duties is an appropriate way to ensure that these 
                companies never revert back to such misleading tactics.
                    (E) Given the ubiquitous use of consumer reports in 
                consumers' lives and the fact that consumers' 
                participation in the credit reporting system is 
                involuntary, CRAs should also prioritize providing 
                consumers with the effective means to safeguard their 
                personal and financial information and improve their 
                credit standing, rather than seeking to exploit 
                consumers' concerns and confusion about credit 
                reporting and scoring, to boost their companies' 
                profits.
                    (F) Vulnerable consumers, who have legitimate 
                concerns about the security of their personal and 
                financial information, deserve clear, accurate, and 
                transparent information about the credit reporting 
                tools that may be available to them, such as fraud 
                alerts and freezes.

SEC. 3. EFFECTIVE DATE.

    The amendments made by this Act shall take effect 2 years after the 
date of the enactment of this Act.

SEC. 4. CONSUMER BUREAU RULEMAKING.

    Except as otherwise provided, not later than the end of the 2-year 
period beginning on the date of the enactment of this Act, the Bureau 
of Consumer Financial Protection shall issue final rules to implement 
the amendments made by this Act.

              TITLE I--IMPROVEMENTS TO THE DISPUTE PROCESS

SEC. 101. DISPUTE PROCEDURES AND DISCLOSURES RELATING 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 Information 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 reinvestigation 
                        using the process described in paragraph (3) to 
                        determine whether the disputed information is 
                        inaccurate, incomplete, or cannot be verified;
                            ``(ii) notify the consumer that a notation 
                        described in section 605(e) will be added to 
                        the consumer's file until the reinvestigation 
                        has been completed and that such notation can 
                        be removed at the request of the consumer; and
                            ``(iii) before the end of the 30-day period 
                        beginning on the date on which the consumer 
                        reporting agency receives the notice 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 reinvestigate.--Except 
                as provided in subparagraph (C), the 30-day period 
                described in subparagraph (A) may be extended for 
                period not to exceed 15 days if the consumer reporting 
                agency receives additional information from the 
                consumer 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).
                    ``(C) Limitations on extension of period to 
                reinvestigate.--Subparagraph (B) shall not apply to any 
                reinvestigation in which, during the 30-day period 
                described in subparagraph (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 furnisher of information; 
        provision of information regarding dispute provided by the 
        consumer 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 reseller under paragraph (1)(A), 
                the consumer reporting 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.
                    ``(B) Provision of additional information regarding 
                dispute after notification to the furnisher of 
                information.--If a consumer reporting agency receives 
                additional information regarding the dispute from the 
                consumer or reseller after the agency provides the 
                notification described under subparagraph (A) and 
                before the end of the 30-day period described in 
                paragraph (1)(A), the consumer reporting agency shall, 
                not later than 3 business days after receiving such 
                information, provide such information to the person who 
                provided the information in dispute.
            ``(3) Reasonable standards for consumer reporting agencies 
        for conducting reinvestigations and resolving disputes 
        submitted by consumers.--
                    ``(A) In general.--In conducting a reinvestigation 
                of disputed information, a consumer reporting agency 
                shall, at a minimum--
                            ``(i) maintain sufficient resources and 
                        trained staff, commensurate with the volume and 
                        complexity of disputes received or reasonably 
                        anticipated to be received, to determine 
                        whether the disputed information is accurate, 
                        complete, or can be verified by the person who 
                        provided the information;
                            ``(ii) ensure that all staff involved at 
                        any level of the reinvestigation process, 
                        including any individual with ultimate 
                        authority over determining whether the disputed 
                        information is inaccurate, incomplete, or 
                        cannot be verified, are located within the 
                        United States;
                            ``(iii) verify that the personally 
                        identifiable information of the consumer 
                        submitting 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 reporting 
                        agency has a record of the information being 
                        disputed; and
                            ``(v) conduct a reasonable review that 
                        considers all information, including 
                        substantiating documents, provided by the 
                        consumer or reseller.
                    ``(B) Consumer reporting.--The consumer reporting 
                agency shall not impose any limitation or otherwise 
                impede the ability of a consumer to submit information 
                about the disputed item.
                    ``(C) Independent analysis.--The reinvestigation 
                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 information 
                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 reporting agency shall have the direct 
                authority to delete or modify such information in the 
                consumer'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 reporting agency of the 
                modification or deletion made to the consumer's file.
            ``(4) Notice to consumer of results of reinvestigation.--
                    ``(A) In general.--Not later than 5 business days 
                after the conclusion of a reinvestigation conducted 
                under this subsection, the consumer reporting agency 
                shall provide written notice to the consumer of the 
                results of the reinvestigation 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 reinvestigation 
                        of the disputed information has been completed;
                            ``(ii) a statement informing the consumer 
                        as to whether the disputed information was 
                        determined to be inaccurate, incomplete, or 
                        unverifiable, including a statement of the 
                        specific reasons supporting the determination;
                            ``(iii) if information in the consumer's 
                        file has been deleted or modified as a result 
                        of the reinvestigation--
                                    ``(I) a copy of the consumer report 
                                and credit score or educational score 
                                (if applicable) that is based upon the 
                                consumer's revised file;
                                    ``(II) a statement identifying the 
                                specific information from the 
                                consumer's file that was deleted or 
                                modified because such information was 
                                determined to be inaccurate, 
                                incomplete, or unverifiable by the 
                                consumer reporting agency;
                                    ``(III) a statement that the 
                                consumer 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, 
                                regardless of whether the consumer 
                                obtained 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 
                                consumer has the right, free of charge, 
                                to request under subsection (d) that 
                                the consumer reporting agency furnish 
                                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 information, including the 
                        business name, mailing address, telephone 
                        number, and Internet 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 narrative 
                        statement to the consumer's file disputing 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 consumer 
                        reporting agency in carrying out the 
                        reinvestigation and relied upon as the basis 
                        for the determination about the accuracy and 
                        completeness of the disputed information;
                            ``(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 consumer 
                        that a notation described in section 605(e) 
                        will be added to the file of the consumer 
                        during the period in which the consumer appeals 
                        the results of a reinvestigation and that such 
                        notation can be removed at the request of the 
                        consumer; and
                            ``(ix) any other information, as determined 
                        by the Bureau.
            ``(5) Requirements relating to reinsertion of previously 
        deleted or modified material.--
                    ``(A) Certification of new determination that item 
                is accurate or complete.--A consumer reporting agency 
                may not reinsert into a consumer's file any information 
                that was previously deleted or modified pursuant to 
                paragraph (3)(D), unless the person who provided the 
                information--
                            ``(i) requests that the consumer reporting 
                        agency reinsert such information;
                            ``(ii) submits a written certification that 
                        the information is accurate and complete; and
