To amend the Fair Credit Reporting Act to require public disclosure of the method used to calculate consumer credit scores and inclusion of debt settlement agreements in consumer reports.

Bill: 113-hr-5479
Sponsor: full_name: Rep. Bentivolio, Kerry L. [R-MI-11]
Introduced: 2014-09-16
Policy area: Finance and Financial Sector
Subjects: Consumer credit

Debt collection
Latest action: action_date: 2014-09-16
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2014-09-16
action_desc: Introduced in House
text: <p>Amends the Fair Credit Reporting Act (FCRA) to require any person (any individual, partnership, corporation, trust, estate, cooperative, association, government or governmental agency, or other entity) who develops a tool or system for deriving a credit score to make such tool or system available to the public, including on such person's website.</p> <p>Removes provisions that prohibit FCRA from being construed to require: (1) a consumer reporting agency to disclose to a consumer any information concerning credit scores or any other risk scores or predictors relating to the consumer, or (2) a consumer reporting agency that distributes credit scores developed by another person or entity to provide a further explanation of such scores or to process a dispute regarding the accuracy of a consumer's file. </p> <p>Requires a person or entity who furnishes information to a consumer reporting agency with respect to a debt of a consumer to notify the consumer reporting agency of any settlement agreement that the person or entity has entered into with the consumer regarding such debt within 30 days of any such agreement.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 5479 IN THE HOUSE OF REPRESENTATIVES September 16, 2014 Mr. Bentivolio introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Fair Credit Reporting Act to require public disclosure of the method used to calculate consumer credit scores and inclusion of debt settlement agreements in consumer reports.

1. Public disclosure of method used to calculate consumer credit scores Section 609 of the Fair Credit Reporting Act ( 15 U.S.C. 1681g ) is amended— (1) in subsection (a)(1)— (A) by striking that— and all that follows through if the consumer and inserting that, if the consumer ; (B) in subparagraph (A), by striking ; and and inserting a period; and (C) by striking subparagraph (B); and (2) by amending subsection (f)(5) to read as follows: (5) Public disclosure of credit score methodology Any person who develops a tool or system for deriving a credit score shall make such tool or system available to the public, including on such person’s website. . 2. Requirement for furnishers of information to report debt settlement Section 623(a) of the Fair Credit Reporting Act ( 15 U.S.C. 1681s–1(a) ) is amended by adding at the end the following new paragraph: (10) Duty to provide notice of debt settlement A person who furnishes information to a consumer reporting agency with respect to a debt of a consumer shall, if the person enters into a settlement agreement with the consumer with respect to such debt, notify the consumer reporting agency of such agreement within 30 days of such agreement. .