Fair and Accurate Credit Transactions Act of 2003
PL 108-159 (H.R.2622), enacted 12/04/2003

117 STAT. 1952
PUBLIC LAW 108–159—DEC. 4, 2003
Public Law 108–159
108th Congress
An Act
To amend the Fair Credit Reporting Act, to prevent identity theft, improve resolution
of consumer disputes, improve the accuracy of consumer records, make improve-
ments in the use of, and consumer access to, credit information, and for other
purposes.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) SHORT TITLE.—This Act may be cited as the ‘‘Fair and
Accurate Credit Transactions Act of 2003’’.
(b) TABLE OF CONTENTS.—The table of contents for this Act
is as follows:
Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Effective dates.
TITLE I—IDENTITY THEFT PREVENTION AND CREDIT HISTORY
RESTORATION
Subtitle A—Identity Theft Prevention
Sec. 111. Amendment to definitions.
Sec. 112. Fraud alerts and active duty alerts.
Sec. 113. Truncation of credit card and debit card account numbers.
Sec. 114. Establishment of procedures for the identification of possible instances of
identity theft.
Sec. 115. Authority to truncate social security numbers.
Subtitle B—Protection and Restoration of Identity Theft Victim Credit History
Sec. 151. Summary of rights of identity theft victims.
Sec. 152. Blocking of information resulting from identity theft.
Sec. 153. Coordination of identity theft complaint investigations.
Sec. 154. Prevention of repollution of consumer reports.
Sec. 155. Notice by debt collectors with respect to fraudulent information.
Sec. 156. Statute of limitations.
Sec. 157. Study on the use of technology to combat identity theft.
TITLE II—IMPROVEMENTS IN USE OF AND CONSUMER ACCESS TO CREDIT
INFORMATION
Sec. 211. Free consumer reports.
Sec. 212. Disclosure of credit scores.
Sec. 213. Enhanced disclosure of the means available to opt out of prescreened
lists.
Sec. 214. Affiliate sharing.
Sec. 215. Study of effects of credit scores and credit-based insurance scores on
availability and affordability of financial products.
Sec. 216. Disposal of consumer report information and records.
Sec. 217. Requirement to disclose communications to a consumer reporting agency.
TITLE III—ENHANCING THE ACCURACY OF CONSUMER REPORT
INFORMATION
Sec. 311. Risk-based pricing notice.
15 USC 1601
note.
Fair and
Accurate Credit
Transactions Act
of 2003.
Dec. 4, 2003
[H.R. 2622]
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117 STAT. 1953
PUBLIC LAW 108–159—DEC. 4, 2003
Sec. 312. Procedures to enhance the accuracy and integrity of information fur-
nished to consumer reporting agencies.
Sec. 313. FTC and consumer reporting agency action concerning complaints.
Sec. 314. Improved disclosure of the results of reinvestigation.
Sec. 315. Reconciling addresses.
Sec. 316. Notice of dispute through reseller.
Sec. 317. Reasonable reinvestigation required.
Sec. 318. FTC study of issues relating to the Fair Credit Reporting Act.
Sec. 319. FTC study of the accuracy of consumer reports.
TITLE IV—LIMITING THE USE AND SHARING OF MEDICAL INFORMATION
IN THE FINANCIAL SYSTEM
Sec. 411. Protection of medical information in the financial system.
Sec. 412. Confidentiality of medical contact information in consumer reports.
TITLE V—FINANCIAL LITERACY AND EDUCATION IMPROVEMENT
Sec. 511. Short title.
Sec. 512. Definitions.
Sec. 513. Establishment of Financial Literacy and Education Commission.
Sec. 514. Duties of the Commission.
Sec. 515. Powers of the Commission.
Sec. 516. Commission personnel matters.
Sec. 517. Studies by the Comptroller General.
Sec. 518. The national public service multimedia campaign to enhance the state of
financial literacy.
Sec. 519. Authorization of appropriations.
TITLE VI—PROTECTING EMPLOYEE MISCONDUCT INVESTIGATIONS
Sec. 611. Certain employee investigation communications excluded from definition
of consumer report.
TITLE VII—RELATION TO STATE LAWS
Sec. 711. Relation to State laws.
TITLE VIII—MISCELLANEOUS
Sec. 811. Clerical amendments.
SEC. 2. DEFINITIONS.
As used in this Act—
(1) the term ‘‘Board’’ means the Board of Governors of
the Federal Reserve System;
(2) the term ‘‘Commission’’, other than as used in title
V, means the Federal Trade Commission;
(3) the terms ‘‘consumer’’, ‘‘consumer report’’, ‘‘consumer
reporting agency’’, ‘‘creditor’’, ‘‘Federal banking agencies’’, and
‘‘financial institution’’ have the same meanings as in section
603 of the Fair Credit Reporting Act, as amended by this
Act; and
(4) the term ‘‘affiliates’’ means persons that are related
by common ownership or affiliated by corporate control.
SEC. 3. EFFECTIVE DATES.
Except as otherwise specifically provided in this Act and the
amendments made by this Act—
(1) before the end of the 2-month period beginning on
the date of enactment of this Act, the Board and the Commis-
sion shall jointly prescribe regulations in final form establishing
effective dates for each provision of this Act; and
(2) the regulations prescribed under paragraph (1) shall
establish effective dates that are as early as possible, while
allowing a reasonable time for the implementation of the provi-
sions of this Act, but in no case shall any such effective date
be later than 10 months after the date of issuance of such
regulations in final form.
Regulations.
15 USC 1681
note.
15 USC 1681
note.
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117 STAT. 1954
PUBLIC LAW 108–159—DEC. 4, 2003
TITLE I—IDENTITY THEFT PREVENTION
AND CREDIT HISTORY RESTORATION
Subtitle A—Identity Theft Prevention
SEC. 111. AMENDMENT TO DEFINITIONS.
Section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a)
is amended by adding at the end the following:
‘‘(q) DEFINITIONS RELATING TO FRAUD ALERTS.—
‘‘(1) ACTIVE DUTY MILITARY CONSUMER.—The term ‘active
duty military consumer’ means a consumer in military service
who—
‘‘(A) is on active duty (as defined in section 101(d)(1)
of title 10, United States Code) or is a reservist performing
duty under a call or order to active duty under a provision
of law referred to in section 101(a)(13) of title 10, United
States Code; and
‘‘(B) is assigned to service away from the usual duty
station of the consumer.
‘‘(2) FRAUD ALERT; ACTIVE DUTY ALERT.—The terms ‘fraud
alert’ and ‘active duty alert’ mean a statement in the file
of a consumer that—
‘‘(A) notifies all prospective users of a consumer report
relating to the consumer that the consumer may be a
victim of fraud, including identity theft, or is an active
duty military consumer, as applicable; and
‘‘(B) is presented in a manner that facilitates a clear
and conspicuous view of the statement described in
subparagraph (A) by any person requesting such consumer
report.
‘‘(3) IDENTITY THEFT.—The term ‘identity theft’ means a
fraud committed using the identifying information of another
person, subject to such further definition as the Commission
may prescribe, by regulation.
‘‘(4) IDENTITY
THEFT
REPORT.—The term ‘identity theft
report’ has the meaning given that term by rule of the Commis-
sion, and means, at a minimum, a report—
‘‘(A) that alleges an identity theft;
‘‘(B) 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 Commission; and
‘‘(C) the filing of which subjects the person filing the
report to criminal penalties relating to the filing of false
information if, in fact, the information in the report is
false.
‘‘(5) NEW CREDIT PLAN.—The term ‘new credit plan’ means
a new account under an open end credit plan (as defined
in section 103(i) of the Truth in Lending Act) or a new credit
transaction not under an open end credit plan.
‘‘(r) CREDIT AND DEBIT RELATED TERMS—
‘‘(1) CARD ISSUER.—The term ‘card issuer’ means—
‘‘(A) a credit card issuer, in the case of a credit card;
and
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117 STAT. 1955
PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(B) a debit card issuer, in the case of a debit card.
‘‘(2) CREDIT CARD.—The term ‘credit card’ has the same
meaning as in section 103 of the Truth in Lending Act.
‘‘(3) DEBIT CARD.—The term ‘debit card’ means any card
issued by a financial institution to a consumer for use in
initiating an electronic fund transfer from the account of the
consumer at such financial institution, for the purpose of
transferring money between accounts or obtaining money, prop-
erty, labor, or services.
‘‘(4) ACCOUNT AND ELECTRONIC FUND TRANSFER.—The terms
‘account’ and ‘electronic fund transfer’ have the same meanings
as in section 903 of the Electronic Fund Transfer Act.
‘‘(5) CREDIT AND CREDITOR.—The terms ‘credit’ and ‘creditor’
have the same meanings as in section 702 of the Equal Credit
Opportunity Act.
‘‘(s) FEDERAL BANKING AGENCY.—The term ‘Federal banking
agency’ has the same meaning as in section 3 of the Federal
Deposit Insurance Act.
‘‘(t) FINANCIAL INSTITUTION.—The term ‘financial institution’
means a State or National bank, a State or Federal savings and
loan association, a mutual savings bank, a State or Federal credit
union, or any other person that, directly or indirectly, holds a
transaction account (as defined in section 19(b) of the Federal
Reserve Act) belonging to a consumer.
‘‘(u) RESELLER.—The term ‘reseller’ means a consumer reporting
agency that—
‘‘(1) assembles and merges information contained in the
database of another consumer reporting agency or multiple
consumer reporting agencies concerning any consumer for pur-
poses of furnishing such information to any third party, to
the extent of such activities; and
‘‘(2) does not maintain a database of the assembled or
merged information from which new consumer reports are pro-
duced.
‘‘(v) COMMISSION.—The term ‘Commission’ means the Federal
Trade Commission.
‘‘(w) NATIONWIDE SPECIALTY CONSUMER REPORTING AGENCY.—
The term ‘nationwide specialty consumer reporting agency’ means
a consumer reporting agency that compiles and maintains files
on consumers on a nationwide basis relating to—
‘‘(1) medical records or payments;
‘‘(2) residential or tenant history;
‘‘(3) check writing history;
‘‘(4) employment history; or
‘‘(5) insurance claims.’’.
SEC. 112. FRAUD ALERTS AND ACTIVE DUTY ALERTS.
(a) FRAUD ALERTS.—The Fair Credit Reporting Act (15 U.S.C.
1681 et seq.) is amended by inserting after section 605 the following:
‘‘§ 605A. Identity theft prevention; fraud alerts and active
duty alerts
‘‘(a) ONE-CALL FRAUD ALERTS.—
‘‘(1) INITIAL ALERTS.—Upon the direct request of a con-
sumer, or an individual acting on behalf of or as a personal
representative of a consumer, who asserts in good faith a sus-
picion that the consumer has been or is about to become a
15 USC 1681c–1.
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117 STAT. 1956
PUBLIC LAW 108–159—DEC. 4, 2003
victim of fraud or related crime, including identity theft, 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 shall—
‘‘(A) include a fraud alert in the file of that consumer,
and also provide that alert along with any credit score
generated in using that file, for a period of not less than
90 days, beginning on the date of such request, unless
the consumer or such representative requests that such
fraud alert be removed before the end of such period,
and the agency has received appropriate proof of the
identity of the requester for such purpose; and
‘‘(B) refer the information regarding the fraud alert
under this paragraph to each of the other consumer
reporting agencies described in section 603(p), in accord-
ance with procedures developed under section 621(f).
‘‘(2) ACCESS TO FREE REPORTS.—In any case in which a
consumer reporting agency includes a fraud alert in the file
of a consumer pursuant to this subsection, the consumer
reporting agency shall—
‘‘(A) disclose to the consumer that the consumer may
request a free copy of the file of the consumer pursuant
to section 612(d); and
‘‘(B) provide to the consumer all disclosures required
to be made under section 609, without charge to the con-
sumer, not later than 3 business days after any request
described in subparagraph (A).
‘‘(b) EXTENDED ALERTS.—
‘‘(1) IN GENERAL.—Upon the direct request of a consumer,
or an individual acting on behalf of or as a personal representa-
tive of a consumer, who submits an identity theft report to
a consumer reporting agency described in section 603(p) that
maintains a file on the consumer, if the agency has received
appropriate proof of the identity of the requester, the agency
shall—
‘‘(A) include a fraud alert in the file of that consumer,
and also provide that alert along with any credit score
generated in using that file, during the 7-year period begin-
ning on the date of such request, unless the consumer
or such representative requests that such fraud alert be
removed before the end of such period and the agency
has received appropriate proof of the identity of the
requester for such purpose;
‘‘(B) during the 5-year period beginning on the date
of such request, exclude the consumer from any list of
consumers prepared by the consumer reporting agency and
provided to any third party to offer credit or insurance
to the consumer as part of a transaction that was not
initiated by the consumer, unless the consumer or such
representative requests that such exclusion be rescinded
before the end of such period; and
‘‘(C) refer the information regarding the extended fraud
alert under this paragraph to each of the other consumer
reporting agencies described in section 603(p), in accord-
ance with procedures developed under section 621(f).
‘‘(2) ACCESS TO FREE REPORTS.—In any case in which a
consumer reporting agency includes a fraud alert in the file
Deadline.
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117 STAT. 1957
PUBLIC LAW 108–159—DEC. 4, 2003
of a consumer pursuant to this subsection, the consumer
reporting agency shall—
‘‘(A) disclose to the consumer that the consumer may
request 2 free copies of the file of the consumer pursuant
to section 612(d) during the 12-month period beginning
on the date on which the fraud alert was included in
the file; and
‘‘(B) provide to the consumer all disclosures required
to be made under section 609, without charge to the con-
sumer, not later than 3 business days after any request
described in subparagraph (A).
‘‘(c) ACTIVE DUTY ALERTS.—Upon the direct request of an active
duty military consumer, or an individual acting on behalf of or
as a personal representative of an active duty military consumer,
a consumer reporting agency described in section 603(p) that main-
tains a file on the active duty military consumer and has received
appropriate proof of the identity of the requester shall—
‘‘(1) include an active duty alert in the file of that active
duty military consumer, and also provide that alert along with
any credit score generated in using that file, during a period
of not less than 12 months, or such longer period as the
Commission shall determine, by regulation, beginning on the
date of the request, unless the active duty military consumer
or such representative requests that such fraud alert be
removed before the end of such period, and the agency has
received appropriate proof of the identity of the requester for
such purpose;
‘‘(2) during the 2-year period beginning on the date of
such request, exclude the active duty military consumer from
any list of consumers prepared by the consumer reporting
agency and provided to any third party to offer credit or insur-
ance to the consumer as part of a transaction that was not
initiated by the consumer, unless the consumer requests that
such exclusion be rescinded before the end of such period;
and
‘‘(3) refer the information regarding the active duty alert
to each of the other consumer reporting agencies described
in section 603(p), in accordance with procedures developed
under section 621(f).
‘‘(d) PROCEDURES.—Each consumer reporting agency described
in section 603(p) shall establish policies and procedures to comply
with this section, including procedures that inform consumers of
the availability of initial, extended, and active duty alerts and
procedures that allow consumers and active duty military con-
sumers to request initial, extended, or active duty alerts (as
applicable) in a simple and easy manner, including by telephone.
‘‘(e) REFERRALS OF ALERTS.—Each consumer reporting agency
described in section 603(p) that receives a referral of a fraud alert
or active duty alert from another consumer reporting agency pursu-
ant to this section shall, as though the agency received the request
from the consumer directly, follow the procedures required under—
‘‘(1) paragraphs (1)(A) and (2) of subsection (a), in the
case of a referral under subsection (a)(1)(B);
‘‘(2) paragraphs (1)(A), (1)(B), and (2) of subsection (b),
in the case of a referral under subsection (b)(1)(C); and
‘‘(3) paragraphs (1) and (2) of subsection (c), in the case
of a referral under subsection (c)(3).
Deadline.
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117 STAT. 1958
PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(f) DUTY OF RESELLER TO RECONVEY ALERT.—A reseller shall
include in its report any fraud alert or active duty alert placed
in the file of a consumer pursuant to this section by another
consumer reporting agency.
‘‘(g) DUTY OF OTHER CONSUMER REPORTING AGENCIES TO PRO-
VIDE CONTACT INFORMATION.—If a consumer contacts any consumer
reporting agency that is not described in section 603(p) to commu-
nicate a suspicion that the consumer has been or is about to
become a victim of fraud or related crime, including identity theft,
the agency shall provide information to the consumer on how to
contact the Commission and the consumer reporting agencies
described in section 603(p) to obtain more detailed information
and request alerts under this section.