                            ``(iii) provides a statement describing the 
                        specific reasons why the information should be 
                        inserted.
                    ``(B) Notice to consumer before reinsertion can 
                occur.--Upon receipt of a request for reinsertion of 
                disputed information under subparagraph (A), the 
                consumer reporting 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 
                reinsertion. Such notice shall include--
                            ``(i) the business name, mailing address, 
                        telephone number, and Internet website address 
                        (if available) of any person who provided 
                        information to or contacted the consumer 
                        reporting agency in connection with the 
                        reinsertion;
                            ``(ii) a copy of the information relating 
                        to the consumer, the certification that the 
                        information is accurate or complete, and the 
                        statement of the reasons supporting reinsertion 
                        provided by the person who provided the 
                        information to the consumer reporting agency 
                        under subparagraph (A);
                            ``(iii) a statement that the consumer may 
                        obtain, free of charge and within the 12-month 
                        period following the date the notice under this 
                        subparagraph was issued, a consumer report and 
                        credit score or educational score (if 
                        applicable) from the consumer reporting agency 
                        that includes the reinserted information, 
                        regardless of whether the consumer obtained or 
                        will obtain 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 previously 
                        deleted or modified information is accurate or 
                        complete and a description of the procedure for 
                        the consumer to make such an appeal pursuant to 
                        subsection (h); and
                            ``(v) a statement that the consumer has the 
                        right to add a narrative statement, free of 
                        charge, to the consumer's file disputing the 
                        accuracy or completeness of the disputed 
                        information and a description of the process to 
                        add such a narrative statement pursuant to 
                        subsection (b).
            ``(6) Expedited dispute resolution.--If a consumer 
        reporting agency determines that the information provided by 
        the consumer is sufficient to substantiate that the item of 
        information is inaccurate, incomplete, or cannot be verified by 
        the person who furnished such information, and the consumer 
        reporting agency deletes or modifies such information 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 consumer's 
                file in writing or by other means, if agreed to by the 
                consumer when the information is disputed;
                    ``(B) a statement of the consumer's right to 
                request that the consumer reporting agency furnish 
                notifications of a revised consumer report 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 educational 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 consumer report and credit score or 
                educational score (if applicable) from the consumer 
                reporting agency, regardless of whether the consumer 
                obtained or will obtain their free annual consumer 
                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 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 information 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)'' each place such term appears.
            (2) Technical amendment.--Paragraph (1) of such section (15 
        U.S.C. 1681i(e)(1)) is amended by striking ``The Commission'' 
        and inserting ``The Bureau''.
    (d) Conforming Amendments.--Such Act is further amended--
            (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 irrevelant,''; 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 ``relevant'' 
        before ``information''.
    (e) Global Technical Corrections to References to Nationwide 
Specialty Consumer Reporting Agency.--Such Act is further amended--
            (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 following new subsection:
    ``(i) Increased Consumer Awareness of Dispute Rights.--
            ``(1) In general.--Not later than 180 days after the date 
        of enactment of this subsection, each consumer reporting agency 
        described under subsection (p) or (x) of section 603 shall--
                    ``(A) establish an Internet website accessible to 
                consumers; and
                    ``(B) post on the home page of such website a 
                hyperlink to a separate webpage established 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 webpage requirements.--For a consumer 
        reporting agency described under subsection (p) or (x) of 
        section 603, the separate dispute webpage 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 disclose a 
                concise statement regarding how to file a dispute 
                through the agency, free of charge, in the manner and 
                format prescribed by the Bureau;
                    ``(C) shall describe the types of documents that 
                will be used by the agency in resolving the dispute, 
                including the business name and mailing address to 
                which a consumer may send such documents;
                    ``(D) shall include a clear and concise explanation 
                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 the consumer reporting 
                agency in determining the results of the 
                reinvestigation of the dispute;
                    ``(F) shall clearly and conspicuously disclose a 
                statement describing the procedure likely 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 results 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 information 
                on the webpage 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 following new subsection:
    ``(f) Duty of Furnishers To Maintain Records of Consumers.--
            ``(1) In general.--A person who furnishes information to a 
        consumer reporting agency relating to a consumer who has an 
        account with that person shall maintain all information 
        necessary to substantiate the accuracy and completeness of the 
        information furnished, including any records establishing the 
        liability and terms and conditions under which credit was 
        extended to a consumer and any payment history 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 pursuant to section 605.
            ``(3) Transfer of ownership.--If a person providing 
        information to a consumer reporting agency is acquired by 
        another person, or if another person acquires the right to 
        repayment connected to such information, the acquiring person 
        shall be subject to the requirements of this subsection with 
        respect to such information to the same extent as the person 
        who initially provided such information to the consumer 
        reporting agency. The person selling or transferring the right 
        to repayment shall provide the information described in 
        paragraph (1) to the transferee 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 Reporting 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 
                ``inaccurate'' 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 Consumers.--Section 623(a)(7) 
(15 U.S.C. 1681s-2(a)(7)) of such Act is amended to read as follows:
            ``(7) Duty of furnishers to inform consumers about 
        reporting negative information.--
                    ``(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 associated 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 relating to such a 
                        consumer.
                            ``(ii) Content.--Such notice shall--
                                    ``(I) be clear and conspicuous;
                                    ``(II) describe the types of 
                                activities that constitute negative 
                                information;
                                    ``(III) inform the consumer that 
                                the person may report negative 
                                information relating to any such 
                                accounts or transactions to a consumer 
                                reporting agency described in 
                                subsection (p) or (x) of section 603;
                                    ``(IV) state that the negative 
                                information may appear on a consumer 
                                report of the consumer for the periods 
                                described in section 605 and that 
                                during such periods, the negative 
                                information may adversely impact the 
                                consumer's credit score;
                                    ``(V) state that in some limited 
                                circumstances, the negative information 
                                may result in other adverse actions, 
                                including a denial of a new job or a 
                                promotion from existing employment; and
                                    ``(VI) state that the consumer has 
                                right to--
                                            ``(aa) obtain a copy of 
                                        their consumer report and 
                                        credit score or educational 
                                        score (if applicable), which in 
                                        some instances can be obtained 
                                        free of charge, from any 
                                        consumer reporting agency 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 person 
                        shall provide such notice to a consumer not 
                        later than 90 days before the date on which the 
                        person furnishes negative information relating 
                        to such consumer.
                    ``(B) Specific negative information notice to a 
                consumer.--
                            ``(i) In general.--Any person described in 
                        subparagraph (A) that has furnished negative 
                        information relating to activity 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 described 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;
