Comprehensive CREDIT Act of 2021
Bill: H.R.4120 | Sponsor: Rep. Pressley, Ayanna (D-MA)
Policy area: Finance and Financial Sector

Summary:
Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency Act of 2021 or the Comprehensive CREDIT Act of 2021
This bill provides for additional consumer credit protections, sets forth requirements for credit reporting agencies, and prohibits the inclusion of specified information on credit reports.
The bill revises the dispute process for consumers challenging information contained on their credit report, including by establishing an appeals process for disputed credit information. The bill also establishes the right for courts to award injunctive relief to require compliance with consumer credit laws.
Credit reporting agencies must provide (1) free credit scores to consumers along with their free annual credit reports, and (2) additional information regarding the calculation of their credit score.
Furthermore, specified lenders must give consumers free copies of consumer reports or credit scores used for making underwriting decisions before consumers sign the respective loan agreements.
Additionally, the bill generally revises the information included on a credit report, including by limiting the inclusion of certain medical debt.
The bill also expands consumer credit protections applicable to servicemembers and victims of fraud.

To amend the Fair Credit Reporting Act to provide comprehensive reforms 
     to the consumer credit reporting laws, 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.

    This Act may be cited as the ``Comprehensive Credit Reporting 
Enhancement, Disclosure, Innovation, and Transparency Act of 2021'' or 
the ``Comprehensive CREDIT Act of 2021''.

SEC. 2. TABLE OF CONTENTS.

    The table of contents for this Act is as follows:

Sec. 1. Short title.
Sec. 2. Table of contents.
Sec. 3. Findings.
Sec. 4. Effective date.
Sec. 5. Discretionary surplus fund.
              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--FREE CREDIT SCORES FOR CONSUMERS

Sec. 201. Definitions.
Sec. 202. Consumer information on calculation of scores.
Sec. 203. Disclosures relating to credit scores and educational credit 
                            scores.
Sec. 204. Free credit score disclosures and consumer reports.
Sec. 205. Provision of consumer reports and credit scores by private 
                            educational lenders.
Sec. 206. Provision of consumer reports and credit scores by motor 
                            vehicle lenders or indirect auto lenders.
Sec. 207. Provision of consumer reports and credit scores by 
                            residential mortgage lenders.
           TITLE III--STUDENT BORROWER CREDIT IMPROVEMENT ACT

Sec. 301. Removal of adverse information for certain private education 
                            loan borrowers.
Sec. 302. Private education loan definitions.
 TITLE IV--CREDIT RESTORATION FOR VICTIMS OF PREDATORY ACTIVITIES AND 
                  UNFAIR CONSUMER REPORTING PRACTICES

Sec. 401. Adverse credit information.
Sec. 402. Expedited removal of fully paid or settled debt from consumer 
                            reports.
Sec. 403. Medical debt collections.
Sec. 404. Credit restoration for victims of predatory mortgage lending 
                            and servicing.
Sec. 405. Credit restoration for certain private education loans 
                            borrowers.
Sec. 406. Financial abuse prevention.
Sec. 407. Prohibition of certain factors related to Federal credit 
                            restoration or rehabilitation.
               TITLE V--CLARITY IN CREDIT SCORE FORMATION

Sec. 501. Consumer Bureau study and report to Congress on the impact of 
                            non-traditional data.
Sec. 502. Consumer Bureau oversight of credit scoring models.
Sec. 503. Review of changes to credit scoring models.
    TITLE VI--RESTRICTIONS ON CREDIT CHECKS FOR EMPLOYMENT DECISIONS

Sec. 601. Prohibition on the use of credit information for most 
                            employment decisions.
  TITLE VII--PROHIBITION ON MISLEADING AND UNFAIR CONSUMER REPORTING 
                               PRACTICES

Sec. 701. Prohibition on automatic renewals for promotional consumer 
                            reporting and credit scoring products and 
                            services.
Sec. 702. Prohibition on misleading and deceptive marketing related to 
                            the provision of consumer reporting and 
                            credit scoring products and services.
Sec. 703. Prohibition on excessive direct-to-consumer sales.
Sec. 704. Fair access to consumer reporting and credit scoring 
                            disclosures for nonnative English speakers 
                            and the visually and hearing impaired.
Sec. 705. Comparison shopping for loans without harm to credit 
                            standing.
Sec. 706. Nationwide consumer reporting agencies registry.
Sec. 707. Protection for certain consumers affected by a shutdown.
  TITLE VIII--PROTECTIONS AGAINST IDENTITY THEFT, FRAUD, OR A RELATED 
                                 CRIME

Sec. 801. Identity theft report definition.
Sec. 802. Amendment to protection for files and credit records of 
                            protected consumers.
Sec. 803. Enhancement to fraud alert protections.
Sec. 804. Amendment to security freezes for consumer reports.
Sec. 805. Clarification of information to be included with agency 
                            disclosures.
Sec. 806. Provides access to fraud records for victims.
Sec. 807. Required Bureau to set procedures for reporting identity 
                            theft, fraud, and other related crime.
Sec. 808. Establishes the right to free credit monitoring and identity 
                            theft protection services for certain 
                            consumers.
Sec. 809. Ensures removal of inquiries resulting from identity theft, 
                            fraud, or other related crime from consumer 
                            reports.
                        TITLE IX--MISCELLANEOUS

Sec. 901. Definitions.
Sec. 902. Technical correction related to risk-based pricing notices.
Sec. 903. FCRA findings and purpose; voids certain contracts not in the 
                            public interest.
Sec. 904. GAO study on the use of credit in housing determinations.
Sec. 905. GAO study on the effects of credit scores impacted by a 
                            student borrower's defaulted or delinquent 
                            private education loan.
Sec. 906. GAO study on consumer reporting agency compliance with 
                            consent orders.
Sec. 907. Protections for active duty uniformed consumer.
Sec. 908. Positive credit reporting permitted.
Sec. 909. Sense of Congress.
Sec. 910. Cybersecurity supervision and examination of large consumer 
                            reporting agencies.

SEC. 3. FINDINGS.

    Congress finds the following:
            (1) General findings on credit reporting.--
                    (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 early December 2019, the Consumer Bureau 
                has handled approximately 391,560 credit reporting 
                complaints about the top three CRAs, making credit 
                reporting consistently in the top third most-
                complained-about subject matter on which the Consumer 
                Bureau accepts consumer complaints. Incorrect 
                information in reports and frustrations about 
                burdensome and time-consuming process to disputing 
                items is are consistently top reported concerns from 
                consumers.
                    (M) 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.
                    (N) In the fall 2019 ``Supervisory Highlights'', 
                the Consumer Bureau noted that one or more of the 
                largest CRAs continue to struggle 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.
                    (O) 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.
                    (P) 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.
                    (Q) 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 February 
                2019 report titled ``Automated Injustice Redux: Ten 
                Years after a Key Report, Consumers Are Still 
                Frustrated Trying to Fix Credit Reporting Errors'', 
                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 5 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.
                    (R) 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.
                    (S) 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) In ``Report to Congress Under Section 319 of 
                the Fair and Accurate Credit Transactions Act of 2003'' 
                released by the Federal Government 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 fall 2019 ``Supervisory 
                Highlights'', 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 Federal Government study issued 
                in January 2015. In the ``Report to Congress under 
                Section 319 for the Fair and Accurate Credit 
                Transactions Act of 2003'', the study 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 against CRAs. 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) Credit scores.--
                    (A) While nationwide CRAs are required by law to 
                supply consumers with a free copy of their credit 
                report annually, they can charge consumers to obtain a 
                credit score disclosure.
                    (B) Many consumers do not realize that they have 
                more than just ``one'' credit score. Because the 
                submission of credit information to CRAs is voluntary 
                and not all furnishers submit information to every CRA, 
                the information contained in a report also varies among 
                CRAs. As a result, the credit score generated by each 
                CRA is also likely to vary, resulting in potentially 
                different credit decisions based on an evaluation of 
                different credit reports obtained from different CRAs.
                    (C) A February 2015 Consumer Bureau report titled 
                ``Consumer Voices on Credit Reports and Scores'' found 
                that consumers had questions about what actions to take 
                to improve their scores once they had seen them, 
                suggesting that additional disclosures and educational 
                content would be helpful to consumers. The Consumer 
                Bureau found that consumers were confused by 
                conflicting advice on how to improve their scores.
                    (D) That report also noted that consumers found the 
                process for obtaining consumer reports and credit 
                scores confusing. Consumers also were uncertain about 
                whether, and under what circumstances, they could 
                obtain a consumer report for free.
            (5) Private education loans.--
                    (A) The Consumer Bureau's October 2014 report 
                titled ``Annual Report of the CFPB Student Loan 
                Ombudsman'' noted many private education loan 
                borrowers, who sought to negotiate a modified repayment 
                plan when they were experiencing a period of financial 
                distress, were unable to get assistance from their loan 
                holders, which often resulting in them defaulting on 
                their loans. This pattern resembles the difficulty that 
                a significant number of mortgage loan borrowers 
                experienced when they sought to take responsible steps 
                to work with their mortgage loan servicer to avoid 
                foreclosure during the Great Recession.
                    (B) Although private student loan holders may allow 
                a borrower to postpone payments while enrolled in 
                school full-time, many limit this option to a certain 
                time period, usually 48 to 66 months. This limited time 
                period may not be sufficient for those who need 
                additional time to obtain their degree or who want to 
                continue their education by pursing a graduate or 
                professional degree. The Consumer Bureau found that 
                borrowers who were unable to make payments often 
                defaulted or had their accounts sent to collections 
                before they were even able to graduate.
            (6) Deceptive practices at certain proprietary education 
        institutions and career education programs.--
                    (A) NCLC cited the proliferation of law enforcement 
                actions against many for-profit schools in its June 
                2014 report, titled ``Ensuring Educational Integrity: 
                10 Steps to Improve State Oversight of For-profit 
                Schools'', to demonstrate the pervasive problem in this 
                sector of targeting low-income students with deceptive 
                high-pressure sales techniques involving inflated job 
                placement rates and misleading data on graduate wages, 
                and false representations about the transferability of 
                credits and the employability of graduates in 
                occupations that require licensure. Student loan 
                borrowers at these schools may be left with nothing but 
                worthless credentials and large debt. Those who default 
                on their student loans face years with damaged credit 
                that will adversely impact their ability to rent or buy 
                homes, purchase cars, and find employment.
                    (B) The closure and bankruptcy of Corinthian 
                Colleges, which was found to have deceived students by 
                steering them into high-interest student loans based on 
                misleading graduation rates and employment data, is a 
                good example of the problem. Even after its closure, 
                many Corinthian students remained saddled with student 
                loan debt, worthless degrees, and few prospects for 
                employment.
                    (C) Attending a 2-year, for-profit college costs, 
                on average, four times as much as attending a community 
                college. Students at for-profit colleges represent only 
                about 11 percent of the total higher education 
                population but a startling 44 percent of all Federal 
                student loan defaults, according to the United States 
                Department of Education (``DOE'').
                    (D) According to NCLC, a disproportionate number of 
                for-profit students are low-income and people of color. 
                These schools target veterans, working parents, first-
                generation students, and non-English speaking students, 
                who may be more likely than their public or private 
                nonprofit school counterparts to drop out, incur 
                enormous student debt, and default on this debt. In the 
                2011-2012 school year, 28 percent of African Americans 
                and 15 percent of Latinos attending 4-year institutions 
                were enrolled in a for-profit school, compared to 10 
                percent of Whites.
                    (E) As highlighted in a press release titled 
                ``Obama Administration Announces Final Rules to Protect 
                Students from Poor-Performing Career College 
                Programs'', that was issued by the DOE on October 30, 
                2014, ``[t]oo often, students at career colleges--
                including thousands of veterans--are charged excessive 
                costs, but don't get the education they paid for. 
                Instead, students in such programs are provided with 
                poor quality training, often for low-wage jobs or in 
                occupations where there are simply no job 
                opportunities. They find themselves with large amounts 
                of debt and, too often, end up in default. In many 
                cases, students are drawn into these programs with 
                confusing or misleading information.''.
            (7) Medical debt.--
                    (A) Research by the Consumer Bureau has found that 
                the inclusion of medical collections on consumer 
                reports has unfairly reduced consumers' credit scores.
                    (B) The Consumer Bureau's review of 5 million 
                anonymized credit files from September 2011 to 
                September 2013, for example, found that credit scores 
                may underestimate a person's creditworthiness by up to 
                10 points for those who owe medical debt, and may 
                underestimate a person's creditworthiness by up to 22 
                points after the medical debt has been paid. For 
                consumers with lower credit scores, especially those on 
                the brink of what is considered subprime, a 10 to 22 
                point decrease in their credit scores can have a 
                significant impact on their lives, including by 
                affecting whether they are able to qualify for credit 
                and, if so, the terms and conditions under which it is 
                extended to them.
                    (C) The Consumer Bureau found that half of all 
                collections trade lines that appear on consumer reports 
                are related to medical bills claimed to be owed to 
                hospitals and other medical providers. These trade 
                lines affect the reports of nearly one-fifth of all 
                consumers in the credit reporting system.
                    (D) The Consumer Bureau has found that there are no 
                objective or enforceable standards that determine when 
                a debt can or should be reported as a collection trade 
                line. Because debt buyers and collectors determine 
                whether, when, and for how long to report a collection 
                account, there is only a limited relationship between 
                the time period reported, the severity of a 
                delinquency, and when or whether a collection trade 
                line appears on a consumer's credit report.
                    (E) Medical bills can be complex and confusing for 
                many consumers, which results in consumers' uncertainty 
                about what they owe, to whom, when, or for what, that 
                may cause some people, who ordinarily pay their bills 
                on time, to delay or withhold payments on their medical 
                debts. This uncertainty can also result in medical 
                collections appearing on consumer reports. In a 
                December 2014 report titled ``Consumer Credit Reports: 
                A Study of Medical and Non-Medical Collections'', the 
                Consumer Bureau found that a large portion of consumers 
                with medical collections show no other evidence of 
                financial distress and are consumers who ordinarily pay 
                their other financial obligations on time. Unlike with 
                most credit products or services, such as credit cards, 
                installment loans, utilities, or wireless or cable 
                services that have contractual account disclosures 
                describing the terms and conditions of use, most 
                consumers are not told what their out-of-pocket medical 
                costs will be in advance. Consumers needing urgent or 
                emergency care rarely know, or are provided, the cost 
                of a medical treatment or procedure before the service 
                is rendered.
                    (F) The Consumer Bureau concluded that the presence 
                of medical collections is less predictive of future 
                defaults or serious delinquencies than the presence of 
                a nonmedical collection in a study titled ``Data Point: 
                Medical Debt and Credit Scores'', issued in May 2014.
                    (G) FICO's latest credit scoring model, ``FICO 9'', 
                changes the treatment of paid collections to disregard 
                any collection matters that the consumer has paid in 
                full. FICO 9, however, is not yet widely used by 
                lenders.
                    (H) VantageScore's latest credit scoring model, 
                ``VantageScore 4.0'', will be available in the fall of 
                2017. This model will penalize medical collections less 
                than non-medical ones.
                    (I) The three nationwide CRAs entered into a 
                settlement agreement with the New York State attorney 
                general in 2015 to address deficiencies in their 
                dispute resolution process and enhance the accuracy of 
                items on reports. These policy changes will be 
                implemented in a three-phased rollout, culminating by 
                June 2018. Subsequently, these CRAs entered into a 
                cooperative agreement with 31 State Attorneys General, 
                which was the basis of the creation of the National 
                Consumer Assistance Plan (``NCAP'') to change some of 
                their business practices.
                    (J) While the CRAs appear to be voluntarily 
                adopting policy changes on a nationwide basis, they are 
                not obligated to do so for consumers who reside in 
                States that are not party to any of the consent orders.
                    (K) As a result of the settlement agreements, the 
                three nationwide CRAs will set a 180-day waiting period 
                before including medical collections on a report and 
                will remove a medical collection from a report once it 
                is paid by an insurance company. While this change will 
                benefit many, once a medical collection appears on a 
                report, it will only be deleted or suppressed if it is 
                found to have been the insurance company's obligation 
                to pay and the insurer pays it. Given the research 
                showing there is little predictive value in medical 
                debt information, medical collections that are paid or 
                settled should quickly be removed from a report, 
                regardless of who pays or settles this debt.
            (8) Financial abuse by known persons.--
                    (A) Financial abuse and exploitation are frequently 
                associated with domestic violence. This type of abuse 
                may result in fraudulent charges to a credit card or 
                having fraudulent accounts created by the abuser in the 
                survivor's name that could affect ratings by CRAs. 
                Financial abuse may also result in the survivor's 
                inability to make timely payments on their valid 
                obligations due to loss or changes in income that can 
                occur when their abuser steals from or coerces the 
                survivor to relinquish their paychecks or savings that 
                could affect ratings by CRAs.
                    (B) By racking up substantial debts in the 
                survivor's name, abusers are able to exercise financial 
                control over their survivors to make it economically 
                difficult for the survivor, whose credit is often 
                destroyed, to escape the situation.
                    (C) Domestic abuse survivors with poor credit are 
                likely to face significant obstacles in establishing 
                financial independence from their abusers. This can be 
                due, in part, because consumer reports may be used when 
                a person attempts to obtain a checking account, 
                housing, insurance, utilities, employment, and even a 
                security clearance as required for certain jobs.
                    (D) Providing documentation of identity (``ID'') 
                theft in order to dispute information on one's consumer 
                report can be particularly challenging for those who 
                know their financial abuser.
                    (E) While it is easier for consumers who obtain a 
                police report to remove fraudulent information from 
                their consumer report and prevent it from reappearing 
                in the future, according to the Empire Justice Center, 
                safety and other noncredit concerns may impact the 
                capacity of a survivor of financial abuse committed by 
                a known person to turn to law enforcement to get a 
                police report.
                    (F) According to the Legal Aid Society in New York, 
                domestic abuse survivors, seeking to remove adverse 
                information stemming from financial abuse by contacting 
                their furnishers directly, are likely to face 
                skepticism about claims of ID theft perpetrated by a 
                partner because of an assumption that they are aware 
                of, and may have been complicit in, the activity which 
                the survivor alleges stems from financial abuse.
            (9) 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 web pages 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.
            (10) Clarity in credit scoring.--
                    (A) The February 2015 report of the Bureau of 
                Consumer Financial Protection titled ``Consumer Voices 
                on Credit Reports and Scores'' found that some 
                consumers are reluctant to comparison shop for loans 
                and other types of consumer credit products out of fear 
                that they will lower their credit scores by doing so.
                    (B) The Consumer Bureau found that one of the most 
                common barriers for people in reviewing their own 
                credit reports and shopping for the best credit terms 
                was a lack of understanding of the differences between 
                ``soft'' and ``hard'' inquiries and whether requesting 
                a copy of their own report would adversely impact their 
                credit standing.
                    (C) The Bureau of Consumer Financial Protection 
                revealed that consumers with accurate perceptions of 
                their creditworthiness may be better equipped to shop 
                for favorable credit terms.
            (11) Credit checks and employment decisions.--
                    (A) The use of consumer reports as a factor in 
                making hiring decisions has been found to be prevalent 
                in a diverse array of occupations, and is not limited 
                to certain high-level management or executive 
                positions.
                    (B) According to the California Labor Federation, 
                only 25 percent of employers researched the credit 
                history of job applicants in 1998. However, this 
                practice had increased to 43 percent by 2006 and to 60 
                percent by 2011.
                    (C) A study titled ``Do Job Applicant Credit 
                Histories Predict Job Performance Appraisal Ratings or 
                Termination Decisions?'', published in 2012, found 
                that, while credit history might conceptually measure a 
                person's level of responsibility, ability to meet 
                deadlines, dependability, or integrity, it does not, in 
                practice, actually predict an employee's performance or 
                likelihood to quit. Credit reports contain many 
                inaccuracies and credit history can be contaminated by 
                events that are sometimes outside a person's control, 
                such as a sudden medical expense after an accident or 
                the loss of a job during an economic downturn. The 
                study found that there is no benefit from using credit 
                history to predict job performance or turnover.
                    (D) Despite the absence of data showing a 
                correlation between job performance and credit-
                worthiness, employers continue to use credit checks as 
                a proxy for assessing character and integrity. 
                According to a 2012 Society for Human Resource 
                Management survey, organizations indicated that they 
                used credit checks on job candidates primarily to 
                reduce or prevent theft and embezzlement and to 
                minimize legal liability for negligent hiring.
                    (E) The use of credit checks for employment 
                purposes creates a true ``catch-22'' for unemployed 
                people with impaired credit. For example, the financial 
                hardship caused by losing a job may cause some 
                unemployed individuals to make late or partial payments 
                on their bills, but their poor credit standing caused 
                by this negative information on their consumer report 
                can also impede their chances of obtaining a new job to 
                end their financial distress.
                    (F) A September 2014 report by the New York City 
                Council's Committee on Civil Rights noted that, for 
                those who have been unemployed for an extended period 
                of time and whose credit has suffered as they fell 
                behind on bills, the use of credit reports in the 
                hiring process can exacerbate and perpetuate an already 
                precarious situation.
                    (G) In a March 2013 Demos report titled 
                ``Discredited: How Employment Credit Checks Keep Out 
                Qualified Workers Out of a Job'', one in four survey 
                participants who were unemployed said that a potential 
                employer had requested to check their credit report as 
                part of a job application. Among job applicants with 
                blemished credit histories in the survey, one in seven 
                had been told that they were not being hired because of 
                their credit history.
                    (H) While job applicants must give prior approval 
                for a prospective employer to pull their credit reports 
                under the FCRA, this authorization, as a practical 
                matter, does not constitute an effective consumer 
                protection because an employer may reject any job 
                applicant who refuses a credit check.
                    (I) Some negative information on a report may stem 
                from uncontrollable circumstances, or significant life 
                events in a consumer's life, such as a medical crisis 
                or a divorce. Demos found that poor credit is 
                associated with household unemployment, lack of health 
                coverage, and medical debt, which are factors that 
                reflect economic conditions in the country and personal 
                misfortune that have little relationship with how well 
                a job applicant would perform at work.
                    (J) In October 2011, FICO noted that from 2008 to 
                2009 approximately 50 million people experienced a 20-
                point drop in their credit scores and about 21 million 
                saw their scores decline by more than 50 points. While 
                the Great Recession reduced many consumers' credit 
                scores due to foreclosures and other financial 
                hardships, the financial crisis had a particularly 
                harsh impact on African Americans and Latinos, as 
                racial and ethnic minorities and communities of color 
                were frequently targeted by predatory mortgage lenders 
                who steered borrowers into high-cost subprime loans, 
                even when these borrowers would have qualified for less 
                costly prime credit.
                    (K) A May 2006 Brookings Institution report titled 
                ``Credit Scores, Reports, and Getting Ahead in 
                America'' found that counties with a relatively higher 
                proportion of racial and ethnic minorities in the 
                United States tended to have lower credit scores 
                compared with counties that had a lower concentration 
                of communities of color.
                    (L) Studies have consistently found that African 
                American and Latino households tend, on average, to 
                have lower credit scores than White households. The 
                growing use of credit checks, therefore, may 
                disproportionately screen otherwise qualified racial 
                and ethnic minorities out of jobs, leading to 
                discriminatory hiring practices, and further 
                exacerbating the trend where unemployment for African 
                American and Latino communities is elevated well above 
                the rate of Whites.
                    (M) A 2012 Demos survey found that 65 percent of 
                White respondents reported having good or excellent 
                credit scores while over half of African American 
                households reported only having fair or bad credit.
            (12) Protections for consumers' credit information.--
                    (A) Despite heightened awareness, incidents of ID 
                theft continue to rise. In February 2015, the Federal 
                Government reported that ID theft was the top consumer 
                complaint that it received for the 15th consecutive 
                year. As these incidents increase, consumers experience 
                significant financial loss and emotional distress from 
                the inability to safeguard effectively and 
                inexpensively their credit information from bad actors.
                    (B) According to a Carnegie Mellon study, children 
                are 50 times more likely than adults to have their 
                identities stolen. Child identities are valuable to 
                thieves because most children do not have existing 
                files, and their parents may not notice fraudulent 
                activity until their child applies for a student loan, 
                a job, or a credit card. As a result, the fraudulent 
                activity of the bad actors may go undetected for years.
                    (C) Despite the increasing incidents of children's 
                ID theft, parents who want to proactively prevent their 
                children from having their identity stolen, may not be 
                able to do so. Only one of the three nationwide CRAs 
                currently allows parents from any State to set up a 
                freeze for a minor child. At the other two nationwide 
                CRAs, parents can only obtain a freeze after a child 
                has become an ID theft victim because, it is only at 
                this point, that these CRAs have an existing credit 
                file for the child. While many States have enacted laws 
                to address this problem, there is no existing Federal 
                law.
                    (D) According to Javelin Strategy & Research's 2015 
                Identity Fraud study, $16 billion was stolen by 
                fraudsters from 12.7 million American consumers in 
                2014. Similarly, the United States Department of 
                Justice found an estimated 7 percent of all residents 
                age 16 or older (about 17.6 million persons) in this 
                country were victims of one or more incidents of ID 
                theft in 2014, and the number of elderly victims age 65 
                or older (about 86 percent) increased from 2.1 million 
                in 2012 to 2.6 million in 2014.
                    (E) Consumers frequently express concern about the 
                security of their financial information. According to a 
                2015 MasterCard survey, a majority of consumers (77 
                percent) have anxiety about the possibility that their 
                financial information and Social Security numbers may 
                be stolen or compromised, with about 55 percent of 
                consumers indicating that they would rather have naked 
                pictures of themselves leaked online than have their 
                financial information stolen.
                    (F) That survey also revealed that consumers' fears 
                about the online security of their financial 
                information even outweighed consumers' worries about 
                other physical security dangers such as having their 
                houses robbed (59 percent) or being pickpocketed (46 
                percent).
                    (G) According to Consumer Reports, roughly 50 
                million American consumers spent about $3.5 billion in 
                2010 to purchase products aimed at protecting their 
                identity, with the annual cost of these services 
                ranging from $120 to $300. As risks to consumers' 
                personal and financial information continue to grow, 
                consumers need additional protections to ensure that 
                they have fair and reasonable access to the full suite 
                of ID theft and fraud prevention measures that may be 
                right for them.