‘‘(h) LIMITATIONS ON USE OF INFORMATION FOR CREDIT EXTEN-
SIONS.—
‘‘(1) REQUIREMENTS FOR INITIAL AND ACTIVE DUTY ALERTS.—
‘‘(A) NOTIFICATION.—Each initial fraud alert and active
duty alert under this section shall include information that
notifies all prospective users of a consumer report on the
consumer to which the alert relates that the consumer
does not authorize the establishment of any new credit
plan or extension of credit, other than under an open-
end credit plan (as defined in section 103(i)), in the name
of the consumer, or issuance of an additional card on an
existing credit account requested by a consumer, or any
increase in credit limit on an existing credit account
requested by a consumer, except in accordance with
subparagraph (B).
‘‘(B) LIMITATION ON USERS.—
‘‘(i) IN GENERAL.—No prospective user of a con-
sumer report that includes an initial fraud alert or
an active duty alert in accordance with this section
may establish a new credit plan or extension of credit,
other than under an open-end credit plan (as defined
in section 103(i)), in the name of the consumer, or
issue an additional card on an existing credit account
requested by a consumer, or grant any increase in
credit limit on an existing credit account requested
by a consumer, unless the user utilizes reasonable
policies and procedures to form a reasonable belief
that the user knows the identity of the person making
the request.
‘‘(ii) VERIFICATION.—If a consumer requesting the
alert has specified a telephone number to be used
for identity verification purposes, before authorizing
any new credit plan or extension described in clause
(i) in the name of such consumer, a user of such con-
sumer report shall contact the consumer using that
telephone number or take reasonable steps to verify
the consumer’s identity and confirm that the applica-
tion for a new credit plan is not the result of identity
theft.
‘‘(2) REQUIREMENTS FOR EXTENDED ALERTS.—
‘‘(A) NOTIFICATION.—Each extended alert under this
section shall include information that provides all prospec-
tive users of a consumer report relating to a consumer
with—
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117 STAT. 1959
PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(i) notification that the consumer does not
authorize the establishment of any new credit plan
or extension of credit described in clause (i), other
than under an open-end credit plan (as defined in
section 103(i)), in the name of the consumer, or
issuance of an additional card on an existing credit
account requested by a consumer, or any increase in
credit limit on an existing credit account requested
by a consumer, except in accordance with subpara-
graph (B); and
‘‘(ii) a telephone number or other reasonable con-
tact method designated by the consumer.
‘‘(B) LIMITATION
ON
USERS.—No prospective user of
a consumer report or of a credit score generated using
the information in the file of a consumer that includes
an extended fraud alert in accordance with this section
may establish a new credit plan or extension of credit,
other than under an open-end credit plan (as defined in
section 103(i)), in the name of the consumer, or issue an
additional card on an existing credit account requested
by a consumer, or any increase in credit limit on an existing
credit account requested by a consumer, unless the user
contacts the consumer in person or using the contact
method described in subparagraph (A)(ii) to confirm that
the application for a new credit plan or increase in credit
limit, or request for an additional card is not the result
of identity theft.’’.
(b) RULEMAKING.—The Commission shall prescribe regulations
to define what constitutes appropriate proof of identity for purposes
of sections 605A, 605B, and 609(a)(1) of the Fair Credit Reporting
Act, as amended by this Act.
SEC. 113. TRUNCATION OF CREDIT CARD AND DEBIT CARD ACCOUNT
NUMBERS.
Section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c)
is amended by adding at the end the following:
‘‘(g) TRUNCATION OF CREDIT CARD AND DEBIT CARD NUMBERS.—
‘‘(1) IN GENERAL.—Except as otherwise provided in this
subsection, no person that accepts credit cards or debit cards
for the transaction of business shall print more than the last
5 digits of the card number or the expiration date upon any
receipt provided to the cardholder at the point of the sale
or transaction.
‘‘(2) LIMITATION.—This subsection shall apply only to
receipts that are electronically printed, and shall not apply
to transactions in which the sole means of recording a credit
card or debit card account number is by handwriting or by
an imprint or copy of the card.
‘‘(3) EFFECTIVE
DATE.—This subsection shall become
effective—
‘‘(A) 3 years after the date of enactment of this sub-
section, with respect to any cash register or other machine
or device that electronically prints receipts for credit card
or debit card transactions that is in use before January
1, 2005; and
‘‘(B) 1 year after the date of enactment of this sub-
section, with respect to any cash register or other machine
Applicability.
15 USC 1681c–1
note.
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117 STAT. 1960
PUBLIC LAW 108–159—DEC. 4, 2003
or device that electronically prints receipts for credit card
or debit card transactions that is first put into use on
or after January 1, 2005.’’.
SEC. 114. ESTABLISHMENT OF PROCEDURES FOR THE IDENTIFICA-
TION OF POSSIBLE INSTANCES OF IDENTITY THEFT.
Section 615 of the Fair Credit Reporting Act (15 U.S.C. 1681m)
is amended—
(1) by striking ‘‘(e)’’ at the end; and
(2) by adding at the end the following:
‘‘(e) RED FLAG GUIDELINES AND REGULATIONS REQUIRED.—
‘‘(1) GUIDELINES.—The Federal banking agencies, the
National Credit Union Administration, and the Commission
shall jointly, with respect to the entities that are subject to
their respective enforcement authority under section 621—
‘‘(A) establish and maintain guidelines for use by each
financial institution and each creditor regarding identity
theft with respect to account holders at, or customers of,
such entities, and update such guidelines as often as nec-
essary;
‘‘(B) prescribe regulations requiring each financial
institution and each creditor to establish reasonable policies
and procedures for implementing the guidelines established
pursuant to subparagraph (A), to identify possible risks
to account holders or customers or to the safety and sound-
ness of the institution or customers; and
‘‘(C) prescribe regulations applicable to card issuers
to ensure that, if a card issuer receives notification of
a change of address for an existing account, and within
a short period of time (during at least the first 30 days
after such notification is received) receives a request for
an additional or replacement card for the same account,
the card issuer may not issue the additional or replacement
card, unless the card issuer, in accordance with reasonable
policies and procedures—
‘‘(i) notifies the cardholder of the request at the
former address of the cardholder and provides to the
cardholder a means of promptly reporting incorrect
address changes;
‘‘(ii) notifies the cardholder of the request by such
other means of communication as the cardholder and
the card issuer previously agreed to; or
‘‘(iii) uses other means of assessing the validity
of the change of address, in accordance with reasonable
policies and procedures established by the card issuer
in accordance with the regulations prescribed under
subparagraph (B).
‘‘(2) CRITERIA.—
‘‘(A) IN
GENERAL.—In developing the guidelines
required by paragraph (1)(A), the agencies described in
paragraph (1) shall identify patterns, practices, and specific
forms of activity that indicate the possible existence of
identity theft.
‘‘(B) INACTIVE ACCOUNTS.—In developing the guidelines
required by paragraph (1)(A), the agencies described in
paragraph (1) shall consider including reasonable guide-
lines providing that when a transaction occurs with respect
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117 STAT. 1961
PUBLIC LAW 108–159—DEC. 4, 2003
to a credit or deposit account that has been inactive for
more than 2 years, the creditor or financial institution
shall follow reasonable policies and procedures that provide
for notice to be given to a consumer in a manner reasonably
designed to reduce the likelihood of identity theft with
respect to such account.
‘‘(3) CONSISTENCY
WITH
VERIFICATION
REQUIREMENTS.—
Guidelines established pursuant to paragraph (1) shall not
be inconsistent with the policies and procedures required under
section 5318(l) of title 31, United States Code.’’.
SEC. 115. AUTHORITY TO TRUNCATE SOCIAL SECURITY NUMBERS.
Section 609(a)(1) of the Fair Credit Reporting Act (15 U.S.C.
1681g(a)(1)) is amended by striking ‘‘except that nothing’’ and
inserting the following: ‘‘except that—
‘‘(A) if the consumer to whom the file relates requests
that the first 5 digits of the social security number (or
similar identification number) of the consumer not be
included in the disclosure and the consumer reporting
agency has received appropriate proof of the identity of
the requester, the consumer reporting agency shall so trun-
cate such number in such disclosure; and
‘‘(B) nothing’’.
Subtitle B—Protection and Restoration of
Identity Theft Victim Credit History
SEC. 151. SUMMARY OF RIGHTS OF IDENTITY THEFT VICTIMS.
(a) IN GENERAL.—
(1) SUMMARY.—Section 609 of the Fair Credit Reporting
Act (15 U.S.C. 1681g) is amended by adding at the end the
following:
‘‘(d) SUMMARY OF RIGHTS OF IDENTITY THEFT VICTIMS.—
‘‘(1) IN GENERAL.—The Commission, in consultation with
the Federal banking agencies and the National Credit Union
Administration, shall prepare a model summary of the rights
of consumers under this title with respect to the procedures
for remedying the effects of fraud or identity theft involving
credit, an electronic fund transfer, or an account or transaction
at or with a financial institution or other creditor.
‘‘(2) SUMMARY
OF
RIGHTS
AND
CONTACT
INFORMATION.—
Beginning 60 days after the date on which the model summary
of rights is prescribed in final form by the Commission pursuant
to paragraph (1), if any consumer contacts a consumer reporting
agency and expresses a belief that the consumer is a victim
of fraud or identity theft involving credit, an electronic fund
transfer, or an account or transaction at or with a financial
institution or other creditor, the consumer reporting agency
shall, in addition to any other action that the agency may
take, provide the consumer with a summary of rights that
contains all of the information required by the Commission
under paragraph (1), and information on how to contact the
Commission to obtain more detailed information.
‘‘(e) INFORMATION AVAILABLE TO VICTIMS.—
‘‘(1) IN GENERAL.—For the purpose of documenting fraudu-
lent transactions resulting from identity theft, not later than
Deadline.
Effective date.
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30 days after the date of receipt of a request from a victim
in accordance with paragraph (3), and subject to verification
of the identity of the victim and the claim of identity theft
in accordance with paragraph (2), a business entity that has
provided credit to, provided for consideration products, goods,
or services to, accepted payment from, or otherwise entered
into a commercial transaction for consideration with, a person
who has allegedly made unauthorized use of the means of
identification of the victim, shall provide a copy of application
and business transaction records in the control of the business
entity, whether maintained by the business entity or by another
person on behalf of the business entity, evidencing any trans-
action alleged to be a result of identity theft to—
‘‘(A) the victim;
‘‘(B) any Federal, State, or local government law
enforcement agency or officer specified by the victim in
such a request; or
‘‘(C) any law enforcement agency investigating the
identity theft and authorized by the victim to take receipt
of records provided under this subsection.
‘‘(2) VERIFICATION OF IDENTITY AND CLAIM.—Before a busi-
ness entity provides any information under paragraph (1),
unless the business entity, at its discretion, otherwise has
a high degree of confidence that it knows the identity of the
victim making a request under paragraph (1), the victim shall
provide to the business entity—
‘‘(A) as proof of positive identification of the victim,
at the election of the business entity—
‘‘(i) the presentation of a government-issued identi-
fication card;
‘‘(ii) personally identifying information of the same
type as was provided to the business entity by the
unauthorized person; or
‘‘(iii) personally identifying information that the
business entity typically requests from new applicants
or for new transactions, at the time of the victim’s
request for information, including any documentation
described in clauses (i) and (ii); and
‘‘(B) as proof of a claim of identity theft, at the election
of the business entity—
‘‘(i) a copy of a police report evidencing the claim
of the victim of identity theft; and
‘‘(ii) a properly completed—
‘‘(I) copy of a standardized affidavit of identity
theft developed and made available by the
Commission; or
‘‘(II) an affidavit of fact that is acceptable to
the business entity for that purpose.
‘‘(3) PROCEDURES.—The request of a victim under para-
graph (1) shall—
‘‘(A) be in writing;
‘‘(B) be mailed to an address specified by the business
entity, if any; and
‘‘(C) if asked by the business entity, include relevant
information about any transaction alleged to be a result
of identity theft to facilitate compliance with this section
including—
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117 STAT. 1963
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‘‘(i) if known by the victim (or if readily obtainable
by the victim), the date of the application or trans-
action; and
‘‘(ii) if known by the victim (or if readily obtainable
by the victim), any other identifying information such
as an account or transaction number.
‘‘(4) NO CHARGE TO VICTIM.—Information required to be
provided under paragraph (1) shall be so provided without
charge.
‘‘(5) AUTHORITY TO DECLINE TO PROVIDE INFORMATION.—
A business entity may decline to provide information under
paragraph (1) if, in the exercise of good faith, the business
entity determines that—
‘‘(A) this subsection does not require disclosure of the
information;
‘‘(B) after reviewing the information provided pursuant
to paragraph (2), the business entity does not have a high
degree of confidence in knowing the true identity of the
individual requesting the information;
‘‘(C) the request for the information is based on a
misrepresentation of fact by the individual requesting the
information relevant to the request for information; or
‘‘(D) the information requested is Internet navigational
data or similar information about a person’s visit to a
website or online service.
‘‘(6) LIMITATION ON LIABILITY.—Except as provided in sec-
tion 621, sections 616 and 617 do not apply to any violation
of this subsection.
‘‘(7) LIMITATION ON CIVIL LIABILITY.—No business entity
may be held civilly liable under any provision of Federal, State,
or other law for disclosure, made in good faith pursuant to
this subsection.
‘‘(8) NO NEW RECORDKEEPING OBLIGATION.—Nothing in this
subsection creates an obligation on the part of a business entity
to obtain, retain, or maintain information or records that are
not otherwise required to be obtained, retained, or maintained
in the ordinary course of its business or under other applicable
law.
‘‘(9) RULE OF CONSTRUCTION.—
‘‘(A) IN GENERAL.—No provision of subtitle A of title
V of Public Law 106–102, prohibiting the disclosure of
financial information by a business entity to third parties
shall be used to deny disclosure of information to the
victim under this subsection.
‘‘(B) LIMITATION.—Except as provided in subparagraph
(A), nothing in this subsection permits a business entity
to disclose information, including information to law
enforcement under subparagraphs (B) and (C) of paragraph
(1), that the business entity is otherwise prohibited from
disclosing under any other applicable provision of Federal
or State law.
‘‘(10) AFFIRMATIVE DEFENSE.—In any civil action brought
to enforce this subsection, it is an affirmative defense (which
the defendant must establish by a preponderance of the evi-
dence) for a business entity to file an affidavit or answer
stating that—
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117 STAT. 1964
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‘‘(A) the business entity has made a reasonably diligent
search of its available business records; and
‘‘(B) the records requested under this subsection do
not exist or are not reasonably available.
‘‘(11) DEFINITION
OF
VICTIM.—For purposes of this sub-
section, the term ‘victim’ means a consumer whose means of
identification or financial information has been used or trans-
ferred (or has been alleged to have been used or transferred)
without the authority of that consumer, with the intent to
commit, or to aid or abet, an identity theft or a similar crime.
‘‘(12) EFFECTIVE DATE.—This subsection shall become effec-
tive 180 days after the date of enactment of this subsection.
‘‘(13) EFFECTIVENESS STUDY.—Not later than 18 months
after the date of enactment of this subsection, the Comptroller
General of the United States shall submit a report to Congress
assessing the effectiveness of this provision.’’.
(2) RELATION TO STATE LAWS.—Section 625(b)(1) of the Fair
Credit Reporting Act (15 U.S.C. 1681t(b)(1), as so redesignated)
is amended by adding at the end the following new subpara-
graph:
‘‘(G) section 609(e), relating to information available
to victims under section 609(e);’’.
(b) PUBLIC CAMPAIGN TO PREVENT IDENTITY THEFT.—Not later
than 2 years after the date of enactment of this Act, the Commission
shall establish and implement a media and distribution campaign
to teach the public how to prevent identity theft. Such campaign
shall include existing Commission education materials, as well as
radio, television, and print public service announcements, video
cassettes, interactive digital video discs (DVD’s) or compact audio
discs (CD’s), and Internet resources.
SEC. 152. BLOCKING OF INFORMATION RESULTING FROM IDENTITY
THEFT.
(a) IN GENERAL.—The Fair Credit Reporting Act (15 U.S.C.