                                    ``(II) inform the consumer that the 
                                person has furnished negative 
                                information relating to such accounts 
                                or transactions to a consumer reporting 
                                agency described in subsection (p) or 
                                (x) of section 603;
                                    ``(III) identify any consumer 
                                reporting agency to which the negative 
                                information was furnished, including 
                                the name of the agency, mailing 
                                address, Internet website address, and 
                                toll-free telephone number; and
                                    ``(IV) include the statements 
                                described 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 information 
                        relating to such consumer.
                    ``(C) Notice effective for subsequent 
                submissions.--After providing the notice described in 
                subparagraph (B), the person may submit additional 
                negative information to a consumer reporting agency 
                described in subsection (p) or (x) of section 603 
                without providing additional notice to the consumer, 
                unless another person acquires the right to repayment 
                connected to the additional negative information. 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 furnishers.--Any person 
                that furnishes negative information to a consumer 
                reporting agency described in subsection (p) or (x) of 
                section 603 relating to any accounts of, or 
                transactions associated with, a consumer by such person 
                involving 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.
                            ``(ii) Use of model notice not required.--
                        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 notices.--A 
                        person shall be deemed to be in compliance with 
                        the requirements of subparagraph (A)(ii) or 
                        (B)(ii) (as applicable) if the person uses the 
                        model notice prescribed by the Bureau.
                    ``(F) Issuance of general negative warning notice 
                without submitting negative information.--No provision 
                of this paragraph may be construed to require a person 
                described in subparagraph (A) or (D) to furnish 
                negative information about a consumer to a consumer 
                reporting agency described in subsection (p) or (x) of 
                section 603.
                    ``(G) Safe harbor.--A person shall not be liable 
                for failure to perform the duties required by this 
                paragraph if the person reasonably believes that the 
                person is prohibited, by law, from contacting the 
                consumer.
                    ``(H) Effective date.--The requirements 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 information 
                        concerning a consumer's delinquencies, late 
                        payments, insolvency, or any form of default.
                            ``(ii) Non-traditional data.--The term 
                        `non-traditional data' relates to 
                        telecommunications payments, utility payments, 
                        rent payments, remittances, wire transfers, and 
                        such other items as determined by the 
                        Bureau.''.
    (c) Duties of Furnishers After Receiving Notice 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 receiving notice 
                of dispute from a consumer.--After receiving a notice 
                of dispute 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 consumer 
                        reporting agency to which the person furnished 
                        the disputed information the notice of dispute;
                            ``(ii) review all information, including 
                        any substantiating documents, provided by the 
                        consumer about the disputed information and 
                        conduct an investigation, separate from any 
                        reinvestigation by a consumer reporting agency 
                        or a reseller conducted with respect to the 
                        disputed information;
                            ``(iii) before the expiration of the period 
                        under section 611(a)(1) within which a consumer 
                        reporting agency would be required to complete 
                        its action if the consumer had elected to 
                        dispute the information under that section, 
                        complete an investigation of the disputed 
                        information pursuant to the standards described 
                        in subparagraph (G);
                            ``(iv) notify the consumer, in writing, of 
                        the receipt of the dispute that includes--
                                    ``(I) a statement about any 
                                information additional to the 
                                information that the person is required 
                                to maintain 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 
                                consumer 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 removed 
                                by the agency;
                            ``(v) if the investigation determines the 
                        disputed information is inaccurate, incomplete, 
                        or unverifiable, promptly notify each consumer 
                        reporting agency to which the person furnished 
                        such information in accordance with paragraph 
                        (2); and
                            ``(vi) notify the consumer of the results 
                        of the investigation, in writing, in accordance 
                        with subparagraph (H).''.
    (d) Eliminating Furnishers' Authority To Dismiss Disputes as 
Frivolous or Irrelevant.--Section 623(a)(8) of such 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 such Act (15 U.S.C. 
1681s-2(a)(8)) is further amended by adding at the end the following 
new subparagraphs:
                    ``(G) Reasonable standards for furnishers for 
                conducting investigations and resolving disputes 
                submitted by consumers.--In any investigation conducted 
                by a person who furnishes information to a consumer 
                reporting agency of an item of information 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;
                            ``(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 personally 
                        identifiable information contained on such 
                        records;
                            ``(iv) shall conduct a reasonable review to 
                        determine whether the disputed information is 
                        accurate, complete, and can be verified that 
                        considers all the information, including any 
                        substantiating documents, provided by the 
                        consumer about the disputed information;
                            ``(v) shall ensure that the investigation 
                        is an independent analysis that is separate 
                        from any reinvestigation by a consumer 
                        reporting agency or a reseller conducted with 
                        respect to the disputed information; and
                            ``(vi) may not impose any limitations or 
                        otherwise impede the ability of a consumer to 
                        submit information, including any 
                        substantiating documents, about the disputed 
                        information.
                    ``(H) Contents of the notice to the consumer about 
                the results of the investigation by the furnisher.--The 
                notice of the results of the investigation described in 
                subparagraph (E) shall include--
                            ``(i) a statement informing the consumer as 
                        to whether the disputed information was 
                        determined to be inaccurate, incomplete, or 
                        unverifiable;
                            ``(ii) a statement of the specific reasons 
                        supporting the results of the investigation;
                            ``(iii) a description of the procedure used 
                        by the dispute resolution staff of the person 
                        who furnishes information to a consumer 
                        reporting agency to determine the accuracy or 
                        completeness of the information, including the 
                        business name, mailing address, telephone 
                        number, and Internet website address (if 
                        available) of any person who was contacted by 
                        the staff in connection with the determination;
                            ``(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 
                        consumer report and credit score or educational 
                        credit score (if applicable), from any consumer 
                        reporting agency to which the disputed 
                        information had been provided, regardless of 
                        whether the consumer obtained or will obtain a 
                        free consumer report 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 
                        unverifiable, 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;
                            ``(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 investigation 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 information has 
                        been furnished disputing the accuracy or 
                        completeness of the information, regardless of 
                        the results of the investigation 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 consumer 
                        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
                            ``(x) a statement that the consumer has the 
                        right to request a copy of their consumer 
                        report and credit score or educational credit 
                        score (if applicable), free of charge, within 
                        the 12-month period following the date of the 
                        conclusion of the investigation 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 information to an agency under section 
        623''.