SEC. 4. EFFECTIVE DATE.

    Except as otherwise specified, the amendments made by this Act 
shall take effect 2 years after the date of the enactment of this Act.

SEC. 5. DISCRETIONARY SURPLUS FUND.

    (a) In General.--The dollar amount specified under section 
7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 289(a)(3)(A)) is 
reduced by $26,000,000 (increased by $1,000,000) (increased by 
$1,000,000) (increased by $15,000,000).
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on September 30, 2029.

              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 (i); 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)''.
            (2) Technical amendment.--Section 611(e)(1) of the Fair 
        Credit Reporting Act (15 U.S.C. 1681i(e)(1)) is amended by 
        striking ``The Commission'' and inserting ``The Bureau''.
    (d) Conforming Amendments.--The Fair Credit Reporting Act (15 
U.S.C. 1681 et seq.) is further 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 irrelevant,''; and
                    (B) in subsection (f)(3)--
                            (i) in subparagraph (A), by striking 
                        ``paragraph (6), (7), or (8) of subsection 
                        (a)'' and inserting ``paragraph (4) or (5) of 
                        subsection (a)''; and
                            (ii) in subparagraph (B), by striking ``in 
                        the manner required under paragraph (8)(A)''; 
                        and
            (3) in section 623(b)(1)(B), by striking ``relevant'' 
        before ``information''.
    (e) Global Technical Corrections to References to Nationwide 
Specialty Consumer Reporting Agency.--The Fair Credit Reporting Act (15 
U.S.C. 1681 et seq.) 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:
    ``(h) 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 web page 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 web page requirements.--For a consumer 
        reporting agency described under subsection (p) or (x) of 
        section 603, the separate dispute web page described in 
        paragraph (1)(B)--
                    ``(A) may not include any type or form of 
                marketing, advertising, information, or material 
                associated with any products or services offered or 
                sold to consumers;
                    ``(B) shall clearly and conspicuously 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 web page in each of the 10 most commonly spoken 
                languages, other than English, in the United States, as 
                determined by the Bureau of the Census on an ongoing 
                basis, and in formats accessible to individuals with 
                hearing or vision impairments.''.

SEC. 103. MAINTENANCE OF RECORDS BY FURNISHERS.

    Section 623 of the Fair Credit Reporting Act (15 U.S.C. 1681s-2) is 
amended by adding at the end the 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) 
of the Fair Credit Reporting Act (15 U.S.C. 1681s-2(a)(7)) 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 the Fair Credit 
Reporting Act (15 U.S.C. 1681s-2(a)(8)) is amended by striking 
subparagraph (F) and redesignating subparagraph (G) as subparagraph 
(F).
    (e) Additional Duties.--Section 623(a)(8) of the Fair Credit 
Reporting Act (15 U.S.C. 1681s-2(a)(8)), as amended by subsection (d), 
is further amended by adding at the end the following new 
subparagraphs:
                    ``(G) Reasonable standards for 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 (i),'' after ``resolve the dispute,''; and
            (2) by inserting after subsection (h) (as added by section 
        102) the following new subsection:
    ``(i) Consumer Right To Appeal Results of a Consumer Reporting 
Agency Reinvestigation.--
            ``(1) In general.--Within 120 days after the date of 
        receipt of the results of a reinvestigation conducted under 
        subsection (a), a consumer (or 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 (h)), 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-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 
                                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(i) 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--FREE CREDIT SCORES FOR CONSUMERS

SEC. 201. DEFINITIONS.

    (a) In General.--Section 603 of the Fair Credit Reporting Act (15 
U.S.C. 1681a) is amended by adding at the end the following new 
subsection:
    ``(bb) Credit Score and Educational Credit Score Definitions.--
            ``(1) Credit score.--The term `credit score' means a 
        numerical value or a categorization derived from a statistical 
        tool or modeling system used by a person who makes or arranges 
        a loan or extends credit to predict the likelihood of certain 
        credit behaviors, including default, as determined by the 
        Bureau.
            ``(2) Educational credit score.--The term `educational 
        credit score' means a numerical value or categorization derived 
        from a statistical tool or modeling system based upon 
        information from a consumer report that assists consumers in 
        understanding how a lender or creditor may view the consumer's 
        creditworthiness in deciding whether to make a loan or extend 
        credit to that consumer.
            ``(3) Key factors.--The term `key factors' means any 
        relevant elements or reasons affecting the credit score for the 
        particular individual, listed in the order of importance based 
        on the effect of each element or reason on the credit score or 
        educational credit score.
            ``(4) Credit scoring model.--The term `credit scoring 
        model' means a scoring algorithm, formula, model, program, or 
        mechanism used to generate a credit score or an educational 
        credit score.''.
    (b) Conforming Amendments.--The Fair Credit Reporting Act (15 
U.S.C. 1681 et seq.) is amended--
            (1) in section 605(d)(2), by striking ``(as defined in 
        section 609(f)(2)(B))''; and
            (2) in section 615--
                    (A) by striking ``as defined in section 
                609(f)(2)(A)'' each place that term appears; and
                    (B) in subsection (a)(2)(B), by striking ``set 
                forth in subparagraphs (B) through (E) of section 
                609(f)(1)'' and inserting ``with respect to a credit 
                score described in section 609(f)(2), if available''.

SEC. 202. CONSUMER INFORMATION ON CALCULATION OF SCORES.