1681 et seq.) is amended by inserting after section 605A, as added
by this Act, the following:
‘‘§ 605B. Block of information resulting from identity theft
‘‘(a) BLOCK.—Except as otherwise provided in this section, a
consumer reporting agency shall block the reporting of any informa-
tion in the file of a consumer that the consumer identifies as
information that resulted from an alleged identity theft, not later
than 4 business days after the date of receipt by such agency
of—
‘‘(1) appropriate proof of the identity of the consumer;
‘‘(2) a copy of an identity theft report;
‘‘(3) the identification of such information by the consumer;
and
‘‘(4) a statement by the consumer that the information
is not information relating to any transaction by the consumer.
‘‘(b) 
NOTIFICATION.—A 
consumer 
reporting 
agency 
shall
promptly notify the furnisher of information identified by the con-
sumer under subsection (a)—
‘‘(1) that the information may be a result of identity theft;
‘‘(2) that an identity theft report has been filed;
‘‘(3) that a block has been requested under this section;
and
Deadline.
15 USC 1681c–2.
Deadline.
15 USC 1681c–1
note.
Deadline.
Reports.
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‘‘(4) of the effective dates of the block.
‘‘(c) AUTHORITY TO DECLINE OR RESCIND.—
‘‘(1) IN
GENERAL.—A consumer reporting agency may
decline to block, or may rescind any block, of information
relating to a consumer under this section, if the consumer
reporting agency reasonably determines that—
‘‘(A) the information was blocked in error or a block
was requested by the consumer in error;
‘‘(B) the information was blocked, or a block was
requested by the consumer, on the basis of a material
misrepresentation of fact by the consumer relevant to the
request to block; or
‘‘(C) the consumer obtained possession of goods, serv-
ices, or money as a result of the blocked transaction or
transactions.
‘‘(2) NOTIFICATION TO CONSUMER.—If a block of information
is declined or rescinded under this subsection, the affected
consumer shall be notified promptly, in the same manner as
consumers are notified of the reinsertion of information under
section 611(a)(5)(B).
‘‘(3) SIGNIFICANCE OF BLOCK.—For purposes of this sub-
section, if a consumer reporting agency rescinds a block, the
presence of information in the file of a consumer prior to
the blocking of such information is not evidence of whether
the consumer knew or should have known that the consumer
obtained possession of any goods, services, or money as a result
of the block.
‘‘(d) EXCEPTION FOR RESELLERS.—
‘‘(1) NO RESELLER FILE.—This section shall not apply to
a consumer reporting agency, if the consumer reporting
agency—
‘‘(A) is a reseller;
‘‘(B) is not, at the time of the request of the consumer
under subsection (a), otherwise furnishing or reselling a
consumer report concerning the information identified by
the consumer; and
‘‘(C) informs the consumer, by any means, that the
consumer may report the identity theft to the Commission
to obtain consumer information regarding identity theft.
‘‘(2) RESELLER WITH FILE.—The sole obligation of the con-
sumer reporting agency under this section, with regard to any
request of a consumer under this section, shall be to block
the consumer report maintained by the consumer reporting
agency from any subsequent use, if—
‘‘(A) the consumer, in accordance with the provisions
of subsection (a), identifies, to a consumer reporting agency,
information in the file of the consumer that resulted from
identity theft; and
‘‘(B) the consumer reporting agency is a reseller of
the identified information.
‘‘(3) NOTICE.—In carrying out its obligation under para-
graph (2), the reseller shall promptly provide a notice to the
consumer of the decision to block the file. Such notice shall
contain the name, address, and telephone number of each con-
sumer reporting agency from which the consumer information
was obtained for resale.
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‘‘(e) EXCEPTION FOR VERIFICATION COMPANIES.—The provisions
of this section do not apply to a check services company, acting
as such, which issues authorizations for the purpose of approving
or processing negotiable instruments, electronic fund transfers, or
similar methods of payments, except that, beginning 4 business
days after receipt of information described in paragraphs (1)
through (3) of subsection (a), a check services company shall not
report to a national consumer reporting agency described in section
603(p), any information identified in the subject identity theft report
as resulting from identity theft.
‘‘(f) ACCESS TO BLOCKED INFORMATION BY LAW ENFORCEMENT
AGENCIES.—No provision of this section shall be construed as
requiring a consumer reporting agency to prevent a Federal, State,
or local law enforcement agency from accessing blocked information
in a consumer file to which the agency could otherwise obtain
access under this title.’’.
(b) CLERICAL AMENDMENT.—The table of sections for the Fair
Credit Reporting Act (15 U.S.C. 1681 et seq.) is amended by
inserting after the item relating to section 605 the following new
items:
‘‘605A. Identity theft prevention; fraud alerts and active duty alerts.
‘‘605B. Block of information resulting from identity theft.’’.
SEC. 153. COORDINATION OF IDENTITY THEFT COMPLAINT INVESTIGA-
TIONS.
Section 621 of the Fair Credit Reporting Act (15 U.S.C. 1681s)
is amended by adding at the end the following:
‘‘(f) COORDINATION OF CONSUMER COMPLAINT INVESTIGATIONS.—
‘‘(1) 
IN
GENERAL.—Each 
consumer 
reporting 
agency
described in section 603(p) shall develop and maintain proce-
dures for the referral to each other such agency of any consumer
complaint received by the agency alleging identity theft, or
requesting a fraud alert under section 605A or a block under
section 605B.
‘‘(2) MODEL FORM AND PROCEDURE FOR REPORTING IDENTITY
THEFT.—The Commission, in consultation with the Federal
banking agencies and the National Credit Union Administra-
tion, shall develop a model form and model procedures to be
used by consumers who are victims of identity theft for con-
tacting and informing creditors and consumer reporting agen-
cies of the fraud.
‘‘(3) ANNUAL SUMMARY REPORTS.—Each consumer reporting
agency described in section 603(p) shall submit an annual sum-
mary report to the Commission on consumer complaints
received by the agency on identity theft or fraud alerts.’’.
SEC. 154. PREVENTION OF REPOLLUTION OF CONSUMER REPORTS.
(a) PREVENTION
OF REINSERTION
OF ERRONEOUS INFORMA-
TION.—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:
‘‘(6) DUTIES
OF
FURNISHERS
UPON
NOTICE
OF
IDENTITY
THEFT-RELATED INFORMATION.—
‘‘(A) REASONABLE
PROCEDURES.—A person that fur-
nishes information to any consumer reporting agency shall
have in place reasonable procedures to respond to any
notification that it receives from a consumer reporting
agency under section 605B relating to information resulting
Procedures.
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117 STAT. 1967
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from identity theft, to prevent that person from refur-
nishing such blocked information.
‘‘(B) INFORMATION ALLEGED TO RESULT FROM IDENTITY
THEFT.—If a consumer submits an identity theft report
to a person who furnishes information to a consumer
reporting agency at the address specified by that person
for receiving such reports stating that information main-
tained by such person that purports to relate to the con-
sumer resulted from identity theft, the person may not
furnish such information that purports to relate to the
consumer to any consumer reporting agency, unless the
person subsequently knows or is informed by the consumer
that the information is correct.’’.
(b) PROHIBITION ON SALE OR TRANSFER OF DEBT CAUSED BY
IDENTITY THEFT.—Section 615 of the Fair Credit Reporting Act
(15 U.S.C. 1681m), as amended by this Act, is amended by adding
at the end the following:
‘‘(f) PROHIBITION ON SALE OR TRANSFER OF DEBT CAUSED BY
IDENTITY THEFT.—
‘‘(1) IN GENERAL.—No person shall sell, transfer for consid-
eration, or place for collection a debt that such person has
been notified under section 605B has resulted from identity
theft.
‘‘(2) APPLICABILITY.—The prohibitions of this subsection
shall apply to all persons collecting a debt described in para-
graph (1) after the date of a notification under paragraph
(1).
‘‘(3) RULE OF CONSTRUCTION.—Nothing in this subsection
shall be construed to prohibit—
‘‘(A) the repurchase of a debt in any case in which
the assignee of the debt requires such repurchase because
the debt has resulted from identity theft;
‘‘(B) the securitization of a debt or the pledging of
a portfolio of debt as collateral in connection with a bor-
rowing; or
‘‘(C) the transfer of debt as a result of a merger, acquisi-
tion, purchase and assumption transaction, or transfer of
substantially all of the assets of an entity.’’.
SEC. 155. NOTICE BY DEBT COLLECTORS WITH RESPECT TO FRAUDU-
LENT INFORMATION.
Section 615 of the Fair Credit Reporting Act (15 U.S.C. 1681m),
as amended by this Act, is amended by adding at the end the
following:
‘‘(g) DEBT COLLECTOR COMMUNICATIONS CONCERNING IDENTITY
THEFT.—If a person acting as a debt collector (as that term is
defined in title VIII) on behalf of a third party that is a creditor
or other user of a consumer report is notified that any information
relating to a debt that the person is attempting to collect may
be fraudulent or may be the result of identity theft, that person
shall—
‘‘(1) notify the third party that the information may be
fraudulent or may be the result of identity theft; and
‘‘(2) upon request of the consumer to whom the debt
purportedly relates, provide to the consumer all information
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to which the consumer would otherwise be entitled if the con-
sumer were not a victim of identity theft, but wished to dispute
the debt under provisions of law applicable to that person.’’.
SEC. 156. STATUTE OF LIMITATIONS.
Section 618 of the Fair Credit Reporting Act (15 U.S.C. 1681p)
is amended to read as follows:
‘‘§ 618. Jurisdiction of courts; limitation of actions
‘‘An action to enforce any liability created under this title
may be brought in any appropriate United States district court,
without regard to the amount in controversy, or in any other court
of competent jurisdiction, not later than the earlier of—
‘‘(1) 2 years after the date of discovery by the plaintiff
of the violation that is the basis for such liability; or
‘‘(2) 5 years after the date on which the violation that
is the basis for such liability occurs.’’.
SEC. 157. STUDY ON THE USE OF TECHNOLOGY TO COMBAT IDENTITY
THEFT.
(a) STUDY REQUIRED.—The Secretary of the Treasury shall
conduct a study of the use of biometrics and other similar tech-
nologies to reduce the incidence and costs to society of identity
theft by providing convincing evidence of who actually performed
a given financial transaction.
(b) CONSULTATION.—The Secretary of the Treasury shall consult
with Federal banking agencies, the Commission, and representa-
tives of financial institutions, consumer reporting agencies, Federal,
State, and local government agencies that issue official forms or
means of identification, State prosecutors, law enforcement agen-
cies, the biometric industry, and the general public in formulating
and conducting the study required by subsection (a).
(c) AUTHORIZATION OF APPROPRIATIONS.—There are authorized
to be appropriated to the Secretary of the Treasury for fiscal year
2004, such sums as may be necessary to carry out the provisions
of this section.
(d) REPORT REQUIRED.—Before the end of the 180-day period
beginning on the date of enactment of this Act, the Secretary
shall submit a report to Congress containing the findings and
conclusions of the study required under subsection (a), together
with such recommendations for legislative or administrative actions
as may be appropriate.
TITLE II—IMPROVEMENTS IN USE OF
AND CONSUMER ACCESS TO CREDIT
INFORMATION
SEC. 211. FREE CONSUMER REPORTS.
(a) IN GENERAL.—Section 612 of the Fair Credit Reporting
Act (15 U.S.C. 1681j) is amended—
(1) by redesignating subsection (a) as subsection (f), and
transferring it to the end of the section;
(2) by inserting before subsection (b) the following:
‘‘(a) FREE ANNUAL DISCLOSURE.—
‘‘(1) NATIONWIDE CONSUMER REPORTING AGENCIES.—
Deadline.
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PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(A) IN
GENERAL.—All consumer reporting agencies
described in subsections (p) and (w) of section 603 shall
make all disclosures pursuant to section 609 once during
any 12-month period upon request of the consumer and
without charge to the consumer.
‘‘(B) CENTRALIZED
SOURCE.—Subparagraph (A) shall
apply with respect to a consumer reporting agency
described in section 603(p) only if the request from the
consumer is made using the centralized source established
for such purpose in accordance with section 211(c) of the
Fair and Accurate Credit Transactions Act of 2003.
‘‘(C) NATIONWIDE
SPECIALTY
CONSUMER
REPORTING
AGENCY.—
‘‘(i) IN GENERAL.—The Commission shall prescribe
regulations applicable to each consumer reporting
agency described in section 603(w) to require the
establishment of a streamlined process for consumers
to request consumer reports under subparagraph (A),
which shall include, at a minimum, the establishment
by each such agency of a toll-free telephone number
for such requests.
‘‘(ii) CONSIDERATIONS.—In prescribing regulations
under clause (i), the Commission shall consider—
‘‘(I) the significant demands that may be
placed on consumer reporting agencies in providing
such consumer reports;
‘‘(II) appropriate means to ensure that con-
sumer reporting agencies can satisfactorily meet
those demands, including the efficacy of a system
of staggering the availability to consumers of such
consumer reports; and
‘‘(III) the ease by which consumers should be
able to contact consumer reporting agencies with
respect to access to such consumer reports.
‘‘(iii) DATE OF ISSUANCE.—The Commission shall
issue the regulations required by this subparagraph
in final form not later than 6 months after the date
of enactment of the Fair and Accurate Credit Trans-
actions Act of 2003.
‘‘(iv) CONSIDERATION OF ABILITY TO COMPLY.—The
regulations of the Commission under this subpara-
graph shall establish an effective date by which each
nationwide specialty consumer reporting agency (as
defined in section 603(w)) shall be required to comply
with subsection (a), which effective date—
‘‘(I) shall be established after consideration of
the ability of each nationwide specialty consumer
reporting agency to comply with subsection (a);
and
‘‘(II) shall be not later than 6 months after
the date on which such regulations are issued
in final form (or such additional period not to
exceed 3 months, as the Commission determines
appropriate).
‘‘(2) TIMING.—A consumer reporting agency shall provide
a consumer report under paragraph (1) not later than 15 days
Deadline.
Deadline.
Effective date.
Deadline.
Regulations.
Applicability.
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after the date on which the request is received under paragraph
(1).
‘‘(3) REINVESTIGATIONS.—Notwithstanding the time periods
specified in section 611(a)(1), a reinvestigation under that sec-
tion by a consumer reporting agency upon a request of a con-
sumer that is made after receiving a consumer report under
this subsection shall be completed not later than 45 days after
the date on which the request is received.
‘‘(4) EXCEPTION FOR FIRST 12 MONTHS OF OPERATION.—This
subsection shall not apply to a consumer reporting agency
that has not been furnishing consumer reports to third parties
on a continuing basis during the 12-month period preceding
a request under paragraph (1), with respect to consumers
residing nationwide.’’;
(3) by redesignating subsection (d) as subsection (e);
(4) by inserting before subsection (e), as redesignated, the
following:
‘‘(d) FREE DISCLOSURES IN CONNECTION WITH FRAUD ALERTS.—
Upon the request of a consumer, a consumer reporting agency
described in section 603(p) shall make all disclosures pursuant
to section 609 without charge to the consumer, as provided in
subsections (a)(2) and (b)(2) of section 605A, as applicable.’’;
(5) in subsection (e), as redesignated, by striking ‘‘sub-
section (a)’’ and inserting ‘‘subsection (f)’’; and
(6) in subsection (f), as redesignated, by striking ‘‘Except
as provided in subsections (b), (c), and (d), a’’ and inserting
‘‘In the case of a request from a consumer other than a request
that is covered by any of subsections (a) through (d), a’’.
(b) CIRCUMVENTION PROHIBITED.—The Fair Credit Reporting
Act (15 U.S.C. 1681 et seq.) is amended by adding after section
628, as added by section 216 of this Act, the following new section:
‘‘§ 629. Corporate and technological circumvention prohib-
ited
‘‘The Commission shall prescribe regulations, to become effec-
tive not later than 90 days after the date of enactment of this
section, to prevent a consumer reporting agency from circumventing
or evading treatment as a consumer reporting agency described
in section 603(p) for purposes of this title, including—
‘‘(1) by means of a corporate reorganization or restruc-
turing, including a merger, acquisition, dissolution, divestiture,
or asset sale of a consumer reporting agency; or
‘‘(2) by maintaining or merging public record and credit
account information in a manner that is substantially equiva-
lent to that described in paragraphs (1) and (2) of section
603(p), in the manner described in section 603(p).’’.