SEC. 105. RIGHT TO APPEAL DISPUTES RELATING TO REINVESTIGATIONS 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 amended--
            (1) in subsection (b), by inserting ``or if the consumer is 
        unsatisfied with the results of an appeal conducted under 
        subsection (h),'' 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 authorized 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 Internet website described in 
                subsection (g)), and--
                            ``(i) shall identify the information 
                        contained 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 substantiate 
                        the validity of the dispute.
                    ``(B) Consumer reporting agency notice to 
                consumer.--Upon receipt of such notice of appeal, the 
                consumer reporting agency shall promptly provide to the 
                consumer a statement 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 completed;
                            ``(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 consumer 
                        reporting agency who, upon the request of the 
                        consumer, may discuss the substance and status 
                        of the appeal.
            ``(3) Consumer reporting agency requirements upon receipt 
        of notice of appeal.--
                    ``(A) In general.--Not later than 20 days after 
                receiving a notice of appeal, the consumer 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 information 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 consumer reporting agency 
                        shall provide notice of the appeal, including 
                        all information relating to the specific appeal 
                        that the consumer reporting agency has received 
                        from the consumer, to any person who provided 
                        any information in dispute.
                            ``(ii) Provision of additional information 
                        regarding the dispute.--If the consumer 
                        reporting agency receives additional 
                        information from the consumer after the agency 
                        provides the notice required under clause (i) 
                        and before the end of the 20-day period 
                        described in subparagraph (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--
                                    ``(I) shall be assigned an employee 
                                reference number or other employee 
                                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 
                                subject of the notice of appeal from 
                                the review stage to its completion;
                                    ``(III) shall meet minimum training 
                                and ongoing certification requirements 
                                at regular intervals, as established 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, 
                                including promotion, to the number of 
                                appeals processed within a certain time 
                                period.
                            ``(ii) Requirements.--Such employees shall 
                        conduct a robust review of the appeal and make 
                        a determination regarding the accuracy and 
                        completeness of the disputed information by--
                                    ``(I) conducting an independent 
                                analysis, separate from any 
                                investigation by a reseller or person 
                                who provided the disputed information, 
                                and separate from any prior 
                                reinvestigation conducted by the 
                                consumer reporting agency of the 
                                disputed information;
                                    ``(II) verifying that the 
                                personally identifiable information of 
                                the consumer submitting the dispute 
                                matches the personally identifiable 
                                information contained on the consumer's 
                                file;
                                    ``(III) analyzing the notice of 
                                appeal and all information, including 
                                any substantiating documents, provided 
                                by the consumer with the notice of 
                                appeal;
                                    ``(IV) evaluating the validity of 
                                any information submitted by any 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;
                            ``(ii) a copy of all information relating 
                        to the consumer that was used as a basis for 
                        deciding the results of the appeal;
                            ``(iii) a consumer report that is based 
                        upon the consumer's file as that file may have 
                        been revised as a result of the appeal;
                            ``(iv) a description of the procedure used 
                        to determine the accuracy and completeness of 
                        the information, including the business name, 
                        telephone number, mailing address, and Internet 
                        website address (if applicable) of any person 
                        who provided information that was contacted in 
                        connection with such information, if reasonably 
                        available;
                            ``(v) information describing that the 
                        consumer may submit a statement, without 
                        charge, disputing the accuracy or completeness 
                        of information in the consumer's file that was 
                        the subject of an appeal under this subsection 
                        by submitting a statement directly to each 
                        consumer reporting agency that received the 
                        information;
                            ``(vi) a description of the consumer's 
                        rights pursuant to subsection (d) (relating to 
                        furnishing notifications to certain users of 
                        consumer reports); and
                            ``(vii) any other information, as 
                        determined by the Bureau.
                    ``(E) No excuse for failure to conduct appeal.--A 
                consumer reporting agency may not refuse to conduct a 
                review of an appeal under this subsection because the 
                agency determines that the notice of appeal 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 notice of appeal 
                on the consumer's behalf. If the consumer reporting 
                agency refuses to conduct a review of the appeal for 
                these reasons, it shall provide a clear and conspicuous 
                written notice to the consumer explaining the reasons 
                for the refusal and describing any information the 
                consumer is required to provide for the agency to 
                conduct a review of the appeal.''.
    (b) Appeals of Investigations Conducted by Furnishers of 
Information.--Section 623(a) of the Fair Credit Reporting Act (15 
U.S.C. 1681s-2(a)) is amended by adding at the end the following new 
paragraph:
            ``(10) Duty of furnishers of information upon notice of 
        appeal of investigation.--
                    ``(A) In general.--Within 120 days of the date of 
                receipt of the results of an investigation conducted 
                under paragraph (8)(E), a consumer may, free of charge, 
                appeal such results by submitting a notice of appeal to 
                the person who provided the information in the dispute 
                to a consumer reporting agency (hereafter in this 
                paragraph referred to as the `furnisher').
                    ``(B) Notice of appeal.--A notice of appeal 
                described in subparagraph (A) may be submitted in 
                writing, through a toll-free telephone number, or by 
                other electronic means established by the furnisher, 
                and--
                            ``(i) shall identify the information 
                        contained 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 include any information, 
                        including substantiating documents, the 
                        consumer believes is relevant to the appeal.
                    ``(C) Furnisher actions.--Upon receipt of such 
                notice of appeal, the furnisher shall--
                            ``(i) before the end of the period of 3 
                        business days beginning on the date on which 
                        the furnisher receives the notice of appeal, 
                        notify each consumer reporting agency to which 
                        the person furnished such information a 
                        statement identifying the items of information 
                        that a consumer is appealing; and
                            ``(ii) notify the consumer confirming the 
                        receipt of the consumer's notice of appeal, 
                        including an approximate date when the 
                        consumer's appeal will be completed, the 
                        process and procedures by which a review of the 
                        appeal will be conducted, and the specific 
                        individual designated by the consumer reporting 
                        agency who, upon the request of the consumer, 
                        may discuss the substance and status of the 
                        appeal.
                    ``(D) Furnisher requirements upon receipt of notice 
                of appeal.--Not later than 20 days after receiving a 
                notice of appeal, the furnisher shall determine whether 