    Section 609(f) of the Fair Credit Reporting Act (15 U.S.C. 
1681g(f)) is amended to read as follows:
    ``(f) Disclosure of Credit Score and Educational Credit Score by 
Consumer Reporting Agencies.--
            ``(1) In general.--Upon the request of a consumer for a 
        credit score or educational credit score, a consumer reporting 
        agency shall supply to the consumer a statement--
                    ``(A) containing--
                            ``(i) a current credit score at the time of 
                        the request generated using a commonly used 
                        credit scoring model to generate credit scores, 
                        subject to regulations of the Bureau;
                            ``(ii) an educational credit score at the 
                        time of the request, if it is not practicable 
                        to generate such a credit score, as determined 
                        by the Bureau; or
                            ``(iii) an explanation that the consumer's 
                        file does not have sufficient information from 
                        which to generate such a credit score or 
                        educational credit score; and
                    ``(B) with respect to each previous credit score in 
                the file of the consumer--
                            ``(i) the date on which the credit score 
                        was generated;
                            ``(ii) the name of any entity that the 
                        credit score was provided to; and
                            ``(iii) the credit score itself.
            ``(2) Requirements.--A statement provided under clause (i) 
        or (ii) of paragraph (1)(A) shall include--
                    ``(A) a minimum of four key factors, if available, 
                that adversely affected the credit score or educational 
                credit score, except that if one of the key factors 
                consists of the number of enquiries made with respect 
                to a consumer report, that factor shall be provided to 
                the consumer in addition to the factors required by 
                this subparagraph;
                    ``(B) to the extent possible, specific actions a 
                consumer could take with respect to each key factor 
                listed in subparagraph (A) to improve the consumer's 
                credit score or educational credit score;
                    ``(C) a minimum of four key factors, if available, 
                that positively affected the credit score or 
                educational credit score;
                    ``(D) the range of possible credit scores or 
                educational credit scores under the credit scoring 
                model used;
                    ``(E) the distribution of credit scores or 
                educational credit scores among consumers who are 
                scored under the same credit scoring model by the 
                consumer reporting agency, and using the same scale as 
                that of the score that is provided to a creditor or 
                consumers--
                            ``(i) in the form of a bar graph containing 
                        a minimum of six bars that illustrates the 
                        percentage of consumers with credit scores or 
                        educational credit scores within the range of 
                        scores represented by each bar; or
                            ``(ii) by another clear and readily 
                        understandable graphical depiction, statement, 
                        or illustration comparing the consumer's credit 
                        score or educational credit score to the scores 
                        of other consumers, as determined by the 
                        Bureau;
                    ``(F) the date on which the credit score or 
                educational credit score was created; and
                    ``(G) the name of the person that developed the 
                credit scoring model on which the credit score or 
                educational credit score was based.
            ``(3) Applicability to certain uses.--This subsection shall 
        not be construed so as to compel a consumer reporting agency 
        to--
                    ``(A) develop or disclose a credit score if the 
                agency does not distribute credit scores used by a 
                person who makes or arranges a loan or extends credit 
                to predict the likelihood of certain credit behaviors; 
                or
                    ``(B) develop or disclose an educational credit 
                score if the agency does not develop educational credit 
                scores that assist in understanding the general credit 
                behavior of a consumer and predicting the future credit 
                behavior of the consumer.
            ``(4) Maintenance of credit scores.--
                    ``(A) In general.--All consumer reporting agencies 
                shall maintain in the consumer's file credit scores 
                relating to the consumer for a period of 2 years from 
                the date on which such information is generated.
                    ``(B) Disclosure only to consumers.--A past credit 
                score maintained in a consumer's file pursuant to 
                subparagraph (A) may only be provided to the consumer 
                to which the credit score relates and may not be 
                included in a consumer report or used as a factor in 
                generating a credit score or educational credit score.
                    ``(C) Removal of past credit scores.--A past credit 
                score maintained in a consumer's file pursuant to 
                subparagraph (A) shall be removed from the consumer's 
                file after the end of the 2-year period described under 
                subparagraph (A).''.

SEC. 203. DISCLOSURES RELATING TO CREDIT SCORES AND EDUCATIONAL CREDIT 
              SCORES.

    Section 609(f) of the Fair Credit Reporting Act (15 U.S.C. 
1681g(f)), as amended by section 202, is further amended by adding at 
the end the following new paragraphs:
            ``(5) Website disclaimer.--A consumer reporting agency that 
        generates or provides credit scores or educational credit 
        scores shall clearly and conspicuously display on the home page 
        of the agency's internet website, and as part of any 
        application, solicitation, or marketing material or media 
        providing information related to a credit score or educational 
        credit score, the following notice, in boldface type of 18-
        point font or larger and in a text box with boldface outer 
        borders:

```CREDIT SCORE DISCLAIMER.

    ```There is no ``one'' credit score. There are many scoring 
formulas derived from a wide variety of models available to a consumer 
and used by lenders and creditors. Different lenders and creditors use 
different scoring formulas to determine whether to extend credit or 
make a loan to you, and the terms of the credit or loan. An educational 
credit score is not a credit score that a person who makes a loan or 
extends credit to you is likely to use. Educational credit scores are 
merely intended to be used as an educational tool to help consumers 
understand how the information contained in a consumer report may 
affect the terms and conditions of a loan or extension of credit that 
may be available to a consumer. Lenders and creditors may also rely on 
information not contained in your consumer report and not reflected in 
the calculation of your credit score.'.
            ``(6) Additional requirements for educational credit 
        scores.--
                    ``(A) Disclaimer.--If an educational credit score 
                is provided pursuant to paragraph (1), a consumer 
                reporting agency shall clearly and conspicuously 
                include in a prominent location on the statement, in 
                boldface type of 18-point font or larger, and in a text 
                box with boldface outer borders, the following notice:

```EDUCATIONAL CREDIT SCORE DISCLAIMER.

    ```The educational credit score provided to you is not a credit 
score that a lender or creditor is likely to use to make a loan or 
extend credit to you. There are many different credit scores derived 
from a wide variety of models used by lenders and creditors. An 
educational credit score is merely an educational tool. It is intended 
to provide consumers with a basic understanding of how the information 
contained in a consumer report may affect the terms and conditions of 
credit that are available. The credit scores you receive directly from 
different lenders and creditors may not be the same as an educational 
credit score. There are a number of reasons for this:
            ```(1) Each company may use a different formula for 
        calculating credit scores and the differences in the formulas 
        may lead to differences in your scores.
            ```(2) Companies may produce scores that give results on 
        different scales.
            ```(3) Not all lenders or creditors report to every 
        consumer reporting agency, and therefore the information 
        contained in your consumer report that the consumer reporting 
        agencies use to calculate your educational credit score may 
        differ among agencies.'.
                    ``(B) Prohibition on misleading representations.--A 
                consumer reporting agency may not refer to an 
                educational credit score as a credit score in any 
                application, solicitation, marketing, or other 
                informational materials or media.
            ``(7) Modification of disclaimers.--The Bureau may modify 
        the content, format, and manner of the disclaimers required 
        under paragraphs (5) and (6), if warranted, after conducting 
        consumer testing or research.''.

SEC. 204. FREE CREDIT SCORE DISCLOSURES AND CONSUMER REPORTS.

    (a) In General.--Section 612 of the Fair Credit Reporting Act (15 
U.S.C. 1681j) is amended--
            (1) in subsection (a)--
                    (A) in paragraph (1)--
                            (i) in subparagraph (A), by inserting after 
                        ``section 609'' the following: ``(including the 
                        disclosure of a credit score or educational 
                        credit score under subsection (f) of such 
                        section)''; and
                            (ii) in subparagraph (C)--
                                    (I) by striking ``Commission'' and 
                                inserting ``Bureau''; and
                                    (II) by inserting ``, credit 
                                scores, and educational credit scores 
                                (as applicable)'' after ``consumer 
                                reports'' each place that term appears;
                    (B) in paragraph (2)--
                            (i) by striking ``15 days'' and inserting 
                        ``3 business days''; and
                            (ii) by inserting ``, credit score, or 
                        educational credit score'' after ``consumer 
                        report'';
                    (C) in paragraph (3), by inserting ``, credit 
                score, or educational credit score'' after ``consumer 
                report''; and
                    (D) in paragraph (4), by inserting ``, credit 
                scores, or educational credit scores'' after ``consumer 
                reports'';
            (2) in subsection (b), by inserting ``(including the 
        disclosure of a credit score or educational credit score, as 
        applicable, under subsection (f) of such section)'' after the 
        first instance of ``section 609'';
            (3) in subsection (c)--
                    (A) by inserting ``(including the disclosure of a 
                credit score or educational credit score under 
                subsection (f) of such section)'' after ``pursuant to 
                section 609'';
                    (B) in paragraph (2), by striking ``; or'' and 
                inserting a semicolon;
                    (C) in paragraph (3), by striking the period at the 
                end and inserting a semicolon; and
                    (D) by adding at the end the following new 
                paragraphs:
            ``(4) has disputed information, or submitted an appeal of 
        an investigation or reinvestigation of such information, under 
        section 611 or 623, regardless of whether the consumer has 
        already received a credit report, credit score, or educational 
        credit score under section 611 or 623; or
            ``(5) has had information that was previously deleted under 
        section 611(a)(5) reinserted into the consumer's file, 
        regardless of whether the consumer has already received a 
        credit report, credit score, or educational credit score under 
        such section.'';
            (4) in subsection (d), by inserting ``(including the 
        disclosure of a credit score or educational credit score under 
        subsection (f) of such section)'' after ``section 609'';
            (5) in subsection (f)(1)--
                    (A) by striking ``reasonable charge'' and all that 
                follows through ``section 609'' and inserting 
                ``reasonable charge on a consumer for providing a 
                consumer report to a consumer'';
                    (B) by striking subparagraph (B);
                    (C) by redesignating clauses (i) and (ii) as 
                subparagraphs (A) and (B), respectively (and conforming 
                the margins accordingly); and
                    (D) in subparagraph (B) (as so redesignated), by 
                striking ``disclosure; and'' and inserting 
                ``disclosure.''; and
            (6) by adding at the end the following new subsections:
    ``(h) Centralized Source for Obtaining Free Copy of Consumer Report 
and Scores.--
            ``(1) Nationwide consumer reporting agencies.--
                    ``(A) In general.--Not later than 180 days after 
                the date of enactment of this subsection, each consumer 
                reporting agency described under subsection (p) of 
                section 603 shall prominently display on the home page 
                of the agency's website--
                            ``(i) a hyperlink labeled `Get Your Free 
                        Annual Credit Reports along with either your 
                        Credit Scores or Educational Credit Scores 
                        provided for under Federal Law' or 
                        substantially similar text, as determined by 
                        the Bureau; and
                            ``(ii) a disclosure titled `Consumer's 
                        Right to Free Credit Scores, Educational Credit 
                        Scores, and Reports under Federal Law' or 
                        substantially similar text, as determined by 
                        the Bureau that includes the following 
                        statement:
    ```All consumers are entitled to obtain a free copy of their 
consumer report and credit score or educational credit score annually 
from each of the nationwide consumer reporting agencies. Under Federal 
law, a consumer is entitled to obtain additional free copies of their 
consumer reports, along with a copy of either the consumer's credit 
score or educational credit score (under certain circumstances), 
including:
            ```(1) When a consumer is unemployed and intends to apply 
        for employment within 60 days.
            ```(2) When a consumer is a recipient of public welfare 
        assistance.
            ```(3) When a consumer has a reasonable belief that their 
        report contains inaccuracies as a result of fraud.
            ```(4) When a consumer asserts in good faith a suspicion 
        that the consumer has been or is about to become a victim of 
        identity theft, fraud, or a related crime, or harmed by the 
        unauthorized disclosure of the consumer's financial or 
        personally identifiable information.
            ```(5) When a consumer files a dispute or an appeal of the 
        results of a dispute with a consumer reporting agency or a 
        person who furnished information to the consumer reporting 
        agency regarding the accuracy or completeness of the 
        information contained on their report.
            ```(6) After a furnisher of information discovers it has 
        furnished inaccurate or incomplete information to a consumer 
        reporting agency, and the furnisher notifies the agency of the 
        error.
            ```(7) After an adverse action is taken against a consumer 
        or a consumer receives a risk-based pricing notice.
            ```(8) When a mortgage lender, private educational lender, 
        indirect auto lender, or motor vehicle lender obtains and uses 
        a consumer's reports or scores for underwriting purposes.'.
                    ``(B) Hyperlink requirements.--The hyperlink 
                described in subparagraph (A)(i) shall be prominently 
                located on the top of the home page and should link 
                directly to the website of the centralized source 
                established pursuant to section 211(d) of the Fair and 
                Accurate Credit Transactions Act of 2003 (15 U.S.C. 
                1681j note).
                    ``(C) Modifications.--The Bureau may modify the 
                disclosure described in subparagraph (A)(ii) as 
                necessary to include other circumstances under which a 
                consumer has the right to receive a free consumer 
                report, credit score, or educational credit score.
            ``(2) Nationwide specialty consumer reporting agencies.--
                    ``(A) In general.--Not later than 180 days after 
                the date of enactment of this subsection, each 
                nationwide specialty consumer reporting agency shall 
                prominently display on the internet home web page of 
                the agency a disclosure titled `Consumer's Right to 
                Free Consumer Reports and Credit Score or Educational 
                Credit Score (as applicable) under Federal Law'. Such 
                disclosure shall include the following statement:
    ```Upon request, all consumers are entitled to obtain a free copy 
of their consumer report and credit score or educational credit score 
(as applicable) during any 12-month period from each of the nationwide 
specialty consumer reporting agencies. Federal law also provides 
further circumstances under which a consumer is entitled to obtain 
additional free copies of their consumer report and credit score or 
educational credit score (as applicable) including:
            ```(1) When a consumer is unemployed and intends to apply 
        for employment within 60 days.
            ```(2) When a consumer is a recipient of public welfare 
        assistance.
            ```(3) When a consumer has a reasonable belief that their 
        report contains inaccuracies as a result of fraud.
            ```(4) When a consumer files a dispute or an appeal of the 
        results of a dispute with a consumer reporting agency or a 
        person who furnished information to the consumer reporting 
        agency regarding the accuracy or completeness of the 
        information contained on their report.
            ```(5) After a furnisher of information discovers it has 
        furnished inaccurate or incomplete information to a consumer 
        reporting agency, and the furnisher notifies the agency of the 
        error.
            ```(6) After an adverse action is taken against a consumer 
        or a consumer receives a risk-based pricing notice.
            ```(7) When a mortgage lender, private educational lender, 
        indirect auto lender, or motor vehicle lender obtains and uses 
        a consumer's reports or scores for underwriting purposes.'.
                    ``(B) Modifications.--The Bureau may modify the 
                disclosure described in subparagraph (A) as necessary 
                to include other circumstances under which a consumer 
                has the right to receive a free consumer report and 
                credit score or educational credit score (as 
                applicable).
                    ``(C) Toll-free telephone access.--The information 
                described in this paragraph shall also be made 
                available via a toll-free telephone number. Such number 
                shall be prominently displayed on the home page of the 
                website of each nationwide specialty consumer reporting 
                agency. Each of the circumstances under which a 
                consumer may obtain a free consumer report and credit 
                score or educational credit score (as applicable) shall 
                be presented in an easily understandable format and 
                consumers shall be directed to an individual who is a 
                customer service representative not later than 2 
                minutes after the initial phone connection is made by 
                the consumer. Information provided through such 
                telephone number shall comply with the requirements of 
                section 633.
                    ``(D) Online consumer reports; exemption.--Upon 
                receipt of a request by a consumer for a consumer 
                report, each nationwide specialty consumer reporting 
                agency shall provide access to such report 
                electronically on the internet website described in 
                section 611(h).
    ``(i) Automatic Provision of Free Consumer Reports and Credit 
Scores or Educational Credit Scores.--A consumer reporting agency shall 
provide to a consumer a free copy of the file and credit score or 
educational credit score of the consumer who--
            ``(1) obtains a 1-year fraud alert, 7-year fraud alert, 
        active duty alert, or security freeze as described in section 
        605A; or
            ``(2) has disputed information, or submitted an appeal of 
        an investigation or reinvestigation of such information, under 
        section 611 or 623.''.
    (b) Technical Amendment.--Section 615(h)(7) of such Act (15 U.S.C. 
1681m(h)(7)) is amended by striking ``section'' each place such term 
appears and inserting ``subsection''.

SEC. 205. PROVISION OF CONSUMER REPORTS AND CREDIT SCORES BY PRIVATE 
              EDUCATIONAL LENDERS.

    Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g) is 
amended by adding at the end the following new subsection:
    ``(h) Disclosure of Consumer Reports and Credit Scores by Private 
Educational Lenders.--
            ``(1) In general.--If a private educational lender obtains 
        a copy of any consumer reports or credit scores and uses such 
        reports or scores in connection with an application of a 
        consumer for a private education loan, the private educational 
        lender shall provide to the consumer, not later than 3 business 
        days after obtaining such reports or scores and before the date 
        on which the consumer enters into a loan agreement with the 
        private educational lender, a copy of any such reports or 
        scores, along with the statement described under subsection 
        (f)(2).
            ``(2) Costs.--None of the costs to the private educational 
        lender associated with procuring consumer reports or credit 
        scores under this subsection may be charged, directly or 
        indirectly, to the consumer.
            ``(3) Rule of construction.--Nothing in this subsection 
        shall be construed to eliminate any requirement for creditors 
        and lenders to provide credit score disclosures, including the 
        statement described under subsection (f)(2), to consumers as 
        part of an adverse action or risk-based pricing notice.''.