(c) SUMMARY OF RIGHTS TO OBTAIN AND DISPUTE INFORMATION
IN CONSUMER REPORTS AND TO OBTAIN CREDIT SCORES.—Section
609(c) of the Fair Credit Reporting Act (15 U.S.C. 1681g) is amended
to read as follows:
‘‘(c) SUMMARY OF RIGHTS TO OBTAIN AND DISPUTE INFORMATION
IN CONSUMER REPORTS AND TO OBTAIN CREDIT SCORES.—
‘‘(1) COMMISSION SUMMARY OF RIGHTS REQUIRED.—
‘‘(A) IN GENERAL.—The Commission shall prepare a
model summary of the rights of consumers under this
title.
Regulations.
Effective date.
15 USC 1681x.
Deadline.
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PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(B) CONTENT OF SUMMARY.—The summary of rights
prepared under subparagraph (A) shall include a descrip-
tion of—
‘‘(i) the right of a consumer to obtain a copy of
a consumer report under subsection (a) from each con-
sumer reporting agency;
‘‘(ii) the frequency and circumstances under which
a consumer is entitled to receive a consumer report
without charge under section 612;
‘‘(iii) the right of a consumer to dispute information
in the file of the consumer under section 611;
‘‘(iv) the right of a consumer to obtain a credit
score from a consumer reporting agency, and a descrip-
tion of how to obtain a credit score;
‘‘(v) the method by which a consumer can contact,
and obtain a consumer report from, a consumer
reporting agency without charge, as provided in the
regulations of the Commission prescribed under section
211(c) of the Fair and Accurate Credit Transactions
Act of 2003; and
‘‘(vi) the method by which a consumer can contact,
and obtain a consumer report from, a consumer
reporting agency described in section 603(w), as pro-
vided in the regulations of the Commission prescribed
under section 612(a)(1)(C).
‘‘(C) AVAILABILITY
OF
SUMMARY
OF
RIGHTS.—The
Commission shall—
‘‘(i) actively publicize the availability of the sum-
mary of rights prepared under this paragraph;
‘‘(ii) conspicuously post on its Internet website the
availability of such summary of rights; and
‘‘(iii) promptly make such summary of rights avail-
able to consumers, on request.
‘‘(2) SUMMARY OF RIGHTS REQUIRED TO BE INCLUDED WITH
AGENCY DISCLOSURES.—A consumer reporting agency shall pro-
vide to a consumer, with each written disclosure by the agency
to the consumer under this section—
‘‘(A) the summary of rights prepared by the Commis-
sion under paragraph (1);
‘‘(B) in the case of a consumer reporting agency
described in section 603(p), a toll-free telephone number
established by the agency, at which personnel are accessible
to consumers during normal business hours;
‘‘(C) a list of all Federal agencies responsible for
enforcing any provision of this title, and the address and
any appropriate phone number of each such agency, in
a form that will assist the consumer in selecting the appro-
priate agency;
‘‘(D) a statement that the consumer may have addi-
tional rights under State law, and that the consumer may
wish to contact a State or local consumer protection agency
or a State attorney general (or the equivalent thereof)
to learn of those rights; and
‘‘(E) a statement that a consumer reporting agency
is not required to remove accurate derogatory information
from the file of a consumer, unless the information is
outdated under section 605 or cannot be verified.’’.
Public
information.
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117 STAT. 1972
PUBLIC LAW 108–159—DEC. 4, 2003
(d) RULEMAKING REQUIRED.—
(1) IN GENERAL.—The Commission shall prescribe regula-
tions applicable to consumer reporting agencies described in
section 603(p) of the Fair Credit Reporting Act, to require
the establishment of—
(A) a centralized source through which consumers may
obtain a consumer report from each such consumer
reporting agency, using a single request, and without
charge to the consumer, as provided in section 612(a) of
the Fair Credit Reporting Act (as amended by this section);
and
(B) a standardized form for a consumer to make such
a request for a consumer report by mail or through an
Internet website.
(2) CONSIDERATIONS.—In prescribing regulations under
paragraph (1), the Commission shall consider—
(A) the significant demands that may be placed on
consumer reporting agencies in providing such consumer
reports;
(B) appropriate means to ensure that consumer
reporting agencies can satisfactorily meet those demands,
including the efficacy of a system of staggering the avail-
ability to consumers of such consumer reports; and
(C) the ease by which consumers should be able to
contact consumer reporting agencies with respect to access
to such consumer reports.
(3) CENTRALIZED
SOURCE.—The centralized source for a
request for a consumer report from a consumer required by
this subsection shall provide for—
(A) a toll-free telephone number for such purpose;
(B) use of an Internet website for such purpose; and
(C) a process for requests by mail for such purpose.
(4) TRANSITION.—The regulations of the Commission under
paragraph (1) shall provide for an orderly transition by con-
sumer reporting agencies described in section 603(p) of the
Fair Credit Reporting Act to the centralized source for consumer
report distribution required by section 612(a)(1)(B), as amended
by this section, in a manner that—
(A) does not temporarily overwhelm such consumer
reporting agencies with requests for disclosures of con-
sumer reports beyond their capacity to deliver; and
(B) does not deny creditors, other users, and consumers
access to consumer reports on a time-sensitive basis for
specific purposes, such as home purchases or suspicions
of identity theft, during the transition period.
(5) TIMING.—Regulations required by this subsection
shall—
(A) be issued in final form not later than 6 months
after the date of enactment of this Act; and
(B) become effective not later than 6 months after
the date on which they are issued in final form.
(6) SCOPE OF REGULATIONS.—
(A) IN GENERAL.—The Commission shall, by rule, deter-
mine whether to require a consumer reporting agency that
compiles and maintains files on consumers on substantially
a nationwide basis, other than one described in section
Effective date.
Deadline.
15 USC 1681j
note.
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117 STAT. 1973
PUBLIC LAW 108–159—DEC. 4, 2003
603(p) of the Fair Credit Reporting Act, to make free con-
sumer reports available upon consumer request, and if
so, whether such consumer reporting agencies should make
such free reports available through the centralized source
described in paragraph (1)(A).
(B) CONSIDERATIONS.—Before making any determina-
tion under subparagraph (A), the Commission shall
consider—
(i) the number of requests for consumer reports
to, and the number of consumer reports generated
by, the consumer reporting agency, in comparison with
consumer reporting agencies described in subsections
(p) and (w) of section 603 of the Fair Credit Reporting
Act;
(ii) the overall scope of the operations of the con-
sumer reporting agency;
(iii) the needs of consumers for access to consumer
reports provided by consumer reporting agencies free
of charge;
(iv) the costs of providing access to consumer
reports by consumer reporting agencies free of charge;
and
(v) the effects on the ongoing competitive viability
of such consumer reporting agencies if such free access
is required.
SEC. 212. DISCLOSURE OF CREDIT SCORES.
(a) STATEMENT ON AVAILABILITY OF CREDIT SCORES.—Section
609(a) of the Fair Credit Reporting Act (15 U.S.C. 1681g(a)) is
amended by adding at the end the following new paragraph:
‘‘(6) If the consumer requests the credit file and not the
credit score, a statement that the consumer may request and
obtain a credit score.’’.
(b) DISCLOSURE OF CREDIT SCORES.—Section 609 of the Fair
Credit Reporting Act (15 U.S.C. 1681g), as amended by this Act,
is amended by adding at the end the following:
‘‘(f) DISCLOSURE OF CREDIT SCORES.—
‘‘(1) IN
GENERAL.—Upon the request of a consumer for
a credit score, a consumer reporting agency shall supply to
the consumer a statement indicating that the information and
credit scoring model may be different than the credit score
that may be used by the lender, and a notice which shall
include—
‘‘(A) the current credit score of the consumer or the
most recent credit score of the consumer that was pre-
viously calculated by the credit reporting agency for a
purpose related to the extension of credit;
‘‘(B) the range of possible credit scores under the model
used;
‘‘(C) all of the key factors that adversely affected the
credit score of the consumer in the model used, the total
number of which shall not exceed 4, subject to paragraph
(9);
‘‘(D) the date on which the credit score was created;
and
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117 STAT. 1974
PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(E) the name of the person or entity that provided
the credit score or credit file upon which the credit score
was created.
‘‘(2) DEFINITIONS.—For purposes of this subsection, the fol-
lowing definitions shall apply:
‘‘(A) CREDIT SCORE.—The term ‘credit score’—
‘‘(i) 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 to predict
the likelihood of certain credit behaviors, including
default (and the numerical value or the categorization
derived from such analysis may also be referred to
as a ‘risk predictor’ or ‘risk score’); and
‘‘(ii) does not include—
‘‘(I) any mortgage score or rating of an auto-
mated underwriting system that considers one or
more factors in addition to credit information,
including the loan to value ratio, the amount of
down payment, or the financial assets of a con-
sumer; or
‘‘(II) any other elements of the underwriting
process or underwriting decision.
‘‘(B) KEY FACTORS.—The term ‘key factors’ means all
relevant elements or reasons adversely affecting the credit
score for the particular individual, listed in the order of
their importance based on their effect on the credit score.
‘‘(3) 
TIMEFRAME
AND
MANNER
OF
DISCLOSURE.—The
information required by this subsection shall be provided in
the same timeframe and manner as the information described
in subsection (a).
‘‘(4) APPLICABILITY TO CERTAIN USES.—This subsection shall
not be construed so as to compel a consumer reporting agency
to develop or disclose a score if the agency does not—
‘‘(A) distribute scores that are used in connection with
residential real property loans; or
‘‘(B) develop scores that assist credit providers in
understanding the general credit behavior of a consumer
and predicting the future credit behavior of the consumer.
‘‘(5) APPLICABILITY
TO
CREDIT
SCORES
DEVELOPED
BY
ANOTHER PERSON.—
‘‘(A) IN GENERAL.—This subsection shall not be con-
strued to require a consumer reporting agency that distrib-
utes credit scores developed by another person or entity
to provide a further explanation of them, or to process
a dispute arising pursuant to section 611, except that the
consumer reporting agency shall provide the consumer with
the name and address and website for contacting the person
or entity who developed the score or developed the method-
ology of the score.
‘‘(B) EXCEPTION.—This paragraph shall not apply to
a consumer reporting agency that develops or modifies
scores that are developed by another person or entity.
‘‘(6) MAINTENANCE OF CREDIT SCORES NOT REQUIRED.—This
subsection shall not be construed to require a consumer
reporting agency to maintain credit scores in its files.
‘‘(7) COMPLIANCE IN CERTAIN CASES.—In complying with
this subsection, a consumer reporting agency shall—
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117 STAT. 1975
PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(A) supply the consumer with a credit score that is
derived from a credit scoring model that is widely distrib-
uted to users by that consumer reporting agency in connec-
tion with residential real property loans or with a credit
score that assists the consumer in understanding the credit
scoring assessment of the credit behavior of the consumer
and predictions about the future credit behavior of the
consumer; and
‘‘(B) a statement indicating that the information and
credit scoring model may be different than that used by
the lender.
‘‘(8) FAIR
AND
REASONABLE
FEE.—A consumer reporting
agency may charge a fair and reasonable fee, as determined
by the Commission, for providing the information required
under this subsection.
‘‘(9) USE OF ENQUIRIES AS A KEY FACTOR.—If a key factor
that adversely affects the credit score of a consumer consists
of the number of enquiries made with respect to a consumer
report, that factor shall be included in the disclosure pursuant
to paragraph (1)(C) without regard to the numerical limitation
in such paragraph.’’.
(c) DISCLOSURE
OF CREDIT SCORES
BY CERTAIN MORTGAGE
LENDERS.—Section 609 of the Fair Credit Reporting Act (15 U.S.C.
1681g), as amended by this Act, is amended by adding at the
end the following:
‘‘(g) DISCLOSURE OF CREDIT SCORES BY CERTAIN MORTGAGE
LENDERS.—
‘‘(1) IN GENERAL.—Any person who makes or arranges loans
and who uses a consumer credit score, as defined in subsection
(f), in connection with an application initiated or sought by
a consumer for a closed end loan or the establishment of an
open end loan for a consumer purpose that is secured by 1
to 4 units of residential real property (hereafter in this sub-
section referred to as the ‘lender’) shall provide the following
to the consumer as soon as reasonably practicable:
‘‘(A) INFORMATION REQUIRED UNDER SUBSECTION (f).—
‘‘(i) IN GENERAL.—A copy of the information identi-
fied in subsection (f) that was obtained from a con-
sumer reporting agency or was developed and used
by the user of the information.
‘‘(ii) NOTICE UNDER SUBPARAGRAPH (D).—In addi-
tion to the information provided to it by a third party
that provided the credit score or scores, a lender is
only required to provide the notice contained in
subparagraph (D).
‘‘(B) DISCLOSURES
IN
CASE
OF
AUTOMATED
UNDER-
WRITING SYSTEM.—
‘‘(i) IN GENERAL.—If a person that is subject to
this subsection uses an automated underwriting
system to underwrite a loan, that person may satisfy
the obligation to provide a credit score by disclosing
a credit score and associated key factors supplied by
a consumer reporting agency.
‘‘(ii) NUMERICAL
CREDIT
SCORE.—However, if a
numerical credit score is generated by an automated
underwriting system used by an enterprise, and that
score is disclosed to the person, the score shall be
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117 STAT. 1976
PUBLIC LAW 108–159—DEC. 4, 2003
disclosed to the consumer consistent with subpara-
graph (C).
‘‘(iii) ENTERPRISE DEFINED.—For purposes of this
subparagraph, the term ‘enterprise’ has the same
meaning as in paragraph (6) of section 1303 of the
Federal Housing Enterprises Financial Safety and
Soundness Act of 1992.
‘‘(C) DISCLOSURES
OF
CREDIT
SCORES
NOT
OBTAINED
FROM A CONSUMER REPORTING AGENCY.—A person that is
subject to the provisions of this subsection and that uses
a credit score, other than a credit score provided by a
consumer reporting agency, may satisfy the obligation to
provide a credit score by disclosing a credit score and
associated key factors supplied by a consumer reporting
agency.
‘‘(D) NOTICE TO HOME LOAN APPLICANTS.—A copy of
the following notice, which shall include the name, address,
and telephone number of each consumer reporting agency
providing a credit score that was used:
‘NOTICE TO THE HOME LOAN APPLICANT
‘In connection with your application for a home loan, the lender
must disclose to you the score that a consumer reporting agency
distributed to users and the lender used in connection with your
home loan, and the key factors affecting your credit scores.
‘The credit score is a computer generated summary calculated
at the time of the request and based on information that a consumer
reporting agency or lender has on file. The scores are based on
data about your credit history and payment patterns. Credit scores
are important because they are used to assist the lender in deter-
mining whether you will obtain a loan. They may also be used
to determine what interest rate you may be offered on the mortgage.
Credit scores can change over time, depending on your conduct,
how your credit history and payment patterns change, and how
credit scoring technologies change.
‘Because the score is based on information in your credit his-
tory, it is very important that you review the credit-related informa-
tion that is being furnished to make sure it is accurate. Credit
records may vary from one company to another.
‘If you have questions about your credit score or the credit
information that is furnished to you, contact the consumer reporting
agency at the address and telephone number provided with this
notice, or contact the lender, if the lender developed or generated
the credit score. The consumer reporting agency plays no part
in the decision to take any action on the loan application and
is unable to provide you with specific reasons for the decision
on a loan application.
‘If you have questions concerning the terms of the loan, contact
the lender.’.
‘‘(E) ACTIONS NOT REQUIRED UNDER THIS SUBSECTION.—
This subsection shall not require any person to—
‘‘(i) explain the information provided pursuant to
subsection (f);
‘‘(ii) disclose any information other than a credit
score or key factors, as defined in subsection (f);
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117 STAT. 1977
PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(iii) disclose any credit score or related informa-
tion obtained by the user after a loan has closed;
‘‘(iv) provide more than 1 disclosure per loan trans-
action; or
‘‘(v) provide the disclosure required by this sub-
section when another person has made the disclosure
to the consumer for that loan transaction.
‘‘(F) NO OBLIGATION FOR CONTENT.—
‘‘(i) IN
GENERAL.—The obligation of any person
pursuant to this subsection shall be limited solely to
providing a copy of the information that was received
from the consumer reporting agency.