                the item of information being disputed by the consumer 
                is inaccurate, incomplete, or cannot be verified, and 
                shall notify the consumer reporting agency of the 
                determination. If the furnisher cannot verify the 
                accuracy or completeness of the disputed information, 
                the furnisher shall, before the end of the 20-day 
                period beginning on the date on which the furnisher 
                receives notice of an appeal from the consumer, submit 
                instructions to the consumer reporting agency that the 
                item of information being disputed by the consumer 
                should be deleted from the file of the consumer.
                    ``(E) Minimum standards for appeals employees.--
                Upon receipt of a notice of appeal under subparagraph 
                (A), a furnisher shall designate one or more specific 
                employees who--
                            ``(i) shall be assigned an employee 
                        reference number or other employee 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 subject of the 
                        notice of appeal on behalf of the furnisher 
                        from the review stage to its completion;
                            ``(iii) shall meet minimum training and 
                        ongoing certification requirements at regular 
                        intervals, as established by the Bureau;
                            ``(iv) may not have been involved in an 
                        investigation conducted pursuant to paragraph 
                        (8); and
                            ``(v) may not be subject to any 
                        requirements linking incentives, including 
                        promotion, to the number of appeals processed 
                        within a certain time period.
                    ``(F) Requirements for appeals process.--Such 
                employees shall conduct a robust review of the appeal 
                and make a determination regarding the accuracy and 
                completeness of the disputed information by--
                            ``(i) conducting an independent analysis, 
                        separate from any reinvestigation by a reseller 
                        or consumer reporting agency, of the disputed 
                        information;
                            ``(ii) verifying that the personally 
                        identifiable information related to the dispute 
                        is accurate and complete;
                            ``(iii) analyzing the notice of appeal and 
                        all information, including substantiating 
                        documents, provided by the consumer with the 
                        notice of appeal;
                            ``(iv) evaluating the validity of any 
                        information submitted by any person that was 
                        used by the furnisher in the initial 
                        investigation into the dispute;
                            ``(v) verifying that the information being 
                        disputed relates to the consumer in whose file 
                        the information is located;
                            ``(vi) verifying that the furnisher has a 
                        record of the information being disputed; and
                            ``(vii) applying any additional factors or 
                        investigative processes, as specified by the 
                        Bureau.
                    ``(G) Extension of review period.--If a consumer 
                submits additional information related to the appeal 
                after the period of 3 business days described in 
                subparagraph (C)(i) and before the end of the 20-day 
                period described in subparagraph (D), the furnisher 
                shall have an additional 10 business days to complete 
                the review of the appeal.
                    ``(H) Notice of appeal results.--Not later than 5 
                days after the end of the 20-day period described in 
                subparagraph (D) (or the 10 business day extension 
                described under subparagraph (G), as applicable) the 
                furnisher shall provide the consumer with written 
                notice of the results of the appeal by 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;
                            ``(ii) a copy of all information relating 
                        to the consumer that was used as a basis for 
                        deciding the results of the appeal;
                            ``(iii) if the appeal results in any change 
                        to the consumer report, a notification that the 
                        consumer shall receive a copy, free of charge, 
                        of a revised consumer report (based upon the 
                        consumer's file as that file was changed as a 
                        result of the appeal) and a credit score or 
                        educational credit score (if applicable) from 
                        each consumer reporting agency that had been 
                        furnished incorrect information;
                            ``(iv) a description of the procedure used 
                        to determine the accuracy and completeness of 
                        the information, including the business name, 
                        telephone number, mailing address, and Internet 
                        website address (if applicable), of any person 
                        who provided information that was contacted in 
                        connection with such information, if reasonably 
                        available;
                            ``(v) information describing that the 
                        consumer may submit a statement, without 
                        charge, disputing the accuracy or completeness 
                        of information in the consumer's file that was 
                        the subject of an appeal under this paragraph 
                        by submitting a statement directly to each 
                        consumer reporting agency that received the 
                        information; and
                            ``(vi) a notification that the consumer may 
                        request the furnisher to submit to each 
                        consumer reporting agency the consumer's 
                        request to furnish notifications pursuant to 
                        section 611(d) (relating to furnishing 
                        notifications to certain users of consumer 
                        reports).''.
    (c) Technical Amendment.--Section 623(a)(8)(A) of the Fair Credit 
Reporting Act (15 U.S.C. 1681s-2(a)(8)(A)) is amended by striking 
``reinvestigate'' and inserting ``investigate''.
    (d) Conforming Amendments.--Section 609 of the Fair Credit 
Reporting Act (15 U.S.C. 1681g) is amended--
            (1) in subsection (c)--
                    (A) by striking ``Commission'' and inserting 
                ``Bureau'' each place that term appears;
                    (B) in the subsection heading, by striking ``Rights 
                To Obtain and Dispute Information in Consumer Reports 
                and To Obtain Credit Scores'' and inserting ``Key 
                Consumer Reporting Rights''; and
                    (C) in paragraph (1)--
                            (i) in the heading, by striking 
                        ``Commission'' and inserting ``Bureau'';
                            (ii) in subparagraph (B)--
                                    (I) in clause (ii), by striking ``a 
                                consumer report without charge under 
                                section 612'' and inserting ``consumer 
                                reports and credit scores or 
                                educational credit scores (as 
                                applicable) without charge under 
                                subsections (f), (g), (i), or (j) or 
                                section 612'';
                                    (II) in clause (iii), by inserting 
                                ``or section 623'' after ``section 
                                611'';
                                    (III) by striking clauses (iv) and 
                                (vi);
                                    (IV) by inserting after clause 
                                (iii) the following new clause:
                            ``(iv) the right of a consumer to appeal a 
                        determination of a reinvestigation conducted by 
                        a consumer reporting agency under section 
                        611(h) or an investigation conducted by a 
                        furnisher of information under section 
                        623(a)(10);''; and
                                    (V) by adding at the end the 
                                following new clause:
                            ``(vi) the method and circumstances under 
                        which consumers can obtain a 1-year fraud 
                        alert, 7-year fraud alert, active duty alert, 
                        or security freeze as described in section 605A 
                        through a consumer reporting agency described 
                        under section 603(p).'';
                            (iii) in subparagraph (C) (as amended by 
                        subparagraph (A)) by inserting ``and the 
                        Commission'' after ``Bureau''; and
                            (iv) by adding at the end the following new 
                        subparagraph:
                    ``(D) Publication of summary rights.--A consumer 
                reporting agency described under subsection (p) or (x) 
                of section 603 shall display in a clear and conspicuous 
                manner, including on the Internet website of the 
                consumer reporting agency, the summary of rights 
                prepared by the Bureau under this paragraph.''; and
            (2) in subsection (d), by inserting ``Bureau and the'' 
        before ``Commission''.