SEC. 206. PROVISION OF CONSUMER REPORTS AND CREDIT SCORES BY MOTOR 
              VEHICLE LENDERS OR INDIRECT AUTO LENDERS.

    Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g), as 
amended by section 205, is further amended by adding at the end the 
following new subsection:
    ``(i) Disclosure of Consumer Reports and Credit Scores Used by 
Motor Vehicle Lenders or Indirect Auto Lenders.--
            ``(1) In general.--If a motor vehicle lender or indirect 
        auto lender obtains a copy of any consumer reports or credit 
        scores and uses such reports or scores in connection with an 
        application of a consumer for a motor vehicle loan or lease, 
        the motor vehicle lender or indirect auto lender shall provide 
        to the consumer a document, separate from the consumer's lease 
        or purchase agreement and before the consumer enters into a 
        lease or purchase agreement, disclosing any consumer reports 
        and credit scores, including the statement described in 
        subsection (f)(2), used by the lender to determine whether to 
        extend credit to the consumer.
            ``(2) Costs.--None of the costs to the motor vehicle lender 
        or indirect auto lender associated with procuring consumer 
        reports or credit scores under this subsection may be charged, 
        directly or indirectly, to the consumer.
            ``(3) Rule of construction.--Nothing in this subsection 
        shall be construed to eliminate any requirement for creditors 
        and lenders to provide credit score disclosures, including the 
        statement described under subsection (f)(2), to consumers as 
        part of an adverse action or risk-based pricing notice.
            ``(4) Definitions.--
                    ``(A) Indirect auto lender.--The term `indirect 
                auto lender' has the meaning given the term by the 
                Bureau, and shall include a person extending a loan 
                made with respect to a car, boat, motorcycle, 
                recreational vehicle, or other similar vehicle used 
                primarily for personal or household purposes.
                    ``(B) Motor vehicle lender.--The term `motor 
                vehicle lender' has the meaning given the term by the 
                Board of Governors of the Federal Reserve System, and 
                shall include a person extending a loan made with 
                respect to a car, boat, motorcycle, recreational 
                vehicle, or other similar vehicle used primarily for 
                personal or household purposes.''.

SEC. 207. PROVISION OF CONSUMER REPORTS AND CREDIT SCORES BY 
              RESIDENTIAL MORTGAGE LENDERS.

    Section 609(g) of the Fair Credit Reporting Act (15 U.S.C. 
1681g(g)) is amended--
            (1) by redesignating paragraph (2) as paragraph (5);
            (2) in paragraph (1)--
                    (A) by striking ``a consumer credit score'' and 
                inserting ``any consumer reports or credit scores'';
                    (B) by striking ``, as defined in subsection 
                (f),'';
                    (C) by striking ``the following to the consumer as 
                soon as reasonably practicable:'' and inserting ``, not 
                later than 3 business days after using such reports or 
                scores, a document disclosing any consumer reports and 
                credit scores used by the lender to determine whether 
                to extend credit to the consumer along with the 
                statement described in subsection (f)(2).'';
                    (D) by striking subparagraphs (A), (B), (C), (E), 
                and (F);
                    (E) by redesignating subparagraph (D) as paragraph 
                (3) (and adjusting the margins accordingly); and
                    (F) by redesignating subparagraph (G) as paragraph 
                (4) (and adjusting the margins accordingly);
            (3) by inserting before paragraph (3) (as so designated) 
        the following new paragraph:
            ``(2) Rule of construction.--Nothing in this subsection 
        shall be construed to eliminate any requirement for lenders to 
        provide credit score disclosures, including the statement 
        described under subsection (f)(2), to consumers as part of an 
        adverse action or risk-based pricing notice.'';
            (4) in paragraph (3) (as so designated), in the quoted 
        material--
                    (A) by inserting ``, free of charge,'' after 
                ``disclose to you''; and
                    (B) by striking ``affecting your credit scores'' 
                and inserting ``affecting your credit score or 
                scores'';
            (5) in paragraph (5) (as so redesignated) by inserting ``or 
        scores'' after ``credit score'' each place such term appears; 
        and
            (6) by adding at the end the following new paragraphs:
            ``(6) Actions not required.--This subsection shall not 
        require any person to disclose any credit score or related 
        information obtained by the person after a loan has closed.
            ``(7) No procurement costs.--None of the costs to the 
        creditor or lender associated with procuring any consumer 
        reports or scores under this subsection may be charged, 
        directly or indirectly, to the consumer.''.

           TITLE III--STUDENT BORROWER CREDIT IMPROVEMENT ACT

SEC. 301. REMOVAL OF ADVERSE INFORMATION FOR CERTAIN PRIVATE EDUCATION 
              LOAN BORROWERS.

    (a) In General.--The Fair Credit Reporting Act (15 U.S.C. 1681 et 
seq.), as amended by section 405, is further amended by inserting after 
section 605D the following new section:
``Sec. 605E. Credit rehabilitation for distressed private education 
              loan borrowers
    ``(a) In General.--A consumer reporting agency may not furnish any 
consumer report containing any adverse item of information relating to 
a delinquent or defaulted private education loan of a borrower if the 
borrower has rehabilitated the borrower's credit with respect to such 
loan by making nine on-time monthly payments (in accordance with the 
terms and conditions of the borrower's original loan agreement or any 
other repayment agreement that antedates the original agreement) during 
a period of 10 consecutive months on such loan after the date on which 
the delinquency or default occurred.
    ``(b) Interruption of 10-Month Period for Certain Consumers.--
            ``(1) Permissible interruption of the 10-month period.--A 
        borrower may stop making consecutive monthly payments and be 
        granted a grace period after which the 10-month period 
        described in subsection (a) shall resume. Such grace period 
        shall be provided under the following circumstances:
                    ``(A) With respect to a borrower who is a member of 
                the Armed Forces entitled to incentive pay for the 
                performance of hazardous duty under section 301 of 
                title 37, United States Code, hazardous duty pay under 
                section 351 of such title, or other assignment or 
                special duty pay under section 352 of such title, the 
                grace period shall begin on the date on which the 
                borrower begins such assignment or duty and end on the 
                date that is 6 months after the completion of such 
                assignment or duty.
                    ``(B) With respect to a borrower who resides or 
                works in an area affected by a major disaster or 
                emergency declared under the Robert T. Stafford 
                Disaster Relief and Emergency Assistance Act, the grace 
                period shall begin on the initial date of the incident 
                period of the major disaster or emergency and end on 
                the date that is the earlier of--
                            ``(i) 6 months after the date on which the 
                        major disaster or emergency was declared; and
                            ``(ii) the later of--
                                    ``(I) 3 months after the date on 
                                which the major disaster or emergency 
                                was declared; and
                                    ``(II) the date that the Director 
                                of the Bureau, in consultation with the 
                                Administrator of the Federal Emergency 
                                Management Agency, determines is the 
                                date on which substantially all 
                                provision of assistance by the Federal 
                                Emergency Management Agency under such 
                                major disaster or emergency declaration 
                                has concluded.
            ``(2) Other circumstances.--
                    ``(A) In general.--The Bureau may allow a borrower 
                demonstrating hardship to stop making consecutive 
                monthly payments and be granted a grace period after 
                which the 10-month period described in subsection (a) 
                shall resume.
                    ``(B) Borrower demonstrating hardship defined.--In 
                this paragraph, the term `borrower demonstrating 
                hardship' means a borrower or a class of borrowers who, 
                as determined by the Bureau, is facing or has 
                experienced unusual extenuating life circumstances or 
                events that result in severe financial or personal 
                barriers, including homelessness (as defined by the 
                Secretary of Housing and Urban Development), such that 
                the borrower or class of borrowers does not have the 
                capacity to comply with the requirements of subsection 
                (a).
    ``(c) Procedures.--The Bureau shall establish procedures to 
implement the credit rehabilitation described in this section, 
including--
            ``(1) the manner, content, and form for requesting credit 
        rehabilitation;
            ``(2) the method for validating that the borrower is 
        satisfying the requirements of subsection (a);
            ``(3) the manner, content, and form for notifying the 
        private educational loan holder of--
                    ``(A) the borrower's participation in credit 
                rehabilitation under subsection (a);
                    ``(B) the requirements described in subsection (d); 
                and
                    ``(C) the restrictions described in subsection (f);
            ``(4) the manner, content, and form for notifying a 
        consumer reporting agency of--
                    ``(A) the borrower's participation in credit 
                rehabilitation under subsection (a); and
                    ``(B) the requirements described in subsection (d);
            ``(5) the method for verifying whether a borrower qualifies 
        for the grace period described in subsection (b);
            ``(6) the manner, content, and form of notifying a consumer 
        reporting agency and private educational loan holder that a 
        borrower was granted a grace period.
    ``(d) Standardized Reporting Codes.--A consumer reporting agency 
shall develop standardized reporting codes for use by any private 
educational loan holder to identify and report a borrower's status of 
making and completing nine on-time monthly payments during a period of 
10 consecutive months on a delinquent or defaulted private education 
loan, including codes specifying the grace period described in 
subsection (b) and any agreement to modify monthly payments. Such codes 
shall not appear on any report provided to a third party, and shall be 
removed from the consumer's credit report upon the consumer's 
completion of the rehabilitation period under this section as soon as 
possible, but in no case later than 5 days after such completion.
    ``(e) Elimination of Barriers to Credit Rehabilitation.--A consumer 
report in which a private educational loan holder furnishes the 
standardized reporting codes described in subsection (d) to a consumer 
reporting agency, or in which a consumer reporting agency includes such 
codes, shall be deemed to comply with the requirements for accuracy and 
completeness under sections 607(b), 623(a)(1), and 632.
    ``(f) Prohibition on Civil Actions for Consumers Pursuing 
Rehabilitation.--A private educational loan holder may not commence or 
proceed with any civil action against a borrower with respect to a 
delinquent or defaulted loan during the period of rehabilitation if the 
private educational loan holder has been notified, in accordance with 
the procedures established by the Bureau pursuant to subsection (c)--
            ``(1) of such borrower's intent to participate in 
        rehabilitation;
            ``(2) that such borrower has satisfied the requirements 
        under subsection (a); or
            ``(3) that such borrower was granted a grace period.
    ``(g) Impact on Statute of Limitations for Prior Debt.--Payments by 
a borrower on a private education loan that are made during and after a 
period of rehabilitation under this section shall have no effect on the 
statute of limitations with respect to payments that were due on such 
private education loan before the beginning of the period of 
rehabilitation.
    ``(h) Payment Plans.--If a private educational loan holder enters 
into a payment plan with a borrower on a private education loan during 
a period of rehabilitation, such payment plan shall be reasonable and 
affordable, as determined by the Bureau.
    ``(i) Rules of Construction.--
            ``(1) Application to subsequent default or delinquency.--A 
        borrower who satisfies the requirements under subsection (a) 
        shall be eligible for additional credit rehabilitation 
        described in subsection (a) with respect to any subsequent 
        default or delinquency of the borrower on the rehabilitated 
        private education loan.
            ``(2) Interruption of consecutive payment period 
        requirement.--The grace period described in subsection 
        (b)(1)(A) shall not apply if any regulation promulgated under 
        section 987 of title 10, United States Code (commonly known as 
        the Military Lending Act), or the Servicemembers Civil Relief 
        Act (50 U.S.C. App. 501 et seq.) allows for a grace period or 
        other interruption of the 10-month period described in 
        subsection (a) and such grace period or other interruption is 
        longer than the period described in subsection (b)(1)(A) or 
        otherwise provides greater protection or benefit to the 
        borrower who is a member of the Armed Forces.''.
    (b) Table of Contents Amendment.--The table of contents of the Fair 
Credit Reporting Act, as amended by section 405, is further amended by 
inserting after the item relating to section 605D the following new 
item:

``605E. Credit rehabilitation for distressed private education loan 
                            borrowers.''.
    (c) Conforming Amendment.--Section 623(a)(1) of the Fair Credit 
Reporting Act (15 U.S.C. 1681s-2(a)(1)) is amended by striking 
subparagraph (E).

SEC. 302. PRIVATE EDUCATION LOAN DEFINITIONS.

    Section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a), as 
amended by section 201(a), is further amended by adding at the end the 
following new subsection:
    ``(cc) Private Education Loan Definitions.--The terms `private 
education loan' and `private educational lender' have the meanings 
given such terms, respectively, in section 140(a) of the Truth in 
Lending Act.''.

 TITLE IV--CREDIT RESTORATION FOR VICTIMS OF PREDATORY ACTIVITIES AND 
                  UNFAIR CONSUMER REPORTING PRACTICES

SEC. 401. ADVERSE CREDIT INFORMATION.

    (a) In General.--Section 605 of the Fair Credit Reporting Act (15 
U.S.C. 1681c), as amended by sections 107, 109, and 201, is further 
amended--
            (1) in subsection (a)--
                    (A) by striking ``Except as authorized under 
                subsection (b), no'' and inserting ``No'';
                    (B) in paragraph (1), by striking ``10 years'' and 
                inserting ``7 years'';
                    (C) in paragraph (2), by striking ``Civil suits, 
                civil judgments, and records'' and inserting 
                ``Records'';
                    (D) in paragraph (3), by striking ``seven years'' 
                and inserting ``4 years'';
                    (E) in paragraph (4), by striking ``seven years'' 
                and inserting ``4 years'';
                    (F) in paragraph (5)--
                            (i) by striking ``, other than records of 
                        convictions of crimes''; and
                            (ii) by striking ``seven years'' and 
                        inserting ``4 years''; and
                    (G) by adding at the end the following new 
                paragraphs:
            ``(9) Civil suits and civil judgments (except as provided 
        in paragraph (8)) that, from date of entry, antedate the report 
        by more than 4 years or until the governing statute of 
        limitations has expired, whichever is the longer period.
            ``(10) A civil suit or civil judgment--
                    ``(A) brought by a private education loan holder 
                that, from the date of successful completion of credit 
                restoration or rehabilitation in accordance with the 
                requirements of section 605D or 605E, antedates the 
                report by 45 calendar days; or
                    ``(B) brought by a lender with respect to a covered 
                residential mortgage loan (as defined in section 
                605C(b)) that antedates the report by 45 calendar days.
            ``(11) Records of convictions of crimes which antedate the 
        report by more than 7 years.
            ``(12) Any other adverse item of information relating to 
        the collection of debt that did not arise from a contract or an 
        agreement to pay by a consumer, including fines, tickets, and 
        other assessments, as determined by the Bureau, excluding tax 
        liability.'';
            (2) by striking subsection (b) and redesignating 
        subsections (c) through (h) as subsections (b) through (g), 
        respectively; and
            (3) in subsection (b) (as so redesignated), by striking 
        ``7-year period referred to in paragraphs (4) and (6)'' and 
        inserting ``4-year period referred to in paragraphs (4) and 
        (5)''.
    (b) Conforming Amendments.--The Fair Credit Reporting Act (15 
U.S.C. 1681) is amended--
            (1) in section 616(e) (as redesignated by section 
        110(a)(1)(B)), by striking ``section 605(g)'' each place that 
        term appears and inserting ``section 605(f)''; and
            (2) in section 625(b)(5)(A), by striking ``section 605(g)'' 
        and inserting ``section 605(f)''.
    (c) Prohibition on Inclusion of Arrest Information if There Is No 
Conviction.--Section 605(a) of the Fair Credit Reporting Act (15 U.S.C. 
1681c(a)), as amended by section 809, is further amended by adding at 
the end the following:
            ``(20) Records of an arrest, if the consumer was not 
        convicted of any crime in connection with the arrest.''.

SEC. 402. EXPEDITED REMOVAL OF FULLY PAID OR SETTLED DEBT FROM CONSUMER 
              REPORTS.

    Section 605(a) of the Fair Credit Reporting Act (15 U.S.C. 
1681c(a)), as amended by section 401, is further amended by adding at 
the end the following new paragraph:
            ``(13) Any other adverse item of information related to a 
        fully paid or settled debt that had been characterized as 
        delinquent, charged off, or in collection which, from the date 
        of payment or settlement, antedates the report by more than 45 
        calendar days.''.