‘‘(ii) LIMIT ON LIABILITY.—No person has liability
under this subsection for the content of that informa-
tion or for the omission of any information within
the report provided by the consumer reporting agency.
‘‘(G) PERSON DEFINED AS EXCLUDING ENTERPRISE.—As
used in this subsection, the term ‘person’ does not include
an enterprise (as defined in paragraph (6) of section 1303
of the Federal Housing Enterprises Financial Safety and
Soundness Act of 1992).
‘‘(2) PROHIBITION ON DISCLOSURE CLAUSES NULL AND VOID.—
‘‘(A) IN GENERAL.—Any provision in a contract that
prohibits the disclosure of a credit score by a person who
makes or arranges loans or a consumer reporting agency
is void.
‘‘(B) NO LIABILITY FOR DISCLOSURE UNDER THIS SUB-
SECTION.—A lender shall not have liability under any
contractual provision for disclosure of a credit score pursu-
ant to this subsection.’’.
(d) INCLUSION OF KEY FACTOR IN CREDIT SCORE INFORMATION
IN CONSUMER REPORT.—Section 605(d) of the Fair Credit Reporting
Act (15 U.S.C. 1681c(d)) is amended—
(1) by striking ‘‘DISCLOSED.—Any consumer reporting
agency’’ and inserting ‘‘DISCLOSED.—
‘‘(1) TITLE
11
INFORMATION.—Any consumer reporting
agency’’; and
(2) by adding at the end the following new paragraph:
‘‘(2) KEY FACTOR IN CREDIT SCORE INFORMATION.—Any con-
sumer reporting agency that furnishes a consumer report that
contains any credit score or any other risk score or predictor
on any consumer shall include in the report a clear and con-
spicuous statement that a key factor (as defined in section
609(f)(2)(B)) that adversely affected such score or predictor
was the number of enquiries, if such a predictor was in fact
a key factor that adversely affected such score. This paragraph
shall not apply to a check services company, acting as such,
which issues authorizations for the purpose of approving or
processing negotiable instruments, electronic fund transfers,
or similar methods of payments, but only to the extent that
such company is engaged in such activities.’’.
(e) TECHNICAL AND CONFORMING AMENDMENTS.—Section 625(b)
of the Fair Credit Reporting Act (15 U.S.C. 1681t(b)), as so des-
ignated by section 214 of this Act, is amended—
(1) by striking ‘‘or’’ at the end of paragraph (2); and
(2) by striking paragraph (3) and inserting the following:
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117 STAT. 1978
PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(3) with respect to the disclosures required to be made
under subsection (c), (d), (e), or (g) of section 609, or subsection
(f) of section 609 relating to the disclosure of credit scores
for credit granting purposes, except that this paragraph—
‘‘(A) shall not apply with respect to sections 1785.10,
1785.16, and 1785.20.2 of the California Civil Code (as
in effect on the date of enactment of the Fair and Accurate
Credit Transactions Act of 2003) and section 1785.15
through section 1785.15.2 of such Code (as in effect on
such date);
‘‘(B) shall not apply with respect to sections 5–3–106(2)
and 212–14.3–104.3 of the Colorado Revised Statutes (as
in effect on the date of enactment of the Fair and Accurate
Credit Transactions Act of 2003); and
‘‘(C) shall not be construed as limiting, annulling,
affecting, or superseding any provision of the laws of any
State regulating the use in an insurance activity, or regu-
lating disclosures concerning such use, of a credit-based
insurance score of a consumer by any person engaged in
the business of insurance;
‘‘(4) with respect to the frequency of any disclosure under
section 612(a), except that this paragraph shall not apply—
‘‘(A) with respect to section 12–14.3–105(1)(d) of the
Colorado Revised Statutes (as in effect on the date of
enactment of the Fair and Accurate Credit Transactions
Act of 2003);
‘‘(B) with respect to section 10–1–393(29)(C) of the
Georgia Code (as in effect on the date of enactment of
the Fair and Accurate Credit Transactions Act of 2003);
‘‘(C) with respect to section 1316.2 of title 10 of the
Maine Revised Statutes (as in effect on the date of enact-
ment of the Fair and Accurate Credit Transactions Act
of 2003);
‘‘(D) with respect to sections 14–1209(a)(1) and 14–
1209(b)(1)(i) of the Commercial Law Article of the Code
of Maryland (as in effect on the date of enactment of
the Fair and Accurate Credit Transactions Act of 2003);
‘‘(E) with respect to section 59(d) and section 59(e)
of chapter 93 of the General Laws of Massachusetts (as
in effect on the date of enactment of the Fair and Accurate
Credit Transactions Act of 2003);
‘‘(F) with respect to section 56:11–37.10(a)(1) of the
New Jersey Revised Statutes (as in effect on the date
of enactment of the Fair and Accurate Credit Transactions
Act of 2003); or
‘‘(G) with respect to section 2480c(a)(1) of title 9 of
the Vermont Statutes Annotated (as in effect on the date
of enactment of the Fair and Accurate Credit Transactions
Act of 2003); or’’.
SEC. 213. ENHANCED DISCLOSURE OF THE MEANS AVAILABLE TO OPT
OUT OF PRESCREENED LISTS.
(a) NOTICE AND RESPONSE FORMAT FOR USERS OF REPORTS.—
Section 615(d)(2) of the Fair Credit Reporting Act (15 U.S.C.
1681m(d)(2)) is amended to read as follows:
‘‘(2) DISCLOSURE OF ADDRESS AND TELEPHONE NUMBER; FOR-
MAT.—A statement under paragraph (1) shall—
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117 STAT. 1979
PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(A) include the address and toll-free telephone number
of the appropriate notification system established under
section 604(e); and
‘‘(B) be presented in such format and in such type
size and manner as to be simple and easy to understand,
as established by the Commission, by rule, in consultation
with the Federal banking agencies and the National Credit
Union Administration.’’.
(b) RULEMAKING SCHEDULE.—Regulations required by section
615(d)(2) of the Fair Credit Reporting Act, as amended by this
section, shall be issued in final form not later than 1 year after
the date of enactment of this Act.
(c) DURATION OF ELECTIONS.—Section 604(e) of the Fair Credit
Reporting Act (15 U.S.C. 1681b(e)) is amended in each of paragraphs
(3)(A) and (4)(B)(i)), by striking ‘‘2-year period’’ each place that
term appears and inserting ‘‘5-year period’’.
(d) PUBLIC AWARENESS CAMPAIGN.—The Commission shall
actively publicize and conspicuously post on its website any address
and the toll-free telephone number established as part of a notifica-
tion system for opting out of prescreening under section 604(e)
of the Fair Credit Reporting Act (15 U.S.C. 1681b(e)), and otherwise
take measures to increase public awareness regarding the avail-
ability of the right to opt out of prescreening.
(e) ANALYSIS OF FURTHER RESTRICTIONS ON OFFERS OF CREDIT
OR INSURANCE.—
(1) IN GENERAL.—The Board shall conduct a study of—
(A) the ability of consumers to avoid receiving written
offers of credit or insurance in connection with transactions
not initiated by the consumer; and
(B) the potential impact that any further restrictions
on providing consumers with such written offers of credit
or insurance would have on consumers.
(2) REPORT.—The Board shall submit a report summarizing
the results of the study required under paragraph (1) to the
Congress not later than 12 months after the date of enactment
of this Act, together with such recommendations for legislative
or administrative action as the Board may determine to be
appropriate.
(3) CONTENT OF REPORT.—The report described in para-
graph (2) shall address the following issues:
(A) The current statutory or voluntary mechanisms
that are available to a consumer to notify lenders and
insurance providers that the consumer does not wish to
receive written offers of credit or insurance.
(B) The extent to which consumers are currently uti-
lizing existing statutory and voluntary mechanisms to avoid
receiving offers of credit or insurance.
(C) The benefits provided to consumers as a result
of receiving written offers of credit or insurance.
(D) Whether consumers incur significant costs or are
otherwise adversely affected by the receipt of written offers
of credit or insurance.
(E) Whether further restricting the ability of lenders
and insurers to provide written offers of credit or insurance
to consumers would affect—
(i) the cost consumers pay to obtain credit or insur-
ance;
Deadline.
15 USC 1601
note.
Internet.
15 USC 1681b
note.
Deadline.
15 USC 1681m
note.
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117 STAT. 1980
PUBLIC LAW 108–159—DEC. 4, 2003
(ii) the availability of credit or insurance;
(iii) consumers’ knowledge about new or alter-
native products and services;
(iv) the ability of lenders or insurers to compete
with one another; and
(v) the ability to offer credit or insurance products
to consumers who have been traditionally underserved.
SEC. 214. AFFILIATE SHARING.
(a) LIMITATION.—The Fair Credit Reporting Act (15 U.S.C. 1601
et seq.) is amended—
(1) by redesignating sections 624 (15 U.S.C. 1681t), 625
(15 U.S.C. 1681u), and 626 (15 U.S.C. 6181v) as sections 625,
626, and 627, respectively; and
(2) by inserting after section 623 the following:
‘‘§ 624. Affiliate sharing
‘‘(a) SPECIAL RULE FOR SOLICITATION FOR PURPOSES OF MAR-
KETING.—
‘‘(1) NOTICE.—Any person that receives from another person
related to it by common ownership or affiliated by corporate
control a communication of information that would be a con-
sumer report, but for clauses (i), (ii), and (iii) of section
603(d)(2)(A), may not use the information to make a solicitation
for marketing purposes to a consumer about its products or
services, unless—
‘‘(A) it is clearly and conspicuously disclosed to the
consumer that the information may be communicated
among such persons for purposes of making such solicita-
tions to the consumer; and
‘‘(B) the consumer is provided an opportunity and a
simple method to prohibit the making of such solicitations
to the consumer by such person.
‘‘(2) CONSUMER CHOICE.—
‘‘(A) IN
GENERAL.—The notice required under para-
graph (1) shall allow the consumer the opportunity to pro-
hibit all solicitations referred to in such paragraph, and
may allow the consumer to choose from different options
when electing to prohibit the sending of such solicitations,
including options regarding the types of entities and
information covered, and which methods of delivering solici-
tations the consumer elects to prohibit.
‘‘(B) FORMAT.—Notwithstanding subparagraph (A), the
notice required under paragraph (1) shall be clear, con-
spicuous, and concise, and any method provided under
paragraph (1)(B) shall be simple. The regulations pre-
scribed to implement this section shall provide specific
guidance regarding how to comply with such standards.
‘‘(3) DURATION.—
‘‘(A) IN GENERAL.—The election of a consumer pursuant
to paragraph (1)(B) to prohibit the making of solicitations
shall be effective for at least 5 years, beginning on the
date on which the person receives the election of the con-
sumer, unless the consumer requests that such election
be revoked.
‘‘(B) NOTICE UPON EXPIRATION OF EFFECTIVE PERIOD.—
At such time as the election of a consumer pursuant to
15 USC 1681s–3.
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117 STAT. 1981
PUBLIC LAW 108–159—DEC. 4, 2003
paragraph (1)(B) is no longer effective, a person may not
use information that the person receives in the manner
described in paragraph (1) to make any solicitation for
marketing purposes to the consumer, unless the consumer
receives a notice and an opportunity, using a simple
method, to extend the opt-out for another period of at
least 5 years, pursuant to the procedures described in
paragraph (1).
‘‘(4) SCOPE.—This section shall not apply to a person—
‘‘(A) using information to make a solicitation for mar-
keting purposes to a consumer with whom the person has
a pre-existing business relationship;
‘‘(B) using information to facilitate communications to
an individual for whose benefit the person provides
employee benefit or other services pursuant to a contract
with an employer related to and arising out of the current
employment relationship or status of the individual as
a participant or beneficiary of an employee benefit plan;
‘‘(C) using information to perform services on behalf
of another person related by common ownership or affili-
ated by corporate control, except that this subparagraph
shall not be construed as permitting a person to send
solicitations on behalf of another person, if such other
person would not be permitted to send the solicitation
on its own behalf as a result of the election of the consumer
to prohibit solicitations under paragraph (1)(B);
‘‘(D) using information in response to a communication
initiated by the consumer;
‘‘(E) using information in response to solicitations
authorized or requested by the consumer; or
‘‘(F) if compliance with this section by that person
would prevent compliance by that person with any provi-
sion of State insurance laws pertaining to unfair discrimi-
nation in any State in which the person is lawfully doing
business.
‘‘(5) NO RETROACTIVITY.—This subsection shall not prohibit
the use of information to send a solicitation to a consumer
if such information was received prior to the date on which
persons are required to comply with regulations implementing
this subsection.
‘‘(b) NOTICE FOR OTHER PURPOSES PERMISSIBLE.—A notice or
other disclosure under this section may be coordinated and consoli-
dated with any other notice required to be issued under any other
provision of law by a person that is subject to this section, and
a notice or other disclosure that is equivalent to the notice required
by subsection (a), and that is provided by a person described in
subsection (a) to a consumer together with disclosures required
by any other provision of law, shall satisfy the requirements of
subsection (a).
‘‘(c) USER REQUIREMENTS.—Requirements with respect to the
use by a person of information received from another person related
to it by common ownership or affiliated by corporate control, such
as the requirements of this section, constitute requirements with
respect to the exchange of information among persons affiliated
by common ownership or common corporate control, within the
meaning of section 625(b)(2).
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117 STAT. 1982
PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(d) DEFINITIONS.—For purposes of this section, the following
definitions shall apply:
‘‘(1) PRE-EXISTING BUSINESS RELATIONSHIP.—The term ‘pre-
existing business relationship’ means a relationship between
a person, or a person’s licensed agent, and a consumer, based
on—
‘‘(A) a financial contract between a person and a con-
sumer which is in force;
‘‘(B) the purchase, rental, or lease by the consumer
of that person’s goods or services, or a financial transaction
(including holding an active account or a policy in force
or having another continuing relationship) between the
consumer and that person during the 18-month period
immediately preceding the date on which the consumer
is sent a solicitation covered by this section;
‘‘(C) an inquiry or application by the consumer
regarding a product or service offered by that person,
during the 3-month period immediately preceding the date
on which the consumer is sent a solicitation covered by
this section; or
‘‘(D) any other pre-existing customer relationship
defined in the regulations implementing this section.
‘‘(2) SOLICITATION.—The term ‘solicitation’ means the mar-
keting of a product or service initiated by a person to a par-
ticular consumer that is based on an exchange of information
described in subsection (a), and is intended to encourage the
consumer to purchase such product or service, but does not
include communications that are directed at the general public
or determined not to be a solicitation by the regulations pre-
scribed under this section.’’.
(b) RULEMAKING REQUIRED.—
(1) IN
GENERAL.—The Federal banking agencies, the
National Credit Union Administration, and the Commission,
with respect to the entities that are subject to their respective
enforcement authority under section 621 of the Fair Credit
Reporting Act and the Securities and Exchange Commission,
and in coordination as described in paragraph (2), shall pre-
scribe regulations to implement section 624 of the Fair Credit
Reporting Act, as added by this section.
(2) COORDINATION.—Each agency required to prescribe
regulations under paragraph (1) shall consult and coordinate
with each other such agency so that, to the extent possible,
the regulations prescribed by each such entity are consistent
and comparable with the regulations prescribed by each other
such agency.
(3) CONSIDERATIONS.—In promulgating regulations under
this subsection, each agency referred to in paragraph (1) shall—
(A) ensure that affiliate sharing notification methods
provide a simple means for consumers to make determina-
tions and choices under section 624 of the Fair Credit
Reporting Act, as added by this section;
(B) consider the affiliate sharing notification practices
employed on the date of enactment of this Act by persons
that will be subject to that section 624; and
(C) ensure that notices and disclosures may be coordi-
nated and consolidated, as provided in subsection (b) of
that section 624.
15 USC 1681s–3
note.
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117 STAT. 1983
PUBLIC LAW 108–159—DEC. 4, 2003
(4) TIMING.—Regulations required by this subsection
shall—
(A) be issued in final form not later than 9 months
after the date of enactment of this Act; and
(B) become effective not later than 6 months after
the date on which they are issued in final form.
(c) TECHNICAL AND CONFORMING AMENDMENTS.—
(1) DEFINITIONS.—Section 603(d)(2)(A) of the Fair Credit
Reporting Act (15 U.S.C. 1681(d)(2)(A)) is amended by inserting
‘‘subject to section 624,’’ after ‘‘(A)’’.