SEC. 106. REVISED CONSUMER REPORTS.

    Section 611 of the Fair Credit Reporting Act (15 U.S.C. 1681i), as 
amended by section 105(a)(2), is further amended by adding at the end 
the following new subsection:
    ``(j) Requirement To Send Revised Consumer Report to Consumer.--
Upon receiving a notice described in section 623(a)(8)(E)(iv), each 
consumer reporting agency shall send to the consumer a revised consumer 
report and credit score or education credit score (if applicable) based 
upon the consumer's file as that file was changed as a result of the 
investigation.''.

SEC. 107. INDICATION OF DISPUTE BY CONSUMERS AND USE OF DISPUTED 
              INFORMATION.

    Section 605(f) of the Fair Credit Reporting Act (15 U.S.C. 
1681c(f)) is amended to read as follows:
    ``(f) Indication of Dispute.--
            ``(1) In general.--A consumer reporting agency shall 
        include in any consumer report based on the consumer's file a 
        notation identifying any item of information that is currently 
        in dispute by the consumer if--
                    ``(A) a consumer disputes the completeness or 
                accuracy of any item of information contained in a 
                consumer's file pursuant to section 611(a)(1);
                    ``(B) a consumer files with a consumer reporting 
                agency an appeal of a reinvestigation pursuant to 
                section 611(i); or
                    ``(C) the consumer reporting agency is notified by 
                a person that furnished any items of information that 
                are currently in dispute by the consumer that--
                            ``(i) a consumer disputes the completeness 
                        or accuracy of any information furnished by a 
                        person to any consumer reporting agency 
                        pursuant to paragraph (3) or (8) of section 
                        623(a); or
                            ``(ii) a consumer submits a notice of 
                        appeal under section 623(a)(10).
            ``(2) Opt out.--A consumer may submit a request to a 
        consumer reporting agency or a person who furnished the 
        information in dispute, as applicable, to have the notation 
        described in paragraph (1) omitted from the consumer report. 
        Upon receipt of such a request--
                    ``(A) by a consumer reporting agency, such agency 
                shall remove the notation within 1 business day; and
                    ``(B) by a person who furnished the information in 
                dispute, such person shall submit such request to each 
                consumer reporting agency to which the person furnished 
                such information within 1 business day and such agency 
                shall remove the notation within 1 business day of 
                receipt of such request.''.

SEC. 108. ACCURACY AND COMPLETENESS REPORT DUTIES FOR CONSUMER 
              REPORTING AGENCIES AND FURNISHERS.

    Section 607(b) of the Fair Credit Reporting Act (15 U.S.C. 1681e) 
is amended to read as follows:
    ``(b) Accuracy and Completeness of Report.--
            ``(1) In general.--In preparing a consumer report, a 
        consumer reporting agency shall maintain reasonable procedures 
        to ensure maximum possible accuracy and completeness of the 
        information concerning the individual to whom the consumer 
        report relates.
            ``(2) Bureau rule to assure maximum possible accuracy and 
        completeness with credit reporting practices.--
                    ``(A) Rule.--Not later than 18 months after the 
                date of enactment of this subsection, the Bureau shall 
                issue a final rule establishing the procedures 
                described in paragraph (1).
                    ``(B) Requirements.--In formulating the rule 
                required under subparagraph (A), the Bureau shall--
                            ``(i) develop standards for matching the 
                        personally identifiable information included in 
                        the consumer's file with the personally 
                        identifiable information furnished by the 
                        person who provided the information to the 
                        consumer reporting agency (hereafter in this 
                        subsection referred to as the `furnisher'), 
                        including the full name of a consumer, the date 
                        of birth of a consumer, the full social 
                        security number of a consumer, and any other 
                        information that the Bureau determines would 
                        aid in assuring maximum possible accuracy and 
                        completeness of such consumer reports;
                            ``(ii) establish processes for a consumer 
                        reporting agency to monitor the integrity of 
                        the data provided by furnishers and the 
                        compliance of furnishers with the requirements 
                        of this title;
                            ``(iii) establish processes for a consumer 
                        reporting agency to regularly reconcile data 
                        relating to accounts in collection, including 
                        those that have not been paid in full, by 
                        specifying the circumstances under which the 
                        consumer reporting agency shall remove or 
                        suppress negative or adverse information from a 
                        consumer's file that has not been updated by a 
                        furnisher who is also a debt collector (as 
                        defined in section 803 of the Fair Debt 
                        Collection Practices Act) within the time 
                        period established by the Bureau;
                            ``(iv) establish procedures to require each 
                        consumer reporting agency to review and monitor 
                        the quality of information received from any 
                        source, including information from public 
                        records, by regularly and on an ongoing basis 
                        comparing the information received to the 
                        information available from the original source 
                        and ensuring that the information received is 
                        the most current information;
                            ``(v) develop standards and procedures for 
                        consumer reporting agencies to identify 
                        furnishers that repeatedly fail to provide 
                        accurate and complete information, to take 
                        corrective action against such furnishers, and 
                        to reject information submitted by such 
                        furnishers;
                            ``(vi) develop standards and procedures for 
                        consumer reporting agencies to adopt regarding 
                        collection of public record data, including 
                        standards and procedures to consider the 
                        ultimate data source, how the public record 
                        information is filed and its availability and 
                        accessibility, and whether information relating 
                        to the satisfaction of judgments or other 
                        updates to the public record are available on a 
                        reasonably timely basis from a particular 
                        source; and
                            ``(vii) establish any other factors, 
                        procedures, or processes determined by the 
                        Bureau to be necessary to assist consumer 
                        reporting agencies in achieving maximum 
                        possible accuracy and completeness of the 
                        information in consumer reports.
            ``(3) Corrective action for furnishers that repeatedly 
        furnish inaccurate or incomplete information.--Upon identifying 
        a furnisher that repeatedly fails to furnish accurate, 
        complete, or verifiable information to consumer reporting 
        agencies, the Bureau shall--
                    ``(A) ensure the prompt removal of any adverse 
                information relating to a consumer's accounts submitted 
                by such furnisher; and
                    ``(B) take corrective action, which may include--
                            ``(i) mandatory revised training and 
                        training materials for the staff of the 
                        furnisher regarding the furnishing of accurate 
                        and complete information;
                            ``(ii) sharing industry best practices and 
                        procedures regarding accuracy and completeness; 
                        or
                            ``(iii) temporarily prohibiting a furnisher 
                        from providing information to a consumer 
                        reporting agency.''.