SEC. 403. MEDICAL DEBT COLLECTIONS.

    (a) Removal of Fully Paid or Settled Medical Debt From Consumer 
Reports.--Section 605(a) of the Fair Credit Reporting Act (15 U.S.C. 
1681c(a)), as amended by section 402, is further amended by adding at 
the end the following new paragraph:
            ``(14) Any other adverse item of information related to a 
        fully paid or settled debt arising from the receipt of medical 
        services, products, or devices that had been characterized as 
        delinquent, charged off, or in collection which, from the date 
        of payment or settlement, antedates the report by more than 45 
        calendar days.''.
    (b) Establishing an Extended Time Period Before Certain Medical 
Debt Information May Be Reported.--Section 605(a) of the Fair Credit 
Reporting Act (15 U.S.C. 1681c(a)), as amended by subsection (a), is 
further amended by adding at the end the following new paragraph:
            ``(15) Any information related to a debt arising from the 
        receipt of medical services, products, or devices, if the date 
        on which such debt was placed for collection, charged to profit 
        or loss, or subjected to any similar action antedates the 
        report by less than 365 calendar days.''.
    (c) Prohibition on Reporting Medically Necessary Procedures.--
Section 605(a) of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)), 
as amended by subsection (b), is further amended by adding at the end 
the following new paragraph:
            ``(16) Any information related to a debt arising from a 
        medically necessary procedure.''.
    (d) Medically Necessary Procedure Defined.--Section 603 of the Fair 
Credit Reporting Act (15 U.S.C. 1681a), as amended by section 901, is 
further amended by adding at the end the following:
    ``(ee) Medically Necessary Procedure.--The term `medically 
necessary procedure' means--
            ``(1) health care services or supplies needed to diagnose 
        or treat an illness, injury, condition, disease, or its 
        symptoms and that meet accepted standards of medicine; and
            ``(2) health care to prevent illness or detect illness at 
        an early stage, when treatment is likely to work best 
        (including preventive services such as pap tests, flu shots, 
        and screening mammograms).''.
    (e) Technical Amendment.--Section 604(g)(1)(C) of the Fair Credit 
Reporting Act (15 U.S.C. 1681b(g)(1)(C)) is further amended by striking 
``devises'' and inserting ``devices''.

SEC. 404. CREDIT RESTORATION FOR VICTIMS OF PREDATORY MORTGAGE LENDING 
              AND SERVICING.

    (a) In General.--The Fair Credit Reporting Act (15 U.S.C. 1681 et 
seq.) is amended by inserting after section 605B the following new 
section:
``Sec. 605C. Credit restoration for victims of predatory mortgage 
              lending
    ``(a) In General.--A consumer reporting agency may not furnish any 
consumer report containing any adverse item of information relating to 
a covered residential mortgage loan (including the origination and 
servicing of such a loan, any loss mitigation activities related to 
such a loan, and any foreclosure, deed in lieu of foreclosure, or short 
sale related to such a loan), if the action or inaction to which the 
item of information relates--
            ``(1) resulted from an unfair, deceptive, or abusive act or 
        practice, or a fraudulent, discriminatory, or illegal activity 
        of a financial institution, as determined by the Bureau or a 
        court of competent jurisdiction; or
            ``(2) is related to an unfair, deceptive, or abusive act, 
        practice, or a fraudulent, discriminatory, or illegal activity 
        of a financial institution that is the subject of a settlement 
        agreement initiated on behalf of a consumer or consumers and 
        that is between the financial institution and an agency or 
        department of a local, State, or Federal Government, regardless 
        of whether such settlement includes an admission of wrongdoing.
    ``(b) Covered Residential Mortgage Loan Defined.--In this section, 
the term `covered residential mortgage loan' means 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--
            ``(1) a manufactured home (as defined in section 603 of the 
        Housing and Community Development Act of 1974);
            ``(2) any installment sales contract, land contract, or 
        contract for deed on a residential property; or
            ``(3) a reverse mortgage transaction (as defined in section 
        103 of the Truth in Lending Act).''.
    (b) Table of Contents Amendment.--The table of contents of the Fair 
Credit Reporting Act is amended by inserting after the item relating to 
section 605B the following new item:

``605C. Credit restoration for victims of predatory mortgage 
                            lending.''.
    (c) Effective Date.--The amendments made by this section shall take 
effect at the end of the 18-month period beginning on the date of the 
enactment of this Act.

SEC. 405. CREDIT RESTORATION FOR CERTAIN PRIVATE EDUCATION LOANS 
              BORROWERS.

    (a) In General.--The Fair Credit Reporting Act (15 U.S.C. 1681 et 
seq.), as amended by section 404, is further amended by inserting after 
section 605C the following new section:
``Sec. 605D. Credit restoration for certain private education loans 
              borrowers
    ``(a) Process for Certification as a Qualifying Private Education 
Loan Borrower.--
            ``(1) In general.--A consumer may submit a request to the 
        Bureau, along with a defraudment claim, to be certified as a 
        qualifying private education loan borrower with respect to a 
        private education loan.
            ``(2) Certification.--The Bureau shall certify a consumer 
        described in paragraph (1) as a qualifying private education 
        loan borrower with respect to a private education loan if the 
        Bureau or a court of competent jurisdiction determines that the 
        consumer has a valid defraudment claim with respect to such 
        loan.
    ``(b) Removal of Adverse Information.--Upon receipt of a notice 
described in subsection (d)(5), a consumer reporting agency shall 
remove any adverse information relating to any private education loan 
with respect to which a consumer is a qualifying private education loan 
borrower from any consumer report within 45 calendar days of receipt of 
such notification.
    ``(c) Disclosure.--The Bureau shall disclose the results of a 
certification determination in writing to the consumer that provides a 
clear and concise explanation of the basis for the determination of 
whether such consumer is a qualifying private education loan borrower 
with respect to a private education loan and, as applicable, an 
explanation of the consumer's right to have adverse information 
relating to such loan removed from their consumer report by a consumer 
reporting agency.
    ``(d) Procedures.--The Bureau shall--
            ``(1) establish procedures for a consumer to submit a 
        request described in subsection (a);
            ``(2) establish procedures to efficiently review, accept, 
        and process such a request;
            ``(3) develop ongoing outreach initiatives and education 
        programs to inform consumers of the circumstances under which 
        such consumer may be eligible to be certified as a qualifying 
        private education loan borrower with respect to a private 
        education loan;
            ``(4) establish procedures, including the manner, form, and 
        content of the notice informing a private educational loan 
        holder of the prohibition on reporting any adverse information 
        relating to a private education loan with respect to which a 
        consumer is a qualifying private education loan borrower; and
            ``(5) establish procedures, including the manner, form, and 
        content of the notice informing a consumer reporting agency of 
        the obligation to remove any adverse information as described 
        in subsection (c).
    ``(e) Standardized Reporting Codes.--A consumer reporting agency 
shall develop standardized reporting codes for use by private education 
loan holders to identify and report a qualifying private education loan 
borrower's status of a request to remove any adverse information 
relating to any private education loan with respect to which such 
consumer is a qualifying private education loan borrower. A consumer 
report in which a person furnishes such codes shall be deemed to comply 
with the requirements for accuracy and completeness required under 
sections 607(b), 623(a)(1), and 632. Such codes shall not appear on any 
report provided to a third party, and shall be removed from the 
consumer's credit report upon the successful restoration of the 
consumer's credit under this section.
    ``(f) Defraudment Claim Defined.--For purposes of this section, the 
term `defraudment claim' means a claim made with respect to a consumer 
who is a borrower of a private education loan with respect to a 
proprietary educational institution or career education program in 
which the consumer alleges that--
            ``(1) the proprietary educational institution or career 
        education program--
                    ``(A) engaged in an unfair, deceptive, or abusive 
                act or practice, or a fraudulent, discriminatory, or 
                illegal activity--
                            ``(i) as defined by State law of the State 
                        in which the proprietary educational 
                        institution or career education program is 
                        headquartered or maintains or maintained 
                        significant operations; or
                            ``(ii) under Federal law;
                    ``(B) is the subject of an enforcement order, a 
                settlement agreement, a memorandum of understanding, a 
                suspension of tuition assistance, or any other action 
                relating to an unfair, deceptive, or abusive act or 
                practice that is between the proprietary educational 
                institution or career education program and an agency 
                or department of a local, State, or Federal Government; 
                or
                    ``(C) misrepresented facts to students or 
                accrediting agencies or associations about graduation 
                or gainful employment rates in recognized occupations 
                or failed to provide the coursework necessary for 
                students to successfully obtain a professional 
                certification or degree from the proprietary 
                educational institution or career education program; or
            ``(2) the consumer has submitted a valid defense to 
        repayment claim with respect to such loan, as determined by the 
        Secretary of Education.''.
    (b) Table of Contents Amendment.--The table of contents of the Fair 
Credit Reporting Act, as amended by section 404, is further amended by 
inserting after the item relating to section 605C the following new 
item:

``605D. Credit restoration for certain private education loans 
                            borrowers.''.

SEC. 406. FINANCIAL ABUSE PREVENTION.

    (a) In General.--The Fair Credit Reporting Act (15 U.S.C. 1681 et 
seq.), as amended by section 301, is further amended by inserting after 
section 605E the following new section:
``Sec. 605F. Financial abuse prevention
    ``For a consumer who is the victim of intentionally abusive or 
harmful financial behavior, as determined by a court of competent 
jurisdiction including a family court, juvenile court, or other court 
with personal jurisdiction, that was conducted by a spouse, family or 
household member, caregiver, or person with whom such consumer had a 
dating relationship in a manner which resulted in the inclusion of an 
adverse item of information on the consumer report of the consumer, and 
the consumer did not participate in or consent to such behavior, the 
consumer may apply to a court of competent jurisdiction, including a 
family court, juvenile court, or other court with personal 
jurisdiction, for an order to require the removal of such adverse 
information from the consumer's file maintained by any consumer 
reporting agency.''.
    (b) Table of Contents Amendment.--The table of contents of the Fair 
Credit Reporting Act, as amended by section 301, is further amended by 
inserting after the item relating to section 605E the following new 
item:

``605F. Financial abuse prevention.''.

SEC. 407. PROHIBITION OF CERTAIN FACTORS RELATED TO FEDERAL CREDIT 
              RESTORATION OR REHABILITATION.

    The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), as amended 
by section 502, is further amended--
            (1) by adding at the end the following new section:
``Sec. 632. Prohibition of certain factors related to Federal credit 
              restoration or rehabilitation
    ``(a) Restriction on Credit Scoring Models.--A credit scoring model 
may not--
            ``(1) take into consideration, in a manner adverse to a 
        consumer's credit score or educational credit score, any 
        information in a consumer report concerning the consumer's 
        participation in credit restoration or rehabilitation under 
        section 605C, 605D, or 605E; or
            ``(2) treat negatively, in a manner adverse to a consumer's 
        credit score or educational credit score, the absence of 
        payment history data for an existing account, whether the 
        account is open or closed, where the absence of such 
        information is the result of a consumer's participation in 
        credit restoration or rehabilitation under section 605C, 605D, 
        or 605E.
    ``(b) Restriction on Persons Obtaining Consumer Reports.--A person 
who obtains a consumer report may not--
            ``(1) take into consideration, in a manner adverse to a 
        consumer, any information in a consumer report concerning the 
        consumer's participation in credit restoration or 
        rehabilitation under section 605C, 605D, or 605E; or
            ``(2) treat negatively the absence of payment history data 
        for an existing account, whether the account is open or closed, 
        where the absence of such information is the result of a 
        consumer's participation in credit restoration or 
        rehabilitation under section 605C, 605D, or 605E.
    ``(c) Accuracy and Completeness.--If a person who furnishes 
information to a consumer reporting agency requests the removal of 
information from a consumer report or a consumer reporting agency 
removes information from a consumer report in compliance with the 
requirements under section 605C, 605D, or 605E, or such information was 
removed pursuant at section 605(a)(11), such report shall be deemed to 
satisfy the requirements for accuracy and completeness with respect to 
such information.
    ``(d) Prohibition Related to Adverse Actions and Risk-Based Pricing 
Decisions.--No person shall use information related to a consumer's 
participation in credit restoration or rehabilitation under section 
605C, 605D, or 605E in connection with any determination of--
            ``(1) the consumer's eligibility or continued eligibility 
        for an extension of credit;
            ``(2) the terms and conditions offered to a consumer 
        regarding an extension of credit; or
            ``(3) an adverse action made for employment purposes.''; 
        and
            (2) in the table of contents for such Act, by inserting 
        after the item relating to section 631 the following new item:

``632. Prohibition of certain factors related to Federal credit 
                            restoration or rehabilitation.''.

               TITLE V--CLARITY IN CREDIT SCORE FORMATION

SEC. 501. CONSUMER BUREAU STUDY AND REPORT TO CONGRESS ON THE IMPACT OF 
              NON-TRADITIONAL DATA.

    (a) Study.--The Bureau of Consumer Financial Protection shall carry 
out a study to assess the impact (including the availability and 
affordability of credit and other noncredit decisions, the potential 
positive and negative impacts on consumer credit scores, and any 
unintended consequences) of using traditional modeling techniques or 
alternative modeling techniques to analyze non-traditional data from a 
consumer report and of including non-traditional data on consumer 
reports on the following:
            (1) Consumers with no or minimal traditional credit 
        history.
            (2) Traditionally underserved communities and populations.
            (3) Consumers residing in rural areas.
            (4) Consumers residing in urban areas.
            (5) Racial and ethnic minorities and women.
            (6) Consumers across various income strata, particularly 
        consumers earning less than 120 percent of the area median 
        income (as defined by the Secretary of Housing and Urban 
        Development).
            (7) Immigrants, refugees, and non-permanent residents.
            (8) Minority financial institutions (as defined under 
        section 308(b) of the Financial Institutions Reform, Recovery, 
        and Enforcement Act of 1989 (12 U.S.C. 1463 note)) and 
        community financial institutions.
            (9) Consumers residing in federally assisted housing, 
        including consumers receiving Federal rental subsidies.
    (b) Additional Considerations.--In assessing impacts under 
subsection (a), the Bureau of Consumer Financial Protection shall also 
consider impacts on--
            (1) the privacy, security, and confidentiality of the 
        financial, medical, and personally identifiable information of 
        consumers;
            (2) the control of consumers over how such information may 
        or will be used or considered;
            (3) the understanding of consumers of how such information 
        may be used or considered and the ease with which a consumer 
        may decide to restrict or prohibit such use or consideration of 
        such information;
            (4) potential discriminatory effects; and
            (5) disparate outcomes the use or consideration of such 
        information may cause.
    (c) Consideration of Recent Government Studies.--In assessing 
impacts under subsection (a), the Bureau of Consumer Financial 
Protection shall also consider recent Government studies on alternative 
data, including--
            (1) the report of the Bureau of Consumer Financial 
        Protection titled ``CFPB Data Point: Becoming Credit Visible'' 
        (published June 2017); and
            (2) the report of the Comptroller General of the United 
        States titled ``Financial Technology: Agencies Should Provide 
        Clarification on Lenders' Use of Alternative Data'' (published 
        December 2018).
    (d) Report.--Not later than 1 year after the date of the enactment 
of this Act, the Bureau of Consumer Financial Protection shall issue a 
report to the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate containing all findings and determinations, 
including any recommendations for any legislative or regulatory 
changes, made in carrying out the study required under subsection (a).
    (e) Definitions.--In this section:
            (1) Alternative modeling techniques.--The term 
        ``alternative modeling techniques'' means statistical and 
        mathematical techniques that are not traditional modeling 
        techniques, including decision trees, random forests, 
        artificial neutral networks, nearest neighbor, genetic 
        programming, and boosting algorithms.
            (2) Consumer report.--The term ``consumer report'' has the 
        meaning given such term in section 603 of the Fair Credit 
        Reporting Act (15 U.S.C. 1681a).
            (3) Non-traditional data.--The term ``non-traditional 
        data'' means data related to telecommunications, utility 
        payments, rent payments, remittances, wire transfers, data not 
        otherwise regularly included in consumer reports issued by 
        consumer reporting agencies described under section 603(p), and 
        such other items as the Bureau of Consumer Financial Protection 
        deems appropriate.
            (4) Traditional modeling techniques.--The term 
        ``traditional modeling techniques'' means statistical and 
        mathematical techniques (including models, algorithms, linear 
        and logistic regression methods, and their outputs) that are 
        traditionally used in automated underwriting processes.