(2) RELATION TO STATE LAWS.—Section 625(b)(1) of the Fair
Credit Reporting Act (15 U.S.C. 1681t(b)(1)), as so designated
by subsection (a) of this section, is amended—
(A) by striking ‘‘or’’ after the semicolon at the end
of subparagraph (E); and
(B) by adding at the end the following new subpara-
graph:
‘‘(H) section 624, relating to the exchange and use
of information to make a solicitation for marketing pur-
poses; or’’.
(3) CROSS REFERENCE CORRECTION.—Section 627(d) of the
Fair Credit Reporting Act (15 U.S.C. 1681v(d)), as so designated
by subsection (a) of this section, is amended by striking ‘‘section
625’’ and inserting ‘‘section 626’’.
(4) TABLE
OF
SECTIONS.—The table of sections for title
VI of the Consumer Credit Protection Act (15 U.S.C. 1601
et seq.) is amended by striking the items relating to sections
624 through 626 and inserting the following:
‘‘624. Affiliate sharing.
‘‘625. Relation to State laws.
‘‘626. Disclosures to FBI for counterintelligence purposes.
‘‘627. Disclosures to governmental agencies for counterintelligence purposes.’’.
(e) STUDIES OF INFORMATION SHARING PRACTICES.—
(1) IN
GENERAL.—The Federal banking agencies, the
National Credit Union Administration, and the Commission
shall jointly conduct regular studies of the consumer informa-
tion sharing practices by financial institutions and other per-
sons that are creditors or users of consumer reports with their
affiliates.
(2) MATTERS
FOR
STUDY.—In conducting the studies
required by paragraph (1), the agencies described in paragraph
(1) shall—
(A) identify—
(i) the purposes for which financial institutions
and other creditors and users of consumer reports
share consumer information;
(ii) the types of information shared by such entities
with their affiliates;
(iii) the number of choices provided to consumers
with respect to the control of such sharing, and the
degree to and manner in which consumers exercise
such choices, if at all; and
(iv) whether such entities share or may share
personally 
identifiable 
transaction 
or 
experience
information with affiliates for purposes—
(I) that are related to employment or hiring,
including whether the person that is the subject
15 USC 1681s–3
note.
15 USC 1681a.
Effective date.
Deadline.
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117 STAT. 1984
PUBLIC LAW 108–159—DEC. 4, 2003
of such information is given notice of such sharing,
and the specific uses of such shared information;
or
(II) of general publication of such information;
and
(B) specifically examine the information sharing prac-
tices that financial institutions and other creditors and
users of consumer reports and their affiliates employ for
the purpose of making underwriting decisions or credit
evaluations of consumers.
(3) REPORTS.—
(A) INITIAL REPORT.—Not later than 3 years after the
date of enactment of this Act, the Federal banking agencies,
the National Credit Union Administration, and the
Commission shall jointly submit a report to the Congress
on the results of the initial study conducted in accordance
with this subsection, together with any recommendations
for legislative or regulatory action.
(B) FOLLOWUP REPORTS.—The Federal banking agen-
cies, the National Credit Union Administration, and the
Commission shall, not less frequently than once every 3
years following the date of submission of the initial report
under subparagraph (A), jointly submit a report to the
Congress that, together with any recommendations for
legislative or regulatory action—
(i) documents any changes in the areas of study
referred to in paragraph (2)(A) occurring since the
date of submission of the previous report;
(ii) identifies any changes in the practices of finan-
cial institutions and other creditors and users of con-
sumer reports in sharing consumer information with
their affiliates for the purpose of making underwriting
decisions or credit evaluations of consumers occurring
since the date of submission of the previous report;
and
(iii) examines the effects that changes described
in clause (ii) have had, if any, on the degree to which
such affiliate sharing practices reduce the need for
financial institutions, creditors, and other users of con-
sumer reports to rely on consumer reports for such
decisions.
SEC. 215. STUDY OF EFFECTS OF CREDIT SCORES AND CREDIT-BASED
INSURANCE SCORES ON AVAILABILITY AND AFFORD-
ABILITY OF FINANCIAL PRODUCTS.
(a) STUDY REQUIRED.—The Commission and the Board, in con-
sultation with the Office of Fair Housing and Equal Opportunity
of the Department of Housing and Urban Development, shall con-
duct a study of—
(1) the effects of the use of credit scores and credit-based
insurance scores on the availability and affordability of financial
products and services, including credit cards, mortgages, auto
loans, and property and casualty insurance;
(2) the statistical relationship, utilizing a multivariate anal-
ysis that controls for prohibited factors under the Equal Credit
Opportunity Act and other known risk factors, between credit
15 USC 1681
note.
Deadlines.
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117 STAT. 1985
PUBLIC LAW 108–159—DEC. 4, 2003
scores and credit-based insurance scores and the quantifiable
risks and actual losses experienced by businesses;
(3) the extent to which, if any, the use of credit scoring
models, credit scores, and credit-based insurance scores impact
on the availability and affordability of credit and insurance
to the extent information is currently available or is available
through proxies, by geography, income, ethnicity, race, color,
religion, national origin, age, sex, marital status, and creed,
including the extent to which the consideration or lack of consid-
eration of certain factors by credit scoring systems could result
in negative or differential treatment of protected classes under
the Equal Credit Opportunity Act, and the extent to which,
if any, the use of underwriting systems relying on these models
could achieve comparable results through the use of factors
with less negative impact; and
(4) the extent to which credit scoring systems are used
by businesses, the factors considered by such systems, and
the effects of variables which are not considered by such sys-
tems.
(b) PUBLIC PARTICIPATION.—The Commission shall seek public
input about the prescribed methodology and research design of
the study described in subsection (a), including from relevant Fed-
eral regulators, State insurance regulators, community, civil rights,
consumer, and housing groups.
(c) REPORT REQUIRED.—
(1) IN GENERAL.—Before the end of the 24-month period
beginning on the date of enactment of this Act, the Commission
shall submit a detailed report on the study conducted pursuant
to subsection (a) to the Committee on Financial Services of
the House of Representatives and the Committee on Banking,
Housing, and Urban Affairs of the Senate.
(2) CONTENTS
OF
REPORT.—The report submitted under
paragraph (1) shall include the findings and conclusions of
the Commission, recommendations to address specific areas
of concerns addressed in the study, and recommendations for
legislative or administrative action that the Commission may
determine to be necessary to ensure that credit and credit-
based insurance scores are used appropriately and fairly to
avoid negative effects.
SEC. 216. DISPOSAL OF CONSUMER REPORT INFORMATION AND
RECORDS.
(a) IN GENERAL.—The Fair Credit Reporting Act (15 U.S.C.
1681 et seq.), as amended by this Act, is amended by adding
at the end the following:
‘‘§ 628. Disposal of records
‘‘(a) REGULATIONS.—
‘‘(1) IN GENERAL.—Not later than 1 year after the date
of enactment of this section, the Federal banking agencies,
the National Credit Union Administration, and the Commission
with respect to the entities that are subject to their respective
enforcement authority under section 621, and the Securities
and Exchange Commission, and in coordination as described
in paragraph (2), shall issue final regulations requiring any
person that maintains or otherwise possesses consumer
information, or any compilation of consumer information,
Deadline.
15 USC 1681w.
Deadline.
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117 STAT. 1986
PUBLIC LAW 108–159—DEC. 4, 2003
derived from consumer reports for a business purpose to prop-
erly dispose of any such information or compilation.
‘‘(2) COORDINATION.—Each agency required to prescribe
regulations under paragraph (1) shall—
‘‘(A) consult and coordinate with each other such
agency so that, to the extent possible, the regulations pre-
scribed by each such agency are consistent and comparable
with the regulations by each such other agency; and
‘‘(B) ensure that such regulations are consistent with
the requirements and regulations issued pursuant to Public
Law 106–102 and other provisions of Federal law.
‘‘(3) EXEMPTION AUTHORITY.—In issuing regulations under
this section, the Federal banking agencies, the National Credit
Union Administration, the Commission, and the Securities and
Exchange Commission may exempt any person or class of per-
sons from application of those regulations, as such agency
deems appropriate to carry out the purpose of this section.
‘‘(b) RULE OF CONSTRUCTION.—Nothing in this section shall
be construed—
‘‘(1) to require a person to maintain or destroy any record
pertaining to a consumer that is not imposed under other
law; or
‘‘(2) to alter or affect any requirement imposed under any
other provision of law to maintain or destroy such a record.’’.
(b) CLERICAL AMENDMENT.—The table of sections for title VI
of the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.)
is amended by inserting after the item relating to section 627,
as added by section 214 of this Act, the following:
‘‘628. Disposal of records.
‘‘629. Corporate and technological circumvention prohibited.’’.
SEC. 217. REQUIREMENT TO DISCLOSE COMMUNICATIONS TO A CON-
SUMER REPORTING AGENCY.
(a) IN GENERAL.—Section 623(a) of the Fair Credit Reporting
Act (15 U.S.C. 1681s–2(a)) as amended by this Act, is amended
by inserting after paragraph (6), the following new paragraph:
‘‘(7) NEGATIVE INFORMATION.—
‘‘(A) NOTICE TO CONSUMER REQUIRED.—
‘‘(i) IN GENERAL.—If any financial institution that
extends credit and regularly and in the ordinary course
of business furnishes information to a consumer
reporting agency described in section 603(p) furnishes
negative information to such an agency regarding
credit extended to a customer, the financial institution
shall provide a notice of such furnishing of negative
information, in writing, to the customer.
‘‘(ii) NOTICE EFFECTIVE FOR SUBSEQUENT SUBMIS-
SIONS.—After providing such notice, the financial
institution may submit additional negative information
to a consumer reporting agency described in section
603(p) with respect to the same transaction, extension
of credit, account, or customer without providing addi-
tional notice to the customer.
‘‘(B) TIME OF NOTICE.—
‘‘(i) IN
GENERAL.—The notice required under
subparagraph (A) shall be provided to the customer
prior to, or no later than 30 days after, furnishing
Deadline.
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117 STAT. 1987
PUBLIC LAW 108–159—DEC. 4, 2003
the negative information to a consumer reporting
agency described in section 603(p).
‘‘(ii) COORDINATION
WITH
NEW
ACCOUNT
DISCLO-
SURES.—If the notice is provided to the customer prior
to furnishing the negative information to a consumer
reporting agency, the notice may not be included in
the initial disclosures provided under section 127(a)
of the Truth in Lending Act.
‘‘(C) COORDINATION
WITH
OTHER
DISCLOSURES.—The
notice required under subparagraph (A)—
‘‘(i) may be included on or with any notice of
default, any billing statement, or any other materials
provided to the customer; and
‘‘(ii) must be clear and conspicuous.
‘‘(D) MODEL DISCLOSURE.—
‘‘(i) DUTY OF BOARD TO PREPARE.—The Board shall
prescribe a brief model disclosure a financial institution
may use to comply with subparagraph (A), which shall
not exceed 30 words.
‘‘(ii) USE OF MODEL NOT REQUIRED.—No provision
of this paragraph shall be construed as requiring a
financial institution to use any such model form pre-
scribed by the Board.
‘‘(iii) COMPLIANCE
USING
MODEL.—A financial
institution shall be deemed to be in compliance with
subparagraph (A) if the financial institution uses any
such model form prescribed by the Board, or the finan-
cial institution uses any such model form and
rearranges its format.
‘‘(E) USE OF NOTICE WITHOUT SUBMITTING NEGATIVE
INFORMATION.—No provision of this paragraph shall be con-
strued as requiring a financial institution that has provided
a customer with a notice described in subparagraph (A)
to furnish negative information about the customer to a
consumer reporting agency.
‘‘(F) SAFE HARBOR.—A financial institution shall not
be liable for failure to perform the duties required by
this paragraph if, at the time of the failure, the financial
institution maintained reasonable policies and procedures
to comply with this paragraph or the financial institution
reasonably believed that the institution is prohibited, by
law, from contacting the consumer.
‘‘(G) DEFINITIONS.—For purposes of this paragraph, the
following definitions shall apply:
‘‘(i) NEGATIVE INFORMATION.—The term ‘negative
information’ means information concerning a cus-
tomer’s delinquencies, late payments, insolvency, or
any form of default.
‘‘(ii) 
CUSTOMER; 
FINANCIAL
INSTITUTION.—The
terms ‘customer’ and ‘financial institution’ have the
same meanings as in section 509 Public Law 106–
102.’’.
(b) MODEL DISCLOSURE FORM.—Before the end of the 6-month
period beginning on the date of enactment of this Act, the Board
shall adopt the model disclosure required under the amendment
Deadline.
Federal Register,
publication.
15 USC 1681s–2
note.
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117 STAT. 1988
PUBLIC LAW 108–159—DEC. 4, 2003
made by subsection (a) after notice duly given in the Federal Reg-
ister and an opportunity for public comment in accordance with
section 553 of title 5, United States Code.
TITLE III—ENHANCING THE ACCURACY
OF CONSUMER REPORT INFORMATION
SEC. 311. RISK-BASED PRICING NOTICE.
(a) DUTIES OF USERS.—Section 615 of the Fair Credit Reporting
Act (15 U.S.C. 1681m), as amended by this Act, is amended by
adding at the end the following:
‘‘(h) DUTIES OF USERS IN CERTAIN CREDIT TRANSACTIONS.—
‘‘(1) IN GENERAL.—Subject to rules prescribed as provided
in paragraph (6), if any person uses a consumer report in
connection with an application for, or a grant, extension, or
other provision of, credit on material terms that are materially
less favorable than the most favorable terms available to a
substantial proportion of consumers from or through that per-
son, based in whole or in part on a consumer report, the
person shall provide an oral, written, or electronic notice to
the consumer in the form and manner required by regulations
prescribed in accordance with this subsection.
‘‘(2) TIMING.—The notice required under paragraph (1) may
be provided at the time of an application for, or a grant,
extension, or other provision of, credit or the time of commu-
nication of an approval of an application for, or grant, extension,
or other provision of, credit, except as provided in the regula-
tions prescribed under paragraph (6).
‘‘(3) EXCEPTIONS.—No notice shall be required from a per-
son under this subsection if—
‘‘(A) the consumer applied for specific material terms
and was granted those terms, unless those terms were
initially specified by the person after the transaction was
initiated by the consumer and after the person obtained
a consumer report; or
‘‘(B) the person has provided or will provide a notice
to the consumer under subsection (a) in connection with
the transaction.
‘‘(4) OTHER
NOTICE
NOT
SUFFICIENT.—A person that is
required to provide a notice under subsection (a) cannot meet
that requirement by providing a notice under this subsection.
‘‘(5) CONTENT AND DELIVERY OF NOTICE.—A notice under
this subsection shall, at a minimum—
‘‘(A) include a statement informing the consumer that
the terms offered to the consumer are set based on informa-
tion from a consumer report;
‘‘(B) identify the consumer reporting agency furnishing
the report;
‘‘(C) include a statement informing the consumer that
the consumer may obtain a copy of a consumer report
from that consumer reporting agency without charge; and
‘‘(D) include the contact information specified by that
consumer reporting agency for obtaining such consumer
reports (including a toll-free telephone number established
by the agency in the case of a consumer reporting agency
described in section 603(p)).
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117 STAT. 1989
PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(6) RULEMAKING.—
‘‘(A) RULES REQUIRED.—The Commission and the Board
shall jointly prescribe rules.
‘‘(B) CONTENT.—Rules required by subparagraph (A)
shall address, but are not limited to—
‘‘(i) the form, content, time, and manner of delivery
of any notice under this subsection;
‘‘(ii) clarification of the meaning of terms used
in this subsection, including what credit terms are
material, and when credit terms are materially less
favorable;
‘‘(iii) exceptions to the notice requirement under
this subsection for classes of persons or transactions
regarding which the agencies determine that notice
would not significantly benefit consumers;
‘‘(iv) a model notice that may be used to comply
with this subsection; and
‘‘(v) the timing of the notice required under para-
graph (1), including the circumstances under which
the notice must be provided after the terms offered
to the consumer were set based on information from
a consumer report.
‘‘(7) COMPLIANCE.—A person shall not be liable for failure
to perform the duties required by this section if, at the time
of the failure, the person maintained reasonable policies and
procedures to comply with this section.