SEC. 109. INCLUSION OF PUBLIC RECORD DATA SOURCES IN CONSUMER REPORTS.

    Section 605(d) of the Fair Credit Reporting Act (15 U.S.C. 
1681c(d)) is amended by adding at the end the following:
            ``(3) Public record data source.--Any consumer reporting 
        agency that furnishes a consumer report that contains public 
        record data shall also include in such report the source from 
        which that data was obtained, including the particular court, 
        if any, and the date that the data was initially reported or 
        publicized.''.

SEC. 110. INJUNCTIVE RELIEF FOR VICTIMS.

    (a) In General.--The Fair Credit Reporting Act (15 U.S.C. 1681 et 
seq.) is amended--
            (1) in section 616--
                    (A) in subsection (a), by amending the subsection 
                heading to read as follows: ``Damages'';
                    (B) by redesignating subsections (c) and (d) as 
                subsections (d) and (e), respectively; and
                    (C) by inserting after subsection (b) the following 
                new subsection:
    ``(c) Injunctive Relief.--In addition to any other remedy set forth 
in this section, a court may award injunctive relief to require 
compliance with the requirements imposed under this title with respect 
to any consumer. In the event of any successful action for injunctive 
relief under this subsection, the court may award to the prevailing 
party costs and reasonable attorney fees (as determined by the court) 
incurred during the action by such party.''; and
            (2) in section 617--
                    (A) in subsection (a), by amending the subsection 
                heading to read as follows: ``Damages'';
                    (B) by redesignating subsection (b) as subsection 
                (c); and
                    (C) by inserting after subsection (a) the following 
                new subsection:
    ``(b) Injunctive Relief.--In addition to any other remedy set forth 
in this section, a court may award injunctive relief to require 
compliance with the requirements imposed under this title with respect 
to any consumer. In the event of any successful action for injunctive 
relief under this subsection, the court may award to the prevailing 
party costs and reasonable attorney fees (as determined by the court) 
incurred during the action by such party.''.
    (b) Enforcement by Federal Trade Commission.--Section 621(a)(2)(A) 
of the Fair Credit Reporting Act (15 U.S.C. 1681s(a)(2)(A)) is 
amended--
            (1) by amending the subparagraph heading to read as 
        follows: ``Negligent, willful, or knowing violations''; and
            (2) by inserting ``negligent, willful, or'' before 
        ``knowing''.

   TITLE II--PROHIBITION ON MISLEADING AND UNFAIR CONSUMER REPORTING 
                               PRACTICES

SEC. 201. PROHIBITION ON AUTOMATIC RENEWALS FOR PROMOTIONAL CONSUMER 
              REPORTING AND CREDIT SCORING PRODUCTS AND SERVICES.

    The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.) is amended--
            (1) by adding at the end the following new section:
``Sec. 630. Promotional periods
    ``(a) Termination Notice.--With respect to any product or service 
related to a consumer report or a credit score that is provided to a 
consumer under promotional terms, the seller or provider of such 
product or service shall provide clear and conspicuous notice to the 
consumer within a reasonable period of time before the promotional 
period ends.
    ``(b) Opt-In.--With respect to any such product or service, the 
seller or provider may not continue to sell or provide such product or 
service to the consumer after the end of the promotional period unless 
the consumer specifically agrees at the end of the promotional period 
to continue receiving the product or service.''; and
            (2) in the table of contents for such Act, by inserting 
        after the item relating to section 629 the following new item:

``630. Promotional periods.''.

SEC. 202. PROHIBITION ON MISLEADING AND DECEPTIVE MARKETING RELATED TO 
              THE PROVISION OF CONSUMER REPORTING AND CREDIT SCORING 
              PRODUCTS AND SERVICES.

    Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g) is 
amended--
            (1) in subsection (a)--
                    (A) in paragraph (1)--
                            (i) by striking ``request, except'' and all 
                        that follows through ``consumer to whom'' and 
                        inserting ``request, unless the consumer to 
                        whom'';
                            (ii) by striking ``disclosure; and'' and 
                        inserting ``disclosure.''; and
                            (iii) by striking subparagraph (B); and
                    (B) in paragraph (6), by inserting ``or educational 
                credit score (if applicable) under subsection (f) or 
                section 612'' before the period at the end; and
            (2) by adding at the end the following new subsection:
    ``(h) Disclosures on Products and Services.--The Bureau, in 
consultation with the Federal Trade Commission, shall issue regulations 
within 18 months of the date of the enactment of this subsection 
requiring each consumer reporting agency and reseller to clearly and 
conspicuously disclose all material terms and conditions, including any 
fee and pricing information associated with any products or services 
offered, advertised, marketed, or sold to consumers by the agency or 
reseller. Such disclosures shall be made in all forms of communication 
to consumers and displayed prominently on the agency or reseller's 
website and all other locations where products or services are offered, 
advertised, marketed, or sold to consumers.''.