SEC. 502. CONSUMER BUREAU OVERSIGHT OF CREDIT SCORING MODELS.

    The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), as amended 
by section 701, is further amended--
            (1) by adding at the end the following new section:
``Sec. 631. Credit scoring models
    ``(a) Validated Credit Scoring Models.--Not later than 1 year after 
the date of the enactment of this section, the Bureau shall (in 
consultation with the Board of Governors of the Federal Reserve System, 
the Comptroller of the Currency, the Board of Directors of the Federal 
Deposit Insurance Corporation, and the National Credit Union 
Administration Board) issue final regulations applicable to any person 
that creates, maintains, utilizes, or purchases credit scoring models 
used in making credit decisions to establish standards for validating 
the accuracy and predictive value of all such credit scoring models, 
both before release for initial use and at regular intervals 
thereafter, for as long as such credit scoring models are made 
available for purchase or use by such person.
    ``(b) Prohibition.--At least once every 2 years, the Bureau shall 
conduct a review of credit scoring models to determine whether the use 
of any particular factors, or the weight or consideration given to 
certain factors by credit scoring models, is inappropriate, including 
if such factors do not enhance or contribute to the accuracy and 
predictive value of the models. Upon the conclusion of its review, the 
Bureau may prohibit a person described in subsection (a) from weighing, 
considering, or including certain factors in, or making available for 
purchase or use, certain credit scoring models or versions, as the 
Bureau determines appropriate.''; and
            (2) in the table of contents for such Act, as amended by 
        section 701, by adding after the item relating to section 630 
        the following new item:

``631. Credit scoring models.''.

SEC. 503. REVIEW OF CHANGES TO CREDIT SCORING MODELS.

    Section 631 of the Fair Credit Reporting Act (15 U.S.C. 1681 et 
seq.), as added by section 502, is amended by adding at the end the 
following:
    ``(c) Review of Changes to Credit Scoring Models.--With respect to 
a person that creates credit scoring models used in making credit 
decisions, if such person creates a new credit scoring model (including 
a revision to an existing scoring model) that would, when compared to 
previous credit scoring models created by such person, lower the credit 
scores of a class of consumers, the Director of the Bureau may review 
such new credit scoring model and, if the Director determines that such 
new credit scoring model is inappropriate (including, with respect to a 
revision to an existing scoring model, if such revision does not 
enhance or contribute to the accuracy and predictive value of the 
existing scoring model), the Director may prohibit such new credit 
scoring model.''.

    TITLE VI--RESTRICTIONS ON CREDIT CHECKS FOR EMPLOYMENT DECISIONS

SEC. 601. PROHIBITION ON THE USE OF CREDIT INFORMATION FOR MOST 
              EMPLOYMENT DECISIONS.

    (a) In General.--Section 604 of the Fair Credit Reporting Act (15 
U.S.C. 1681b) is amended--
            (1) in subsection (a)(3)(B), by inserting ``, subject to 
        the requirements of subsection (b)'' after ``purposes''; and
            (2) in subsection (b)--
                    (A) in paragraph (1)--
                            (i) by amending the paragraph heading to 
                        read as follows: ``Use of Consumer Reports for 
                        Employment Purposes'';
                            (ii) in subparagraph (A), by redesignating 
                        clauses (i) and (ii) as subclauses (I) and 
                        (II), respectively (and conforming the margins 
                        accordingly);
                            (iii) by redesignating subparagraphs (A) 
                        and (B) as clauses (i) and (ii), respectively 
                        (and conforming the margins accordingly);
                            (iv) by striking the period at the end of 
                        clause (ii) (as so redesignated) and inserting 
                        ``; and'';
                            (v) by striking ``agency may furnish'' and 
                        inserting ``agency--
                    ``(A) may furnish''; and
                            (vi) by adding at the end the following new 
                        subparagraph:
                    ``(B) except as provided in paragraph (5), may not 
                furnish a consumer report for employment purposes, 
                including for the purpose of denying employment, with 
                respect to any consumer in which any information 
                contained in the report bears on the consumer's 
                creditworthiness, credit standing, or credit 
                capacity.''; and
                    (B) by adding at the end the following new 
                paragraphs:
            ``(5) Requirements for consumer reports bearing on the 
        consumer's creditworthiness, credit standing, or credit 
        capacity.--
                    ``(A) In general.--A person may use a consumer 
                report for employment purposes with respect to any 
                consumer in which any information contained in the 
                report bears on the consumer's creditworthiness, credit 
                standing, or credit capacity only if--
                            ``(i)(I) the person is required to obtain 
                        the report by a Federal, State, or local law or 
                        regulation;
                            ``(II) the information contained in the 
                        report is being used with respect to a national 
                        security investigation (as defined in paragraph 
                        (4)(D)); or
                            ``(III) the report is necessary for a 
                        background check or related investigation of 
                        financial information that is required by a 
                        Federal, State, or local law or regulation;
                            ``(ii) none of the cost associated with 
                        obtaining the consumer report will be passed on 
                        to the consumer to whom the report relates; and
                            ``(iii) the information contained in the 
                        consumer report will not be disclosed to any 
                        other person other than--
                                    ``(I) in an aggregate format that 
                                protects a consumer's personally 
                                identifiable information; or
                                    ``(II) as may be necessary to 
                                comply with any applicable Federal, 
                                State, or local equal employment 
                                opportunity law or regulation.
                    ``(B) Disclosures.--A person who procures, or 
                causes to be procured, a consumer report described in 
                subparagraph (A) for employment purposes shall, in the 
                disclosure made pursuant to paragraph (2), include--
                            ``(i) an explanation that a consumer report 
                        is being obtained for employment purposes;
                            ``(ii) the reasons for obtaining such a 
                        report; and
                            ``(iii) the citation to the applicable 
                        Federal, State, or local law or regulation 
                        described in subparagraph (A)(i)(I).
                    ``(C) Adverse actions.--In using a consumer report 
                described in subparagraph (A) for employment purposes 
                and before taking an adverse action based in whole or 
                in part on the report, the person intending to take 
                such adverse action shall, in addition to the 
                information described in paragraph (3), provide to the 
                consumer to whom the report relates--
                            ``(i) the name, address, and telephone 
                        number of the consumer reporting agency that 
                        furnished the report (including, for a consumer 
                        reporting agency that compiles and maintains 
                        files on consumers on a nationwide basis, a 
                        toll-free telephone number established by such 
                        agency);
                            ``(ii) the date on which the report was 
                        furnished; and
                            ``(iii) the specific factors from the 
                        report upon which the adverse action (as 
                        defined in section 603(k)(1)(B)(ii)) was based.
                    ``(D) National security investigations.--The 
                requirements of paragraph (4) shall apply to a consumer 
                report described under subparagraph (A).
                    ``(E) Non-circumvention.--With respect to a 
                consumer report in which any information contained in 
                the report bears on the consumer's creditworthiness, 
                credit standing, or credit capacity, if a person is 
                prohibited from using the consumer report pursuant to 
                subparagraph (A), such person may not, directly or 
                indirectly, either orally or in writing, require, 
                request, suggest, or cause any employee or prospective 
                employee to submit such information to the person as a 
                condition of employment.
                    ``(F) Non-waiver.--A consumer may not waive the 
                requirements of this paragraph with respect to a 
                consumer report.
            ``(6) Rule of construction.--Nothing in this subsection 
        shall be construed to require a consumer reporting agency to 
        prevent a Federal, State, or local law enforcement agency from 
        accessing information in a consumer report to which the law 
        enforcement agency could otherwise obtain access.''.
    (b) Technical Amendment.--The Fair Credit Reporting Act (15 U.S.C. 
1681 et seq.) is amended by striking ``section 604(b)(4)(E)(i)'' each 
place such term appears and inserting ``section 604(b)(4)(D)(i)''.
    (c) Rule of Construction.--The amendments made by this Act may not 
be construed as limiting the ability of a person to use non-financial 
or non-credit related consumer report information.

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

SEC. 701. 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. 702. 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), as 
amended by section 206, is further 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:
    ``(j) 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. 703. PROHIBITION ON EXCESSIVE DIRECT-TO-CONSUMER SALES.

    The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), as amended 
by section 407, is further amended--
            (1) by adding after section 632 the following new section:
``Sec. 633. 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, by adding at the 
        end the following new item:

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

SEC. 704. 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 903, is further amended--
            (1) by adding at the end the following new section:
``Sec. 635. 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, by adding at the 
        end the following new item:

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

SEC. 705. COMPARISON SHOPPING FOR LOANS WITHOUT HARM TO CREDIT 
              STANDING.

    Section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c), as 
amended by section 401, is further amended by adding at the end the 
following new subsection:
    ``(h) Encouraging Comparison Shopping for Loans.--
            ``(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) A covered residential mortgage loan (as 
                defined in section 605C).
                    ``(B) A motor vehicle loan or lease (as described 
                in section 609(i)).
                    ``(C) A private education loan.
                    ``(D) Any other consumer financial product or 
                service, as determined by the Bureau.''.

SEC. 706. NATIONWIDE CONSUMER REPORTING AGENCIES REGISTRY.

    The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), as amended 
by section 704, is further amended--
            (1) by adding at the end the following new section:
``Sec. 636. 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 by adding at the 
        end the following new item:

``636. Nationwide consumer reporting agencies registry.''.

SEC. 707. PROTECTION FOR CERTAIN CONSUMERS AFFECTED BY A SHUTDOWN.

    (a) Definition of Employee Affected by a Shutdown.--Section 603 of 
the Fair Credit Reporting Act (15 U.S.C. 1681a), as amended by section 
901, is further amended by adding at the end the following:
    ``(ff) Employee Affected by a Shutdown.--With respect to a 
shutdown, the term `employee affected by a shutdown' means a consumer 
who--
            ``(1) is an employee of--
                    ``(A) the Federal Government, and who is furloughed 
                or excepted from a furlough during the shutdown;
                    ``(B) the District of Columbia, and who is 
                furloughed or excepted from a furlough during the 
                shutdown;
                    ``(C) the District of Columbia Courts, and who is 
                furloughed or excepted from a furlough during the 
                shutdown;
                    ``(D) the Public Defender Service for the District 
                of Columbia, and who is furloughed or excepted from a 
                furlough during the shutdown; or
                    ``(E) a Federal contractor (as defined under 
                section 7101 of title 41, United States Code) or other 
                business, and who has experienced a substantial 
                reduction in pay (directly or indirectly) due to the 
                shutdown; and
            ``(2) who--
                    ``(A) is listed in the database established under 
                section 63; or
                    ``(B) has self-certified pursuant to such section.
    ``(gg) Shutdown.--The term `shutdown' means any period in which 
there is more than a 24-hour lapse in appropriations as a result of a 
failure to enact a regular appropriations bill or continuing 
resolution.
    ``(hh) Covered Shutdown Period.--The term `covered shutdown period' 
means, with respect to a shutdown, the period beginning on the first 
day of the shutdown and ending on the date that is 90 days after the 
last day of the shutdown.''.
    (b) Exclusion for Employees Affected by a Shutdown.--Section 605(a) 
of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)), as amended by 
section 809, is further amended by adding at the end the following:
            ``(18) Any adverse item of information with respect to an 
        action or inaction taken during a covered shutdown period by an 
        employee affected by a shutdown.''.
    (c) Amendment to Summary of Rights for Employees Affected by a 
Shutdown.--Section 609(a) of the Fair Credit Reporting Act (15 U.S.C. 
1681g(a)) is amended by adding at the end the following:
            ``(7) Information on the rights of an employee affected by 
        a shutdown, including which consumers may be an employee 
        affected by a shutdown and the process for a consumer to self-
        certify as an employee affected by a shutdown under section 
        637.''.
    (d) Database and Self-Certification for Employees Affected by a 
Shutdown.--
            (1) In general.--The Fair Credit Reporting Act (15 U.S.C. 
        1681 et seq.), as amended by section 706, is further amended by 
        adding at the end the following new section:
``Sec. 637. Database and self-certification for employees affected by a 
              shutdown
    ``(a) Database.--
            ``(1) In general.--With respect to each shutdown, the 
        consumer reporting agencies described in section 603(p) shall 
        jointly establish a database that includes employees affected 
        by the shutdown as reported pursuant to paragraph (2).
            ``(2) Contents of database.--
                    ``(A) Furloughed employees and contractors.--Each 
                authority of the executive, legislative, or judicial 
                branch of the Federal Government or District of 
                Columbia shall provide to the consumer reporting 
                agencies described in section 603(p) a list 
                identifying--
                            ``(i) employees of such authority that are 
                        furloughed, excepted from furlough, or not 
                        receiving pay because of a shutdown; and
                            ``(ii) to the extent practicable, employees 
                        of contractors of such authority.
                    ``(B) Self-certified consumers.--A consumer that 
                self-certifies as an employee affected by a shutdown 
                pursuant to subsection (b) shall be included in the 
                database, unless the Bureau determines such consumer is 
                not an employee affected by a shutdown.
            ``(3) Access to database.--The consumer reporting agencies 
        described in section 603(p) shall make the database established 
        under this subsection available to the Bureau, other consumer 
        reporting agencies, furnishers of information to consumer 
        reporting agencies, and users of consumer reports. A consumer 
        reporting agency described in section 603(x) shall periodically 
        access the database to confirm the accuracy of information such 
        an agency has that identifies a consumer as an employee 
        affected by a shutdown.
    ``(b) Self-Certification Process.--A consumer shall be deemed to be 
an employee affected by a shutdown if such consumer self-certifies 
through--
            ``(1) the website established under subsection (c); or
            ``(2) a toll-free telephone number established by a 
        consumer reporting agency.
    ``(c) Website.--The consumer reporting agencies described in 
section 603(p) shall jointly establish a website for a consumer to 
self-certify as an employee affected by a shutdown. Such website may 
not include any advertisement or other solicitation.
    ``(d) Opt-Out.--The consumer reporting agencies described in 
section 603(p) shall provided a process through the website described 
under subsection (c) for consumers to opt-out of having their name 
included in the database established under this section.''.
            (2) Table of contents amendment.--The table of contents of 
        the Fair Credit Reporting Act, as amended by section 706, is 
        further amended by adding at the end the following new item:

``637. Database and self-certification for employees affected by a 
                            shutdown.''.
    (e) Prohibition on Adverse Actions Against Employees Affected by a 
Shutdown.--Section 604 of the Fair Credit Reporting Act (15 U.S.C. 
1681b) is amended by adding at the end the following:
    ``(h) Prohibition on Adverse Actions Against Employees Affected by 
a Shutdown.--If a user of a consumer report knows that a consumer is an 
employee affected by a shutdown, such user may not take an adverse 
action based on--
            ``(1) any adverse item of information contained in such 
        report with respect to an action or inaction taken during a 
        covered shutdown period by the employee; or
            ``(2) information on the consumer included in the database 
        established under section 637.''.
    (f) Bureau Regulations or Guidance.--Not later than 30 days after 
the date of the enactment of this Act, the Director of the Bureau of 
Consumer Financial Protection shall issue rules or guidance, as 
appropriate, to carry out the requirements of this Act.

  TITLE VIII--PROTECTIONS AGAINST IDENTITY THEFT, FRAUD, OR A RELATED 
                                 CRIME

SEC. 801. IDENTITY THEFT REPORT DEFINITION.

    (a) In General.--Paragraph (4) of section 603(q) of the Fair Credit 
Reporting Act (15 U.S.C. 1681a(q)(4)) is amended to read as follows:
            ``(4) Identity theft report.--The term `identity theft 
        report' has the meaning given that term by rule of the Bureau, 
        and means, at a minimum, a report--
                    ``(A) that is a standardized affidavit that alleges 
                that a consumer has been a victim of identity theft, 
                fraud, or a related crime, or has been harmed by the 
                unauthorized disclosure of the consumer's financial or 
                personally identifiable information, that was developed 
                and made available by the Bureau; or
                    ``(B)(i) that alleges an identity theft, fraud, or 
                a related crime, or alleges harm from the unauthorized 
                disclosure of the consumer's financial or personally 
                identifiable information;
                    ``(ii) that is a copy of an official, valid report 
                filed by a consumer with an appropriate Federal, State, 
                or local law enforcement agency (including the United 
                States Postal Inspection Service), or such other 
                government agency deemed appropriate by the Bureau; and
                    ``(iii) the filing of which subjects the person 
                filing the report to criminal penalties relating to the 
                filing of false information if the information in the 
                report is actually false.''.
    (b) Rulemaking.--Not later than the end of the 2-year period 
beginning on the date of enactment of this Act, the Director of the 
Bureau of Consumer Financial Protection shall issue final rules to 
carry out the amendment made by subsection (a).