‘‘(8) ENFORCEMENT.—
‘‘(A) NO CIVIL ACTIONS.—Sections 616 and 617 shall
not apply to any failure by any person to comply with
this section.
‘‘(B) ADMINISTRATIVE
ENFORCEMENT.—This section
shall be enforced exclusively under section 621 by the Fed-
eral agencies and officials identified in that section.’’.
(b) RELATION TO STATE LAWS.—Section 625(b)(1) of the Fair
Credit Reporting Act (15 U.S.C. 1681t(b)(1)), as so designated by
section 214 of this Act, is amended by adding at the end the
following:
‘‘(I) section 615(h), relating to the duties of users of
consumer reports to provide notice with respect to terms
in certain credit transactions;’’.
SEC. 312. PROCEDURES TO ENHANCE THE ACCURACY AND INTEGRITY
OF 
INFORMATION 
FURNISHED 
TO 
CONSUMER
REPORTING AGENCIES.
(a) ACCURACY GUIDELINES AND REGULATIONS.—Section 623 of
the Fair Credit Reporting Act (15 U.S.C. 1681s–2) is amended
by adding at the end the following:
‘‘(e) ACCURACY GUIDELINES AND REGULATIONS REQUIRED.—
‘‘(1) GUIDELINES.—The Federal banking agencies, the
National Credit Union Administration, and the Commission
shall, with respect to the entities that are subject to their
respective enforcement authority under section 621, and in
coordination as described in paragraph (2)—
‘‘(A) establish and maintain guidelines for use by each
person that furnishes information to a consumer reporting
agency regarding the accuracy and integrity of the informa-
tion relating to consumers that such entities furnish to
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PUBLIC LAW 108–159—DEC. 4, 2003
consumer reporting agencies, and update such guidelines
as often as necessary; and
‘‘(B) prescribe regulations requiring each person that
furnishes information to a consumer reporting agency to
establish reasonable policies and procedures for imple-
menting the guidelines established pursuant to subpara-
graph (A).
‘‘(2) COORDINATION.—Each agency required to prescribe
regulations under paragraph (1) shall consult and coordinate
with each other such agency so that, to the extent possible,
the regulations prescribed by each such entity are consistent
and comparable with the regulations prescribed by each other
such agency.
‘‘(3) CRITERIA.—In developing the guidelines required by
paragraph (1)(A), the agencies described in paragraph (1)
shall—
‘‘(A) identify patterns, practices, and specific forms of
activity that can compromise the accuracy and integrity
of information furnished to consumer reporting agencies;
‘‘(B) review the methods (including technological
means) used to furnish information relating to consumers
to consumer reporting agencies;
‘‘(C) determine whether persons that furnish informa-
tion to consumer reporting agencies maintain and enforce
policies to assure the accuracy and integrity of information
furnished to consumer reporting agencies; and
‘‘(D) examine the policies and processes that persons
that furnish information to consumer reporting agencies
employ to conduct reinvestigations and correct inaccurate
information relating to consumers that has been furnished
to consumer reporting agencies.’’.
(b) DUTY
OF FURNISHERS TO PROVIDE ACCURATE INFORMA-
TION.—Section 623(a)(1) of the Fair Credit Reporting Act (15 U.S.C.
1681s–2(a)(1)) is amended—
(1) in subparagraph (A), by striking ‘‘knows or consciously
avoids knowing that the information is inaccurate’’ and
inserting ‘‘knows or has reasonable cause to believe that the
information is inaccurate’’; and
(2) by adding at the end the following:
‘‘(D) DEFINITION.—For purposes of subparagraph (A),
the term ‘reasonable cause to believe that the information
is inaccurate’ means having specific knowledge, other than
solely allegations by the consumer, that would cause a
reasonable person to have substantial doubts about the
accuracy of the information.’’.
(c) ABILITY OF CONSUMER TO DISPUTE INFORMATION DIRECTLY
WITH FURNISHER.—Section 623(a) of the Fair Credit Reporting Act
(15 U.S.C. 1681s–2(a)), as amended by this Act, is amended by
adding at the end the following:
‘‘(8) ABILITY
OF
CONSUMER
TO
DISPUTE
INFORMATION
DIRECTLY WITH FURNISHER.—
‘‘(A) IN GENERAL.—The Federal banking agencies, the
National Credit Union Administration, and the Commission
shall jointly prescribe regulations that shall identify the
circumstances under which a furnisher shall be required
to reinvestigate a dispute concerning the accuracy of
Regulations.
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117 STAT. 1991
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information contained in a consumer report on the con-
sumer, based on a direct request of a consumer.
‘‘(B) 
CONSIDERATIONS.—In 
prescribing 
regulations
under subparagraph (A), the agencies shall weigh—
‘‘(i) the benefits to consumers with the costs on
furnishers and the credit reporting system;
‘‘(ii) the impact on the overall accuracy and integ-
rity of consumer reports of any such requirements;
‘‘(iii) whether direct contact by the consumer with
the furnisher would likely result in the most expedi-
tious resolution of any such dispute; and
‘‘(iv) the potential impact on the credit reporting
process if credit repair organizations, as defined in
section 403(3), including entities that would be a credit
repair organization, but for section 403(3)(B)(i), are
able to circumvent the prohibition in subparagraph
(G).
‘‘(C) APPLICABILITY.—Subparagraphs (D) through (G)
shall apply in any circumstance identified under the regula-
tions promulgated under subparagraph (A).
‘‘(D) SUBMITTING A NOTICE OF DISPUTE.—A consumer
who seeks to dispute the accuracy of information shall
provide a dispute notice directly to such person at the
address specified by the person for such notices that—
‘‘(i) identifies the specific information that is being
disputed;
‘‘(ii) explains the basis for the dispute; and
‘‘(iii) 
includes 
all 
supporting 
documentation
required by the furnisher to substantiate the basis
of the dispute.
‘‘(E) DUTY OF PERSON AFTER RECEIVING NOTICE OF DIS-
PUTE.—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) conduct an investigation with respect to the
disputed information;
‘‘(ii) review all relevant information provided by
the consumer with the notice;
‘‘(iii) complete such person’s investigation of the
dispute and report the results of the investigation to
the consumer 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; and
‘‘(iv) if the investigation finds that the information
reported was inaccurate, promptly notify each con-
sumer reporting agency to which the person furnished
the inaccurate information of that determination and
provide to the agency any correction to that information
that is necessary to make the information provided
by the person accurate.
‘‘(F) FRIVOLOUS OR IRRELEVANT DISPUTE.—
‘‘(i) IN GENERAL.—This paragraph shall not apply
if the person receiving a notice of a dispute from a
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117 STAT. 1992
PUBLIC LAW 108–159—DEC. 4, 2003
consumer reasonably determines that the dispute is
frivolous or irrelevant, including—
‘‘(I) by reason of the failure of a consumer
to provide sufficient information to investigate the
disputed information; or
‘‘(II) the submission by a consumer of a dispute
that is substantially the same as a dispute pre-
viously submitted by or for the consumer, either
directly to the person or through a consumer
reporting agency under subsection (b), with respect
to which the person has already performed the
person’s duties under this paragraph or subsection
(b), as applicable.
‘‘(ii) NOTICE
OF
DETERMINATION.—Upon making
any determination under clause (i) that a dispute is
frivolous or irrelevant, the person shall notify the con-
sumer of such determination not later than 5 business
days after making such determination, by mail or,
if authorized by the consumer for that purpose, by
any other means available to the person.
‘‘(iii) CONTENTS OF NOTICE.—A notice under clause
(ii) shall include—
‘‘(I) the reasons for the determination under
clause (i); and
‘‘(II) identification of any information required
to investigate the disputed information, which may
consist of a standardized form describing the gen-
eral nature of such information.
‘‘(G) EXCLUSION OF CREDIT REPAIR ORGANIZATIONS.—
This paragraph shall not apply if the notice of the dispute
is submitted by, is prepared on behalf of the consumer
by, or is submitted on a form supplied to the consumer
by, a credit repair organization, as defined in section 403(3),
or an entity that would be a credit repair organization,
but for section 403(3)(B)(i).’’.
(d) FURNISHER LIABILITY EXCEPTION.—Section 623(a)(5) of the
Fair Credit Reporting Act (15 U.S.C. 1681s–2(a)(5)) is amended—
(1) by striking ‘‘A person’’ and inserting the following:
‘‘(A) IN GENERAL.—A person’’;
(2) by inserting ‘‘date of delinquency on the account, which
shall be the’’ before ‘‘month’’;
(3) by inserting ‘‘on the account’’ before ‘‘that immediately
preceded’’; and
(4) by adding at the end the following:
‘‘(B) RULE
OF
CONSTRUCTION.—For purposes of this
paragraph only, and provided that the consumer does not
dispute the information, a person that furnishes informa-
tion on a delinquent account that is placed for collection,
charged for profit or loss, or subjected to any similar action,
complies with this paragraph, if—
‘‘(i) the person reports the same date of delin-
quency as that provided by the creditor to which the
account was owed at the time at which the commence-
ment of the delinquency occurred, if the creditor pre-
viously reported that date of delinquency to a consumer
reporting agency;
Deadline.
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117 STAT. 1993
PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(ii) the creditor did not previously report the date
of delinquency to a consumer reporting agency, and
the person establishes and follows reasonable proce-
dures to obtain the date of delinquency from the cred-
itor or another reliable source and reports that date
to a consumer reporting agency as the date of delin-
quency; or
‘‘(iii) the creditor did not previously report the
date of delinquency to a consumer reporting agency
and the date of delinquency cannot be reasonably
obtained as provided in clause (ii), the person estab-
lishes and follows reasonable procedures to ensure the
date reported as the date of delinquency precedes the
date on which the account is placed for collection,
charged to profit or loss, or subjected to any similar
action, and reports such date to the credit reporting
agency.’’.
(e) LIABILITY AND ENFORCEMENT.—
(1) CIVIL
LIABILITY.—Section 623 of the Fair Credit
Reporting Act (15 U.S.C. 1681s–2) is amended by striking sub-
sections (c) and (d) and inserting the following:
‘‘(c) LIMITATION ON LIABILITY.—Except as provided in section
621(c)(1)(B), sections 616 and 617 do not apply to any violation
of—
‘‘(1) subsection (a) of this section, including any regulations
issued thereunder;
‘‘(2) subsection (e) of this section, except that nothing in
this paragraph shall limit, expand, or otherwise affect liability
under section 616 or 617, as applicable, for violations of sub-
section (b) of this section; or
‘‘(3) subsection (e) of section 615.
‘‘(d) LIMITATION
ON ENFORCEMENT.—The provisions of law
described in paragraphs (1) through (3) of subsection (c) (other
than with respect to the exception described in paragraph (2) of
subsection (c)) shall be enforced exclusively as provided under sec-
tion 621 by the Federal agencies and officials and the State officials
identified in section 621.’’.
(2) STATE
ACTIONS.—Section 621(c) of the Fair Credit
Reporting Act (15 U.S.C. 1681s(c)) is amended—
(A) in paragraph (1)(B)(ii), by striking ‘‘of section
623(a)’’ and inserting ‘‘described in any of paragraphs (1)
through (3) of section 623(c)’’; and
(B) in paragraph (5)—
(i) in each of subparagraphs (A) and (B), by
striking ‘‘of section 623(a)(1)’’ each place that term
appears and inserting ‘‘described in any of paragraphs
(1) through (3) of section 623(c)’’; and
(ii) by amending the paragraph heading to read
as follows:
‘‘(5) LIMITATIONS ON STATE ACTIONS FOR CERTAIN VIOLA-
TIONS.—’’.
(f) RULE
OF CONSTRUCTION.—Nothing in this section, the
amendments made by this section, or any other provision of this
Act shall be construed to affect any liability under section 616
or 617 of the Fair Credit Reporting Act (15 U.S.C. 1681n, 1681o)
that existed on the day before the date of enactment of this Act.
15 USC 1681n
note.
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117 STAT. 1994
PUBLIC LAW 108–159—DEC. 4, 2003
SEC. 313. FTC AND CONSUMER REPORTING AGENCY ACTION CON-
CERNING COMPLAINTS.
(a) IN GENERAL.—Section 611 of the Fair Credit Reporting
Act (15 U.S.C. 1681i) is amended by adding at the end the following:
‘‘(e) TREATMENT OF COMPLAINTS AND REPORT TO CONGRESS.—
‘‘(1) IN GENERAL.—The Commission shall—
‘‘(A) compile all complaints that it receives that a file
of a consumer that is maintained by a consumer reporting
agency described in section 603(p) contains incomplete or
inaccurate information, with respect to which, the con-
sumer appears to have disputed the completeness or
accuracy with the consumer reporting agency or otherwise
utilized the procedures provided by subsection (a); and
‘‘(B) transmit each such complaint to each consumer
reporting agency involved.
‘‘(2) EXCLUSION.—Complaints received or obtained by the
Commission pursuant to its investigative authority under the
Federal Trade Commission Act shall not be subject to paragraph
(1).
‘‘(3) AGENCY RESPONSIBILITIES.—Each consumer reporting
agency described in section 603(p) that receives a complaint
transmitted by the Commission pursuant to paragraph (1)
shall—
‘‘(A) review each such complaint to determine whether
all legal obligations imposed on the consumer reporting
agency under this title (including any obligation imposed
by an applicable court or administrative order) have been
met with respect to the subject matter of the complaint;
‘‘(B) provide reports on a regular basis to the Commis-
sion regarding the determinations of and actions taken
by the consumer reporting agency, if any, in connection
with its review of such complaints; and
‘‘(C) maintain, for a reasonable time period, records
regarding the disposition of each such complaint that is
sufficient to demonstrate compliance with this subsection.
‘‘(4) RULEMAKING AUTHORITY.—The Commission may pre-
scribe regulations, as appropriate to implement this subsection.
‘‘(5) ANNUAL
REPORT.—The Commission shall submit to
the Committee on Banking, Housing, and Urban Affairs of
the Senate and the Committee on Financial Services of the
House of Representatives an annual report regarding informa-
tion gathered by the Commission under this subsection.’’.
(b) PROMPT INVESTIGATION OF DISPUTED CONSUMER INFORMA-
TION.—
(1) STUDY REQUIRED.—The Board and the Commission shall
jointly study the extent to which, and the manner in which,
consumer reporting agencies and furnishers of consumer
information to consumer reporting agencies are complying with
the procedures, time lines, and requirements under the Fair
Credit Reporting Act for the prompt investigation of the dis-
puted accuracy of any consumer information, the completeness
of the information provided to consumer reporting agencies,
and the prompt correction or deletion, in accordance with such
Act, of any inaccurate or incomplete information or information
that cannot be verified.
(2) REPORT REQUIRED.—Before the end of the 12-month
period beginning on the date of enactment of this Act, the
Deadline.
15 USC 1681i
note.
Records.
Records.
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117 STAT. 1995
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Board and the Commission shall jointly submit a progress
report to the Congress on the results of the study required
under paragraph (1).
(3) CONSIDERATIONS.—In preparing the report required
under paragraph (2), the Board and the Commission shall
consider information relating to complaints compiled by the
Commission under section 611(e) of the Fair Credit Reporting
Act, as added by this section.
(4) RECOMMENDATIONS.—The report required under para-
graph (2) shall include such recommendations as the Board
and the Commission jointly determine to be appropriate for
legislative or administrative action, to ensure that—
(A) consumer disputes with consumer reporting agen-
cies over the accuracy or completeness of information in
a consumer’s file are promptly and fully investigated and
any incorrect, incomplete, or unverifiable information is
corrected or deleted immediately thereafter;
(B) furnishers of information to consumer reporting
agencies maintain full and prompt compliance with the
duties and responsibilities established under section 623
of the Fair Credit Reporting Act; and
(C) consumer reporting agencies establish and main-
tain appropriate internal controls and management review
procedures for maintaining full and continuous compliance
with the procedures, time lines, and requirements under
the Fair Credit Reporting Act for the prompt investigation
of the disputed accuracy of any consumer information and
the prompt correction or deletion, in accordance with such
Act, of any inaccurate or incomplete information or informa-
tion that cannot be verified.
SEC. 314. IMPROVED DISCLOSURE OF THE RESULTS OF REINVESTIGA-
TION.