SEC. 203. PROHIBITION ON EXCESSIVE DIRECT-TO-CONSUMER SALES.

    The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), as amended 
by section 201, is further amended--
            (1) by adding at the end the following new section:
``Sec. 631. Fair and reasonable fees for products and services
    ``The Bureau may, with respect to any product or service offered by 
a consumer reporting agency to a consumer, set a fair and reasonable 
maximum fee that may be charged for such product or service, except 
where such maximum fee is otherwise provided under this title.''; and
            (2) in the table of contents for such Act, as amended by 
        section 201, by adding at the end the following new item:

``631. Fair and reasonable fees for products and services.''.

SEC. 204. FAIR ACCESS TO CONSUMER REPORTING AND CREDIT SCORING 
              DISCLOSURES FOR NONNATIVE ENGLISH SPEAKERS AND THE 
              VISUALLY AND HEARING IMPAIRED.

    The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), as amended 
by section 203, is further amended--
            (1) by adding at the end the following new section:
``Sec. 632. Fair access to information for nonnative English speakers 
              and the visually and hearing impaired
    ``(a) In General.--Not later than 180 days after the date of the 
enactment of this section, the Bureau shall issue a rule to require 
consumer reporting agencies and persons who furnish information to 
consumer reporting agencies under this title, to the maximum extent 
reasonably practicable--
            ``(1) to provide any information, disclosures, or other 
        communication with consumers--
                    ``(A) 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
                    ``(B) in formats accessible to individuals with 
                hearing or vision impairments; and
            ``(2) to ensure that--
                    ``(A) customer service representatives, including 
                employees assigned to handle disputes or appeals under 
                sections 611 and 623, who are available to assist 
                consumers are highly familiar with the requirements of 
                this title;
                    ``(B) such representatives are available during 
                regular business hours and outside of regular business 
                hours, including evenings and weekends; and
                    ``(C) at least one among such representatives is 
                fluent 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.
    ``(b) Bureau Consultation.--The Bureau shall consult with advocates 
for civil rights, consumer groups, community groups, and organizations 
that serve traditionally underserved communities and populations in 
issuing the rule described in subsection (a).''; and
            (2) in the table of contents for such Act, as amended by 
        section 203, by adding at the end the following new item:

``632. Fair access to information for nonnative English speakers and 
                            the visually and hearing impaired.''.

SEC. 205. COMPARISON SHOPPING FOR LOANS WITHOUT HARM TO CREDIT 
              STANDING.

    Section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c) is 
amended by adding at the end the following new subsection:
    ``(i) Encouraging Consumers To Comparison Shop for Loans by 
Treating Grouped Enquiries of the Same Type Within a Reasonable Period 
as a Single Enquiry.--
            ``(1) In general.--With respect to multiple enquiries of 
        the same type made to a consumer reporting agency for a 
        consumer report or credit score with respect to a consumer, any 
        credit scoring model shall treat such enquiries as a single 
        enquiry if the enquiries are made within a 120-day period.
            ``(2) Definition of enquiries of the same type.--With 
        respect to multiple enquiries made to a consumer reporting 
        agency for a consumer report or credit score with respect to a 
        consumer, such enquiries are `of the same type' if the consumer 
        reporting agency has reason to believe that the enquiries are 
        all made for the purpose of determining the consumer's 
        creditworthiness for an extension of credit described in one of 
        the following:
                    ``(A) Any loan primarily for personal, family, or 
                household use that is secured by a mortgage, deed of 
                trust, or other equivalent consensual security interest 
                on a dwelling (as defined in section 103(w) of the 
                Truth in Lending Act), including a loan in which the 
                proceeds will be used for--
                            ``(i) a manufactured home (as defined in 
                        section 603 of the Housing and Community 
                        Development Act of 1974 (42 U.S.C. 5402));
                            ``(ii) any installment sales contract, land 
                        contract, or contract for deed on a residential 
                        property; or
                            ``(iii) a reverse mortgage transaction (as 
                        defined in section 103 of the Truth in Lending 
                        Act).
                    ``(B) A motor vehicle loan or lease (as described 
                in section 609(j)).
                    ``(C) A private education loan.
                    ``(D) Any other consumer financial product or 
                service, as determined by the Bureau.''.

SEC. 206. NATIONWIDE CONSUMER REPORTING AGENCIES REGISTRY.

    The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), as amended 
by section 204, is further amended--
            (1) by adding at the end the following new section:
``Sec. 633. Nationwide consumer reporting agencies registry
    ``(a) In General.--Not later than 1 year after the date of 
enactment of this section, the Bureau shall establish and maintain a 
publicly accessible registry of consumer reporting agencies described 
in subsection (p) or (x) of section 603 (and any other agencies the 
Bureau determines provide similar services to such consumer reporting 
agencies) that includes current contact information of each such 
agency, including the Internet website address of the Internet website 
described under section 611(h), and information on how consumers can 
obtain their consumer report, credit scores, or educational credit 
scores (as applicable) by toll-free telephone, postal mail, or 
electronic means.
    ``(b) Registry Requirements.--The registry described in subsection 
(a) shall--
            ``(1) identify the largest agencies and the markets and 
        demographics covered by such agencies; and
            ``(2) disclose, with respect to each agency, whether the 
        agency is subject to the supervisory authority of the Bureau 
        under this title.
    ``(c) Information Updates.--Each agency described under subsection 
(a) shall submit to the Bureau contact information for the registry, 
including any updates to such information. The Bureau shall--
            ``(1) independently verify information submitted by each 
        agency; and
            ``(2) update the registry not less frequently than 
        annually.''; and
            (2) in the table of contents for such Act, as amended by 
        section 204, by adding at the end the following new item:

``633. Nationwide consumer reporting agencies registry.''.
                                 <all>