SEC. 802. AMENDMENT TO PROTECTION FOR FILES AND CREDIT RECORDS OF 
              PROTECTED CONSUMERS.

    (a) Amendment to Definition of ``File''.--Section 603(g) of the 
Fair Credit Reporting Act (15 U.S.C. 1681a(g)) is amended by inserting 
``, except that such term excludes a record created pursuant to section 
605A(j)'' after ``stored''.
    (b) Amendment to Protection for Files and Credit Records.--Section 
605A(j) of the Fair Credit Reporting Act (15 U.S.C. 1681c-1(j)) is 
amended--
            (1) in paragraph (1)--
                    (A) in subparagraph (B)(ii), by striking ``an 
                incapacitated person or a protected person'' and 
                inserting ``a person''; and
                    (B) by amending subparagraph (E) to read as 
                follows:
                    ``(E) The term `security freeze'--
                            ``(i) has the meaning given in subsection 
                        (i)(1)(C); and
                            ``(ii) with respect to a protected consumer 
                        for whom the consumer reporting agency does not 
                        have a file, means a record that is subject to 
                        a security freeze that a consumer reporting 
                        agency is prohibited from disclosing to any 
                        person requesting the consumer report for the 
                        purpose of opening a new account involving the 
                        extension of credit.''; and
            (2) in paragraph (4)(D), by striking ``a protected consumer 
        or a protected consumer's representative under subparagraph 
        (A)(i)'' and inserting ``a protected consumer described under 
        subparagraph (A)(ii) or a protected consumer's 
        representative''.

SEC. 803. ENHANCEMENT TO FRAUD ALERT PROTECTIONS.

    Section 605A of the Fair Credit Reporting Act (15 U.S.C. 1681c-1) 
is amended--
            (1) in subsection (a)--
                    (A) in the subsection heading, by striking ``One-
                Call'' and inserting ``1-Year'';
                    (B) in paragraph (1)--
                            (i) in the paragraph heading, by striking 
                        ``Initial alerts'' and inserting ``In 
                        general'';
                            (ii) by inserting ``or has been or is about 
                        to be harmed by the unauthorized disclosure of 
                        the consumer's financial or personally 
                        identifiable information,'' after ``identity 
                        theft,'';
                            (iii) in subparagraph (A)--
                                    (I) by inserting ``(which period 
                                may be extended upon request of the 
                                consumer or such representative)'' 
                                after ``1 year''; and
                                    (II) by striking ``and'' at the 
                                end;
                            (iv) in subparagraph (B)--
                                    (I) by inserting ``1-year'' before 
                                ``fraud alert''; and
                                    (II) by striking the period at the 
                                end and inserting ``; and''; and
                            (v) by adding at the end the following new 
                        subparagraph:
                    ``(C) upon the expiration of the period described 
                in subparagraph (A) or any extension of such period, 
                and in response to a direct request by the consumer or 
                such representative, continue the fraud alert for a 
                period of 1 additional year if the information asserted 
                in this paragraph remains applicable.''; and
                    (C) in paragraph (2)--
                            (i) in the paragraph heading, by inserting 
                        ``and credit or educational credit scores'' 
                        after ``reports'';
                            (ii) by inserting ``1-year'' before ``fraud 
                        alert'';
                            (iii) in subparagraph (A), by inserting 
                        ``and credit score or educational credit 
                        score'' after ``file''; and
                            (iv) in subparagraph (B), by striking ``any 
                        request described in subparagraph (A)'' and 
                        inserting ``the consumer reporting agency 
                        includes the 1-year fraud alert in the file of 
                        a consumer'';
            (2) in subsection (b)--
                    (A) in the subsection heading, by striking 
                ``Extended'' and inserting ``7-Year'';
                    (B) in paragraph (1)--
                            (i) in subparagraph (A), by inserting 
                        ``(which period may be extended upon request of 
                        the consumer or such representative)'' after 
                        ``7-year period beginning on the date of such 
                        request'';
                            (ii) in subparagraph (B)--
                                    (I) by striking ``the 5-year period 
                                beginning on the date of such request'' 
                                and inserting ``such 7-year period 
                                (including any extension of such 
                                period)''; and
                                    (II) by striking ``and'' at the 
                                end;
                            (iii) in subparagraph (C)--
                                    (I) by striking ``extended'' and 
                                inserting ``7-year''; and
                                    (II) by striking the period at the 
                                end and inserting ``; and''; and
                            (iv) by adding at the end the following new 
                        subparagraph:
                    ``(D) upon the expiration of such 7-year period or 
                any extension of such period, and in response to a 
                direct request by the consumer or such representative, 
                continue the fraud alert for a period of 7 additional 
                years if the consumer or such representative submits an 
                updated identity theft report.''; and
                    (C) in paragraph (2)--
                            (i) in the paragraph heading, by inserting 
                        ``and credit or educational credit scores'' 
                        after ``reports''; and
                            (ii) by amending subparagraph (A) to read 
                        as follows:
                    ``(A) disclose to the consumer that the consumer 
                may request a free copy of the file and credit score or 
                educational credit score of the consumer pursuant to 
                section 612(d) during each 12-month period beginning on 
                the date on which the 7-year fraud alert was included 
                in the file and ending on the date of the last day that 
                the 7-year fraud alert applies to the consumer's file; 
                and'';
            (3) in subsection (c)--
                    (A) in paragraph (1), by inserting ``or educational 
                credit score'' after ``credit score'';
                    (B) by redesignating paragraphs (1), (2), and (3), 
                as subparagraphs (A), (B), and (C), respectively (and 
                conforming the margins accordingly);
                    (C) by striking ``Upon the direct request'' and 
                inserting:
            ``(1) In general.--Upon the direct request''; and
                    (D) by adding at the end the following new 
                paragraph:
            ``(2) Access to free reports and credit or educational 
        credit scores.--If a consumer reporting agency includes an 
        active duty alert in the file of an active duty uniformed 
        consumer, the consumer reporting agency shall--
                    ``(A) disclose to the active duty uniformed 
                consumer that the active duty uniformed consumer may 
                request a free copy of the file and credit score or 
                educational credit score of the active duty uniformed 
                consumer pursuant to section 612(d), during each 12-
                month period beginning on the date that the activity 
                duty alert is requested and ending on the date of the 
                last day the active duty alert applies to the file of 
                the active duty uniformed consumer; and
                    ``(B) provide to the active duty uniformed consumer 
                all disclosures required to be made under section 609, 
                without charge to the consumer, not later than 3 
                business days after any request described in 
                subparagraph (A).'';
            (4) by amending subsection (d) to read as follows:
    ``(d) Procedures.--Each consumer reporting agency described in 
section 603(p) shall include on the web page required under subsection 
(i) policies and procedures to comply with this section, including 
policies and procedures--
            ``(1) that inform consumers of the availability of 1-year 
        fraud alerts, 7-year fraud alerts, active duty alerts, and 
        security freezes (as applicable);
            ``(2) that allow consumers to request 1-year fraud alerts, 
        7-year fraud alerts, and active duty alerts (as applicable) and 
        to place, temporarily lift, or fully remove a security freeze 
        in a simple and easy manner; and
            ``(3) for asserting in good faith a suspicion that the 
        consumer has been or is about to become a victim of identity 
        theft, fraud, or a related crime, or harmed by the unauthorized 
        disclosure of the consumer's financial or personally 
        identifiable information, for a consumer seeking a 1-year fraud 
        alert or security freeze.'';
            (5) in subsection (e), by inserting ``1-year or 7-year'' 
        before ``fraud alert'';
            (6) in subsection (f), by striking ``or active duty alert'' 
        and inserting ``active duty alert, or security freeze (as 
        applicable)'';
            (7) in subsection (g)--
                    (A) by inserting ``or has been harmed by the 
                unauthorized disclosure of the consumer's financial or 
                personally identifiable information, or to inform such 
                agency of the consumer's participation in credit 
                restoration or rehabilitation under section 605C, 605D, 
                or 605E,'' after ``identity theft,''; and
                    (B) by inserting ``or security freezes'' after 
                ``request alerts'';
            (8) in subsection (h)--
                    (A) in paragraph (1)--
                            (i) in the paragraph heading, by striking 
                        ``initial'' and inserting ``1-year''; and
                            (ii) by striking ``initial'' and inserting 
                        ``1-year'' each place such term appears; and
                    (B) in paragraph (2)--
                            (i) in the paragraph heading, by striking 
                        ``extended'' and inserting ``7-year''; and
                            (ii) by striking ``extended'' and inserting 
                        ``7-year'' each place such term appears; and
            (9) in subsection (i)(4)--
                    (A) by striking subparagraphs (E) and (I); and
                    (B) by redesignating subparagraphs (F), (G), (H), 
                and (J) as subparagraphs (E), (F), (G), and (H), 
                respectively.

SEC. 804. AMENDMENT TO SECURITY FREEZES FOR CONSUMER REPORTS.

    (a) In General.--Section 605A(i) of the Fair Credit Reporting Act 
(15 U.S.C. 1681c-1(i)) is amended--
            (1) by amending the subsection heading to read as follows: 
        ``Security Freezes for Consumer Reports'';
            (2) in paragraph (3)(E), by striking ``Upon receiving'' and 
        all that follows through ``subparagraph (C),'' and inserting 
        ``Upon receiving a direct request from a consumer for a 
        temporary removal of a security freeze, a consumer reporting 
        agency shall'';
            (3) by adding at the end the following:
            ``(7) Relation to state law.--This subsection does not 
        modify or supersede the laws of any State relating to security 
        freezes or other similar actions, except to the extent those 
        laws are inconsistent with any provision of this title, and 
        then only to the extent of the inconsistency. For purposes of 
        this subsection, a term or provision of a State law is not 
        inconsistent with the provisions of this subsection if the term 
        or provision affords greater protection to the consumer than 
        the protection provided under this subsection as determined by 
        the Bureau.''.
    (b) Amendment to Web Page Requirements.--Section 605A(i)(6)(A) of 
the Fair Credit Reporting Act (15 U.S.C. 1681c-1(i)(6)(A)) is amended--
            (1) in clause (ii), by striking ``initial fraud alert'' and 
        inserting ``1-year fraud alert'';
            (2) in clause (iii), by striking ``extended fraud alert'' 
        and inserting ``7-year fraud alert''; and
            (3) in clause (iv), by striking ``fraud''.
    (c) Amendment to Exceptions for Certain Persons.--Section 
605A(i)(4)(A) of the Fair Credit Reporting Act (15 U.S.C. 1681c-
1(i)(4)(A)) is amended to read as follows:
                    ``(A) A person, or the person's subsidiary, 
                affiliate, agent, subcontractor, or assignee with whom 
                the consumer has, or prior to assignment had, an 
                authorized account, contract, or debtor-creditor 
                relationship for the purposes of reviewing the active 
                account or collecting the financial obligation owed on 
                the account, contract, or debt.''.
    (d) Effective Date.--The amendments made by subsection (a) shall 
take effect on the date of the enactment of this Act.

SEC. 805. CLARIFICATION OF INFORMATION TO BE INCLUDED WITH AGENCY 
              DISCLOSURES.

    Section 609(c)(2) of the Fair Credit Reporting Act (15 U.S.C. 
1681g(c)(2)) is amended--
            (1) in subparagraph (B)--
                    (A) by striking ``consumer reporting agency 
                described in section 603(p)'' and inserting ``consumer 
                reporting agency described in subsection (p) or (x) of 
                section 603'';
                    (B) by striking ``the agency'' and inserting ``such 
                an agency''; and
                    (C) by inserting ``and an internet website 
                address'' after ``hours''; and
            (2) in subparagraph (E), by striking ``outdated under 
        section 605 or'' and inserting ``outdated, required to be 
        removed, or''.

SEC. 806. PROVIDES ACCESS TO FRAUD RECORDS FOR VICTIMS.

    Section 609(e) of the Fair Credit Reporting Act (15 U.S.C. 
1681g(e)) is amended--
            (1) in paragraph (1)--
                    (A) by striking ``resulting from identity theft'';
                    (B) by striking ``claim of identity theft'' and 
                inserting ``claim of fraudulent activity''; and
                    (C) by striking ``any transaction alleged to be a 
                result of identity theft'' and inserting ``any 
                fraudulent transaction'';
            (2) in paragraph (2)(B)--
                    (A) by striking ``identity theft, at the election 
                of the business entity'' and inserting ``fraudulent 
                activity'';
                    (B) by amending clause (i) to read as follows:
                            ``(i) a copy of an identity theft report; 
                        or''; and
                    (C) by amending clause (ii) to read as follows:
                            ``(ii) an affidavit of fact that is 
                        acceptable to the business entity for that 
                        purpose.'';
            (3) in paragraph (3), by striking ``identity theft'' and 
        inserting ``fraudulent activity'';
            (4) by striking paragraph (8) and redesignating paragraphs 
        (9) through (13) as paragraphs (8) through (12), respectively; 
        and
            (5) in paragraph (10) (as so redesignated), by striking 
        ``or a similar crime'' and inserting ``, fraud, or a related 
        crime''.

SEC. 807. REQUIRED BUREAU TO SET PROCEDURES FOR REPORTING IDENTITY 
              THEFT, FRAUD, AND OTHER RELATED CRIME.

    Section 621(f)(2) of the Fair Credit Reporting Act (15 U.S.C. 
1681s(f)(2)) is amended--
            (1) in the paragraph heading, by striking ``Model form'' 
        and inserting ``Standardized affidavit'';
            (2) by striking ``The Commission'' and inserting ``The 
        Bureau'';
            (3) by striking ``model form'' and inserting ``standardized 
        affidavit'';
            (4) by inserting after ``identity theft'' the following: 
        ``, fraud, or a related crime, or otherwise are harmed by the 
        unauthorized disclosure of the consumer's financial or 
        personally identifiable information,''; and
            (5) by striking ``fraud.'' and inserting ``identity theft, 
        fraud, or other related crime. Such standardized affidavit and 
        procedures shall not include a requirement that a consumer 
        obtain a police report.''.

SEC. 808. ESTABLISHES THE RIGHT TO FREE CREDIT MONITORING AND IDENTITY 
              THEFT PROTECTION SERVICES FOR CERTAIN CONSUMERS.

    (a) Enforcement of Credit Monitoring for Servicemembers.--
            (1) In general.--Subsection (k) of section 605A (15 U.S.C. 
        1681c-1(a)) is amended by striking paragraph (4).
            (2) Effective date.--This subsection and the amendment made 
        by this subsection shall take effect on the date of the 
        enactment of this Act.
    (b) Free Credit Monitoring and Identity Theft Protection Services 
for Certain Consumers.--Subsection (k) of section 605A (15 U.S.C. 
1681c-1), is amended to read as follows:
    ``(k) Credit Monitoring and Identity Theft Protection Services.--
            ``(1) In general.--Upon the direct request of a consumer, a 
        consumer reporting agency described in section 603(p) that 
        maintains a file on the consumer and has received appropriate 
        proof of the identity of the requester (as described in section 
        1022.123 of title 12, Code of Federal Regulations) shall 
        provide the consumer with credit monitoring and identity theft 
        protection services not later than 1 business day after 
        receiving such request sent by postal mail, toll-free 
        telephone, or secure electronic means as established by the 
        agency.
            ``(2) Fees.--
                    ``(A) Classes of consumers.--The Bureau may 
                establish classes of consumers eligible to receive 
                credit monitoring and identity theft protection 
                services free of charge.
                    ``(B) No fee.--A consumer reporting agency 
                described in section 603(p) may not charge a consumer a 
                fee to receive credit monitoring and identity theft 
                protection services if the consumer or a representative 
                of the consumer--
                            ``(i) asserts in good faith a suspicion 
                        that the consumer has been or is about to 
                        become a victim of identity theft, fraud, or a 
                        related crime, or harmed by the unauthorized 
                        disclosure of the consumer's financial or 
                        personally identifiable information;
                            ``(ii) is unemployed and intends to apply 
                        for employment in the 60-day period beginning 
                        on the date on which the request is made;
                            ``(iii) is a recipient of public welfare 
                        assistance;
                            ``(iv) is an active duty uniformed consumer 
                        or a member of the National Guard (as defined 
                        in section 101(c) of title 10, United States 
                        Code);
                            ``(v) is 65 years of age or older; or
                            ``(vi) is a member of a class established 
                        by the Bureau under subparagraph (A).
            ``(3) Bureau rulemaking.--The Bureau shall issue 
        regulations--
                    ``(A) to define the scope of credit monitoring and 
                identity theft protection services required under this 
                subsection; and
                    ``(B) to set a fair and reasonable fee that a 
                consumer reporting agency may charge a consumer (other 
                than a consumer described under paragraph (2)(B)) for 
                such credit monitoring and identity theft protection 
                services.
            ``(4) Relation to state law.--This subsection does not 
        modify or supersede of the laws of any State relating to credit 
        monitoring and identity theft protection services or other 
        similar actions, except to the extent those laws are 
        inconsistent with any provision of this title, and then only to 
        the extent of the inconsistency. For purposes of this 
        subsection, a term or provision of a State law is not 
        inconsistent with the provisions of this subsection if the term 
        or provision affords greater protection to the consumer than 
        the protection provided under this subsection as determined by 
        the Bureau.''.
    (c) Rulemaking.--Not later than the end of the 2-year period 
beginning on the date of enactment of this Act, the Director of the 
Bureau of Consumer Financial Protection shall issue final rules to 
carry out the amendment made by subsection (b).

SEC. 809. ENSURES REMOVAL OF INQUIRIES RESULTING FROM IDENTITY THEFT, 
              FRAUD, OR OTHER RELATED CRIME FROM CONSUMER REPORTS.

    Section 605(a) of the Fair Credit Reporting Act (15 U.S.C. 
1681c(a)), as amended by section 403, is further amended by adding at 
the end the following:
            ``(17) Information about inquiries made for a credit report 
        based on requests that the consumer reporting agency verifies 
        were initiated as the result of identity theft, fraud, or other 
        related crime.''.

                        TITLE IX--MISCELLANEOUS

SEC. 901. DEFINITIONS.

    Section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a), as 
amended by section 302, is further amended by adding at the end the 
following:
    ``(dd) Definitions Related to Days.--
            ``(1) Calendar day; day.--The term `calendar day' or `day' 
        means a calendar day, excluding any federally recognized 
        holiday.
            ``(2) Business day.--The term `business day' means a day 
        between and including Monday to Friday, and excluding any 
        federally recognized holiday.''.

SEC. 902. TECHNICAL CORRECTION RELATED TO RISK-BASED PRICING NOTICES.

    Section 615(h)(8) of the Fair Credit Reporting Act (15 U.S.C. 
1681m) is amended--
            (1) in subparagraph (A), by striking ``this section'' and 
        inserting ``this subsection''; and
            (2) in subparagraph (B), by striking ``This section'' and 
        inserting ``This subsection''.

SEC. 903. FCRA FINDINGS AND PURPOSE; VOIDS CERTAIN CONTRACTS NOT IN THE 
              PUBLIC INTEREST.

    (a) FCRA Findings and Purpose.--Section 602 of the Fair Credit 
Reporting Act (15 U.S.C. 1681(a)) is amended--
            (1) in subsection (a)--
                    (A) by amending paragraph (1) to read as follows:
    ``(1) Many financial and non-financial decisions affecting 
consumers' lives depend upon fair, complete, and accurate credit 
reporting. Inaccurate and incomplete credit reports directly impair the 
efficiency of the financial system and undermine the integrity of using 
credit reports in other circumstances, and unfair credit reporting and 
credit scoring methods undermine the public confidence which is 
essential to the continued functioning of the financial services system 
and the provision of many other consumer products and services.''; and
                    (B) in paragraph (4), by inserting after 
                ``agencies'' the following: ``, furnishers, and credit 
                scoring developers''; and
            (2) in subsection (b)--
                    (A) by striking ``It is the purpose of this title 
                to require'' and inserting the following: ``The purpose 
                of this title is the following:
            ``(1) To require''; and
                    (B) by adding at the end the following:
            ``(2) To prohibit any practices and procedures with respect 
        to credit reports and credit scores that are not in the public 
        interest.''.
    (b) Voiding of Certain Contracts Not in the Public Interest.--The 
Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), as amended by 
section 703, is further amended--
            (1) by adding at the end the following new section:
``Sec. 634. Voiding of certain contracts not in the public interest
    ``(a) In General.--Any provision contained in a contract that 
requires a person to not follow a provision of this title, that is 
against the public interest, or that otherwise circumvents the purposes 
of this title shall be null and void.
    ``(b) Rule of Construction.--Nothing in subsection (a) shall be 
construed as affecting other provisions of a contract that are not 
described under subsection (a).''; and
            (2) in the table of contents for such Act, by inserting 
        after the item relating to section 633 the following new item:

``634. Voiding of certain contracts not in the public interest.''.

SEC. 904. GAO STUDY ON THE USE OF CREDIT IN HOUSING DETERMINATIONS.

    (a) Study.--The Comptroller General of the United States shall 
carry out a study of the use of consumer reports and credit scores in 
housing determinations to determine whether consumer reports or credit 
scores are being used as tools to perform the equivalent of banned red-
lining.
    (b) Contents of Study.--In carrying out the study required under 
subsection (a), the Comptroller General shall--
            (1) examine both rental applications and mortgage 
        applications; and
            (2) include a demographic breakdown by race, gender, age, 
        sexual orientation, city/suburban/rural, socioeconomic status, 
        and any other demographic that the Comptroller General 
        determines appropriate.
    (c) Report.--The Comptroller General shall issue a report to the 
Congress containing all findings and determinations made in carrying 
out the study required under subsection (a).

SEC. 905. GAO STUDY ON THE EFFECTS OF CREDIT SCORES IMPACTED BY A 
              STUDENT BORROWER'S DEFAULTED OR DELINQUENT PRIVATE 
              EDUCATION LOAN.

    (a) Study.--The Comptroller General of the United States shall 
carry out a study on how credit scores impacted by a student borrower's 
defaulted or delinquent private education loan impacts applying for 
future loans, including information on the treatment of different 
demographic populations.
    (b) Report.--The Comptroller General shall issue a report to the 
Congress containing all findings and determinations made in carrying 
out the study required under subsection (a).

SEC. 906. GAO STUDY ON CONSUMER REPORTING AGENCY COMPLIANCE WITH 
              CONSENT ORDERS.

    (a) Study.--The Comptroller General of the United States shall 
carry out a study of the compliance by consumer reporting agencies that 
compile and maintain files on consumers on a nationwide basis with 
consent orders, and the impact such compliance has on consumers.
    (b) Report.--Not later than the end of the 180-day period beginning 
on the date of enactment of this Act, the Comptroller General shall 
issue a report to the Committee on Financial Services of the House of 
Representatives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate containing all findings and determinations made 
in carrying out the study required under subsection (a).
    (c) Definitions.--In this section, the terms ``consumer'' and 
``consumer reporting agency that compiles and maintains files on 
consumers on a nationwide basis'' have the meaning given those terms, 
respectively, under section 603 of the Fair Credit Reporting Act.

SEC. 907. PROTECTIONS FOR ACTIVE DUTY UNIFORMED CONSUMER.

    (a) Definitions.--Section 603 of the Fair Credit Reporting Act (15 
U.S.C. 1681a) is amended--
            (1) in subsection (q), by amending paragraph (1) to read as 
        follows:
            ``(1) Active duty uniformed consumer.--The term `active 
        duty uniformed consumer' means a consumer who is--
                    ``(A) in military service and on active service (as 
                defined in section 101(d) of title 10, United States 
                Code); or
                    ``(B) a member of the uniformed services (as 
                defined in section 101(a) of title 10, United States 
                Code) who is not a member of the armed forces and is on 
                active service.''; and
            (2) by inserting after subsection (dd) (as added by section 
        901) the following:
    ``(ii) Extended Active Duty Uniformed Consumer.--The term `extended 
active duty uniformed consumer' means an active duty uniformed consumer 
that is deployed--
            ``(1) in a combat zone (as defined under section 112(c) of 
        the Internal Revenue Code of 1986); or
            ``(2) aboard a United States vessel.''.
    (b) Prohibition on Including Certain Adverse Information in 
Consumer Reports.--Section 605 of the Fair Credit Reporting Act (15 
U.S.C. 1681c) is amended--
            (1) in subsection (a), as amended by section 809, by adding 
        at the end the following:
            ``(19) Any item of adverse information about a consumer, if 
        the action or inaction that gave rise to the item occurred 
        while the consumer was an extended active duty uniformed 
        consumer.''; and
            (2) by inserting after subsection (h) (as added by section 
        705) the following:
    ``(i) Notice of Status as an Extended Active Duty Uniformed 
Consumer.--With respect to an item of adverse information about a 
consumer, if the action or inaction that gave rise to the item occurred 
while the consumer was an extended active duty uniformed consumer, the 
consumer may provide appropriate proof, including official orders, to a 
consumer reporting agency that the consumer was an extended active duty 
uniformed consumer at the time such action or inaction occurred. The 
consumer reporting agency shall promptly delete that item of adverse 
information from the file of the consumer and notify the consumer and 
the furnisher of the information of the deletion.''.
    (c) Communications Between the Consumer and Consumer Reporting 
Agencies.--Section 605A of the Fair Credit Reporting Act (15 U.S.C. 
1681c-1) is amended--
            (1) in subsection (c), as amended by section 803, by adding 
        at the end the following:
            ``(2) Negative information alert.--Any time a consumer 
        reporting agency receives an item of adverse information about 
        a consumer, if the consumer has provided appropriate proof that 
        the consumer is an extended active duty uniformed consumer, the 
        consumer reporting agency shall promptly notify the consumer--
                    ``(A) that the agency has received such item of 
                adverse information, along with a description of the 
                item; and
                    ``(B) the method by which the consumer can dispute 
                the validity of the item.
            ``(3) Contact information for extended active duty 
        uniformed consumers.--With respect to any consumer that has 
        provided appropriate proof to a consumer reporting agency that 
        the consumer is an extended active duty uniformed consumer, if 
        the consumer provides the consumer reporting agency with 
        separate contact information to be used when communicating with 
        the consumer while the consumer is an extended active duty 
        uniformed consumer, the consumer reporting agency shall use 
        such contact information for all communications while the 
        consumer is an extended active duty uniformed consumer.''; and
            (2) in subsection (e), by amending paragraph (3) to read as 
        follows:
            ``(3) subparagraphs (A) and (B) of subsection (c)(1), in 
        the case of a referral under subsection (c)(1)(C).''.
    (d) Conforming Amendment.--The Fair Credit Reporting Act (15 U.S.C. 
1681 et seq.) is amended by striking ``active duty military'' each 
place such term appears and inserting ``active duty uniformed''.
    (e) Sense of Congress.--It is the sense of Congress that any person 
making use of a consumer report containing an item of adverse 
information should, if the action or inaction that gave rise to the 
item occurred while the consumer was an extended active duty uniformed 
consumer, take such fact into account when evaluating the 
creditworthiness of the consumer.

SEC. 908. POSITIVE CREDIT REPORTING PERMITTED.

    (a) In General.--Section 623 of the Fair Credit Reporting Act (15 
U.S.C. 1681s-2), as amended by section 103, is further amended by 
adding at the end the following new subsection:
    ``(g) Full-File Credit Reporting.--
            ``(1) In general.--Subject to the requirements of 
        paragraphs (2) through (5) and notwithstanding any other 
        provision of law, a person that has obtained the written 
        authorization of a consumer may furnish to a consumer reporting 
        agency information relating to the performance of a consumer in 
        making payments--
                    ``(A) under a lease agreement with respect to a 
                dwelling; or
                    ``(B) pursuant to a contract for services provided 
                by a utility or telecommunication firm.
            ``(2) Limitations.--
                    ``(A) Withheld payments due to habitability or 
                sanitary conditions.--No person shall furnish or 
                threaten to furnish negative information relating to 
                the performance of a consumer in making payments under 
                a lease agreement with respect to a dwelling if the 
                consumer has withheld payment pursuant to--
                            ``(i) any right or remedy for breach of the 
                        warranty of habitability; or
                            ``(ii) any violation of a Federal, State, 
                        or municipal law, code, or regulation regarding 
                        sanitary conditions.
                    ``(B) Services provided by a utility or 
                telecommunication firm.--Information about a consumer's 
                usage of any services provided by a utility or 
                telecommunication firm may be furnished to a consumer 
                reporting agency only to the extent that such 
                information relates to--
                            ``(i) payment by the consumer for such 
                        services; or
                            ``(ii) other terms of the provision of such 
                        services to the consumer, including any 
                        deposit, discount, or conditions for 
                        interruption or termination of such services.
            ``(3) Payment plan.--A utility or telecommunication firm 
        may not report payment information to a consumer reporting 
        agency with respect to an outstanding balance of a consumer as 
        late if--
                    ``(A) the utility or telecommunication firm and the 
                consumer have entered into a payment plan (including a 
                deferred payment agreement, an arrearage management 
                program, or a debt forgiveness program) with respect to 
                such outstanding balance; and
                    ``(B) the consumer is meeting the obligations of 
                the payment plan, as determined by the utility or 
                telecommunication firm.
            ``(4) Prohibition on use by debt collectors.--A debt 
        collector (as defined in section 803(6) of the Fair Debt 
        Collection Practices Act) may not use the information described 
        in paragraph (1).
            ``(5) Relation to state law.--Notwithstanding section 625, 
        this subsection shall not preempt any law of a State with 
        respect to furnishing to a consumer reporting agency 
        information relating to the performance of a consumer in making 
        payments pursuant to a lease agreement with respect to a 
        dwelling or a contract for a utility or telecommunications 
        service. For purposes of this paragraph, the term `law of a 
        State' shall include all laws, decisions, rules, regulations, 
        or other State action having the effect of law, as issued by a 
        State, any political subdivisions thereof, or any agency or 
        instrumentality of either the State or a political subdivision 
        thereof.
            ``(6) Utility or telecommunication firm defined.--In this 
        subsection, the term `utility or telecommunication firm'--
                    ``(A) means an entity that provides utility 
                services to the public through pipe, wire, landline, 
                wireless, cable, or other connected facilities, or 
                radio, electronic, or similar transmission (including 
                the extension of such facilities); and
                    ``(B) includes an entity that provides natural gas 
                or electric service to consumers.''.
    (b) GAO Study and Report.--Not later than 2 years after the date of 
enactment of this Act, the Comptroller General of the United States 
shall submit to Congress a report on the impact on consumers of 
furnishing information pursuant to subsection (g) of section 623 of the 
Fair Credit Reporting Act (15 U.S.C. 1681s-2), as added by subsection 
(a).

SEC. 909. SENSE OF CONGRESS.

    It is the sense of Congress that efforts to enhance cybersecurity 
and implement routine security updates of databases maintained by the 
nationwide consumer reporting agencies that contain sensitive consumer 
data, including the credit history and personal information of millions 
of Americans, is critical to the national interest of the United 
States.

SEC. 910. CYBERSECURITY SUPERVISION AND EXAMINATION OF LARGE CONSUMER 
              REPORTING AGENCIES.

    (a) In General.--The Fair Credit Reporting Act (15 U.S.C. 1681 et 
seq.), as amended by section 706, is further amended by adding at the 
end the following:

``SEC. 638. CYBERSECURITY SUPERVISION AND EXAMINATION OF LARGE CONSUMER 
              REPORTING AGENCIES.

    ``(a) In General.--Consumer reporting agencies described under 
section 603(p) shall be subject to cybersecurity supervision and 
examination by the Bureau.
    ``(b) Minimum Training Requirements.--Consumer reporting agencies 
described under section 603(p) shall meet minimum training and ongoing 
certification requirements with respect to cybersecurity at regular 
intervals, as established by the Director of the Bureau.''.
    (b) Clerical Amendment.--The table of contents of the Fair Credit 
Reporting Act, as amended by section 706, is further amended by adding 
at the end the following:

``638. Cybersecurity supervision and examination of large consumer 
                            reporting agencies.''.
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