(a) IN
GENERAL.—Section 611(a)(5)(A) of the Fair Credit
Reporting Act (15 U.S.C. 1681i(a)(5)(A)) is amended by striking
‘‘shall’’ and all that follows through the end of the subparagraph,
and inserting the following: ‘‘shall—
‘‘(i) promptly delete that item of information from
the file of the consumer, or modify that item of informa-
tion, as appropriate, based on the results of the reinves-
tigation; and
‘‘(ii) promptly notify the furnisher of that informa-
tion that the information has been modified or deleted
from the file of the consumer.’’.
(b) FURNISHER
REQUIREMENTS
RELATING
TO
INACCURATE,
INCOMPLETE, OR UNVERIFIABLE INFORMATION.—Section 623(b)(1) of
the Fair Credit Reporting Act (15 U.S.C. 1681s–2(b)(1)) is
amended—
(1) in subparagraph (C), by striking ‘‘and’’ at the end;
and
(2) in subparagraph (D), by striking the period at the
end and inserting the following: ‘‘; and
‘‘(E) if an item of information disputed by a consumer
is found to be inaccurate or incomplete or cannot be verified
after any reinvestigation under paragraph (1), for purposes
Notification.
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117 STAT. 1996
PUBLIC LAW 108–159—DEC. 4, 2003
of reporting to a consumer reporting agency only, as appro-
priate, based on the results of the reinvestigation
promptly—
‘‘(i) modify that item of information;
‘‘(ii) delete that item of information; or
‘‘(iii) permanently block the reporting of that item
of information.’’.
SEC. 315. RECONCILING ADDRESSES.
Section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c),
as amended by this Act, is amended by adding at the end the
following:
‘‘(h) NOTICE OF DISCREPANCY IN ADDRESS.—
‘‘(1) IN GENERAL.—If a person has requested a consumer
report relating to a consumer from a consumer reporting agency
described in section 603(p), the request includes an address
for the consumer that substantially differs from the addresses
in the file of the consumer, and the agency provides a consumer
report in response to the request, the consumer reporting
agency shall notify the requester of the existence of the discrep-
ancy.
‘‘(2) REGULATIONS.—
‘‘(A) REGULATIONS
REQUIRED.—The Federal banking
agencies, the National Credit Union Administration, and
the Commission shall jointly, with respect to the entities
that are subject to their respective enforcement authority
under section 621, prescribe regulations providing guidance
regarding reasonable policies and procedures that a user
of a consumer report should employ when such user has
received a notice of discrepancy under paragraph (1).
‘‘(B) POLICIES AND PROCEDURES TO BE INCLUDED.—The
regulations prescribed under subparagraph (A) shall
describe reasonable policies and procedures for use by a
user of a consumer report—
‘‘(i) to form a reasonable belief that the user knows
the identity of the person to whom the consumer report
pertains; and
‘‘(ii) if the user establishes a continuing relation-
ship with the consumer, and the user regularly and
in the ordinary course of business furnishes informa-
tion to the consumer reporting agency from which the
notice of discrepancy pertaining to the consumer was
obtained, to reconcile the address of the consumer with
the consumer reporting agency by furnishing such
address to such consumer reporting agency as part
of information regularly furnished by the user for the
period in which the relationship is established.’’.
SEC. 316. NOTICE OF DISPUTE THROUGH RESELLER.
(a) REQUIREMENT FOR REINVESTIGATION OF DISPUTED INFORMA-
TION UPON NOTICE FROM A RESELLER.—Section 611(a) of the Fair
Credit Reporting Act (15 U.S.C. 1681i(a)(1)(A)) is amended—
(1) in paragraph (1)(A)—
(A) by striking ‘‘If the completeness’’ and inserting
‘‘Subject to subsection (f), if the completeness’’;
(B) by inserting ‘‘, or indirectly through a reseller,’’
after ‘‘notifies the agency directly’’; and
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117 STAT. 1997
PUBLIC LAW 108–159—DEC. 4, 2003
(C) by inserting ‘‘or reseller’’ before the period at the
end;
(2) in paragraph (2)(A)—
(A) by inserting ‘‘or a reseller’’ after ‘‘dispute from
any consumer’’; and
(B) by inserting ‘‘or reseller’’ before the period at the
end; and
(3) in paragraph (2)(B), by inserting ‘‘or the reseller’’ after
‘‘from the consumer’’.
(b) 
REINVESTIGATION
REQUIREMENT
APPLICABLE
TO
RE-
SELLERS.—Section 611 of the Fair Credit Reporting Act (15 U.S.C.
1681i), as amended by this Act, is amended by adding at the
end the following:
‘‘(f) 
REINVESTIGATION
REQUIREMENT
APPLICABLE
TO
RE-
SELLERS.—
‘‘(1) EXEMPTION FROM GENERAL REINVESTIGATION REQUIRE-
MENT.—Except as provided in paragraph (2), a reseller shall
be exempt from the requirements of this section.
‘‘(2) ACTION REQUIRED UPON RECEIVING NOTICE OF A DIS-
PUTE.—If a reseller receives a notice from a consumer of a
dispute concerning the completeness or accuracy of any item
of information contained in a consumer report on such consumer
produced by the reseller, the reseller shall, within 5 business
days of receiving the notice, and free of charge—
‘‘(A) determine whether the item of information is
incomplete or inaccurate as a result of an act or omission
of the reseller; and
‘‘(B) if—
‘‘(i) the reseller determines that the item of
information is incomplete or inaccurate as a result
of an act or omission of the reseller, not later than
20 days after receiving the notice, correct the informa-
tion in the consumer report or delete it; or
‘‘(ii) if the reseller determines that the item of
information is not incomplete or inaccurate as a result
of an act or omission of the reseller, convey the notice
of the dispute, together with all relevant information
provided by the consumer, to each consumer reporting
agency that provided the reseller with the information
that is the subject of the dispute, using an address
or a notification mechanism specified by the consumer
reporting agency for such notices.
‘‘(3) RESPONSIBILITY OF CONSUMER REPORTING AGENCY TO
NOTIFY CONSUMER THROUGH RESELLER.—Upon the completion
of a reinvestigation under this section of a dispute concerning
the completeness or accuracy of any information in the file
of a consumer by a consumer reporting agency that received
notice of the dispute from a reseller under paragraph (2)—
‘‘(A) the notice by the consumer reporting agency under
paragraph (6), (7), or (8) of subsection (a) shall be provided
to the reseller in lieu of the consumer; and
‘‘(B) the reseller shall immediately reconvey such notice
to the consumer, including any notice of a deletion by
telephone in the manner required under paragraph (8)(A).
‘‘(4) RESELLER REINVESTIGATIONS.—No provision of this sub-
section shall be construed as prohibiting a reseller from con-
ducting a reinvestigation of a consumer dispute directly.’’.
Deadline.
Deadline.
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PUBLIC LAW 108–159—DEC. 4, 2003
(c) 
TECHNICAL
AND
CONFORMING
AMENDMENT.—Section
611(a)(2)(B) of the Fair Credit Reporting Act (15 U.S.C.
1681i(a)(2)(B)) is amended in the subparagraph heading, by striking
‘‘FROM CONSUMER’’.
SEC. 317. REASONABLE REINVESTIGATION REQUIRED.
Section 611(a)(1)(A) of the Fair Credit Reporting Act (15 U.S.C.
1681i(a)(1)(A)) is amended by striking ‘‘shall reinvestigate free of
charge’’ and inserting ‘‘shall, free of charge, conduct a reasonable
reinvestigation to determine whether the disputed information is
inaccurate’’.
SEC. 318. FTC STUDY OF ISSUES RELATING TO THE FAIR CREDIT
REPORTING ACT.
(a) STUDY REQUIRED.—
(1) IN GENERAL.—The Commission shall conduct a study
on ways to improve the operation of the Fair Credit Reporting
Act.
(2) AREAS FOR STUDY.—In conducting the study under para-
graph (1), the Commission shall review—
(A) the efficacy of increasing the number of points
of identifying information that a credit reporting agency
is required to match to ensure that a consumer is the
correct individual to whom a consumer report relates before
releasing a consumer report to a user, including—
(i) the extent to which requiring additional points
of such identifying information to match would—
(I) enhance the accuracy of credit reports; and
(II) combat the provision of incorrect consumer
reports to users;
(ii) the extent to which requiring an exact match
of the first and last name, social security number,
and address and ZIP Code of the consumer would
enhance the likelihood of increasing credit report
accuracy; and
(iii) the effects of allowing consumer reporting
agencies to use partial matches of social security num-
bers and name recognition software on the accuracy
of credit reports;
(B) requiring notification to consumers when negative
information has been added to their credit reports,
including—
(i) the potential impact of such notification on the
ability of consumers to identify errors on their credit
reports; and
(ii) the potential impact of such notification on
the ability of consumers to remove fraudulent informa-
tion from their credit reports;
(C) the effects of requiring that a consumer who has
experienced an adverse action based on a credit report
receives a copy of the same credit report that the creditor
relied on in taking the adverse action, including—
(i) the extent to which providing such reports to
consumers would increase the ability of consumers to
identify errors in their credit reports; and
(ii) the extent to which providing such reports
to consumers would increase the ability of consumers
15 USC 1681
note.
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117 STAT. 1999
PUBLIC LAW 108–159—DEC. 4, 2003
to remove fraudulent information from their credit
reports;
(D) any common financial transactions that are not
generally reported to the consumer reporting agencies, but
would provide useful information in determining the credit
worthiness of consumers; and
(E) any actions that might be taken within a voluntary
reporting system to encourage the reporting of the types
of transactions described in subparagraph (D).
(3) COSTS AND BENEFITS.—With respect to each area of
study described in paragraph (2), the Commission shall consider
the extent to which such requirements would benefit consumers,
balanced against the cost of implementing such provisions.
(b) REPORT REQUIRED.—Not later than 1 year after the date
of enactment of this Act, the chairman of the Commission shall
submit a report to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives containing a detailed summary
of the findings and conclusions of the study under this section,
together with such recommendations for legislative or administra-
tive actions as may be appropriate.
SEC. 319. FTC STUDY OF THE ACCURACY OF CONSUMER REPORTS.
(a) STUDY REQUIRED.—Until the final report is submitted under
subsection (b)(2), the Commission shall conduct an ongoing study
of the accuracy and completeness of information contained in con-
sumer reports prepared or maintained by consumer reporting agen-
cies and methods for improving the accuracy and completeness
of such information.
(b) BIENNIAL REPORTS REQUIRED.—
(1) INTERIM REPORTS.—The Commission shall submit an
interim report to the Congress on the study conducted under
subsection (a) at the end of the 1-year period beginning on
the date of enactment of this Act and biennially thereafter
for 8 years.
(2) FINAL REPORT.—The Commission shall submit a final
report to the Congress on the study conducted under subsection
(a) at the end of the 2-year period beginning on the date
on which the final interim report is submitted to the Congress
under paragraph (1).
(3) CONTENTS.—Each report submitted under this sub-
section shall contain a detailed summary of the findings and
conclusions of the Commission with respect to the study
required under subsection (a) and such recommendations for
legislative and administrative action as the Commission may
determine to be appropriate.
TITLE 
IV—LIMITING 
THE 
USE 
AND
SHARING OF MEDICAL INFORMATION
IN THE FINANCIAL SYSTEM
SEC. 411. PROTECTION OF MEDICAL INFORMATION IN THE FINANCIAL
SYSTEM.
(a) IN GENERAL.—Section 604(g) of the Fair Credit Reporting
Act (15 U.S.C. 1681b(g)) is amended to read as follows:
15 USC 1681
note.
Deadline.
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117 STAT. 2000
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‘‘(g) PROTECTION OF MEDICAL INFORMATION.—
‘‘(1) LIMITATION
ON
CONSUMER
REPORTING
AGENCIES.—A
consumer reporting agency shall not furnish for employment
purposes, or in connection with a credit or insurance trans-
action, a consumer report that contains medical information
about a consumer, unless—
‘‘(A) if furnished in connection with an insurance trans-
action, the consumer affirmatively consents to the fur-
nishing of the report;
‘‘(B) if furnished for employment purposes or in connec-
tion with a credit transaction—
‘‘(i) the information to be furnished is relevant
to process or effect the employment or credit trans-
action; and
‘‘(ii) the consumer provides specific written consent
for the furnishing of the report that describes in clear
and conspicuous language the use for which the
information will be furnished; or
‘‘(C) the information to be furnished pertains solely
to transactions, accounts, or balances relating to debts
arising from the receipt of medical services, products, or
devises, where such information, other than account status
or amounts, is restricted or reported using codes that do
not identify, or do not provide information sufficient to
infer, the specific provider or the nature of such services,
products, or devices, as provided in section 605(a)(6).
‘‘(2) LIMITATION
ON
CREDITORS.—Except as permitted
pursuant to paragraph (3)(C) or regulations prescribed under
paragraph (5)(A), a creditor shall not obtain or use medical
information pertaining to a consumer in connection with any
determination of the consumer’s eligibility, or continued eligi-
bility, for credit.
‘‘(3) ACTIONS
AUTHORIZED
BY
FEDERAL
LAW, INSURANCE
ACTIVITIES
AND
REGULATORY
DETERMINATIONS.—Section
603(d)(3) shall not be construed so as to treat information
or any communication of information as a consumer report
if the information or communication is disclosed—
‘‘(A) in connection with the business of insurance or
annuities, including the activities described in section 18B
of the model Privacy of Consumer Financial and Health
Information Regulation issued by the National Association
of Insurance Commissioners (as in effect on January 1,
2003);
‘‘(B) for any purpose permitted without authorization
under the Standards for Individually Identifiable Health
Information promulgated by the Department of Health and
Human Services pursuant to the Health Insurance Port-
ability and Accountability Act of 1996, or referred to under
section 1179 of such Act, or described in section 502(e)
of Public Law 106–102; or
‘‘(C) as otherwise determined to be necessary and
appropriate, by regulation or order and subject to para-
graph (6), by the Commission, any Federal banking agency
or the National Credit Union Administration (with respect
to any financial institution subject to the jurisdiction of
such agency or Administration under paragraph (1), (2),
or (3) of section 621(b), or the applicable State insurance
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117 STAT. 2001
PUBLIC LAW 108–159—DEC. 4, 2003
authority (with respect to any person engaged in providing
insurance or annuities).
‘‘(4) LIMITATION ON REDISCLOSURE OF MEDICAL INFORMA-
TION.—Any person that receives medical information pursuant
to paragraph (1) or (3) shall not disclose such information
to any other person, except as necessary to carry out the pur-
pose for which the information was initially disclosed, or as
otherwise permitted by statute, regulation, or order.
‘‘(5) REGULATIONS
AND
EFFECTIVE
DATE
FOR
PARAGRAPH
(2).—
‘‘(A) REGULATIONS REQUIRED.—Each Federal banking
agency and the National Credit Union Administration
shall, subject to paragraph (6) and after notice and oppor-
tunity for comment, prescribe regulations that permit
transactions under paragraph (2) that are determined to
be necessary and appropriate to protect legitimate oper-
ational, transactional, risk, consumer, and other needs (and
which shall include permitting actions necessary for
administrative verification purposes), consistent with the
intent of paragraph (2) to restrict the use of medical
information for inappropriate purposes.
‘‘(B) FINAL
REGULATIONS
REQUIRED.—The Federal
banking agencies and the National Credit Union Adminis-
tration shall issue the regulations required under subpara-
graph (A) in final form before the end of the 6-month
period beginning on the date of enactment of the Fair
and Accurate Credit Transactions Act of 2003.
‘‘(6) COORDINATION
WITH
OTHER
LAWS.—No provision of
this subsection shall be construed as altering, affecting, or
superseding the applicability of any other provision of Federal
law relating to medical confidentiality.’’.
(b) RESTRICTION ON SHARING OF MEDICAL INFORMATION.—Sec-
tion 603(d) of the Fair Credit Reporting Act (15 U.S.C. 1681a(d))
is amended—
(1) in paragraph (2), by striking ‘‘The term’’ and inserting
‘‘Except as provided in paragraph (3), the term’’; and
(2) by adding at the end the following new paragraph:
‘‘(3) RESTRICTION ON SHARING OF MEDICAL INFORMATION.—
Except for information or any communication of information
disclosed as provided in section 604(g)(3), the exclusions in
paragraph (2) shall not apply with respect to information dis-
closed to any person related by common ownership or affiliated
by corporate control, if the information is—
‘‘(A) medical information;
‘‘(B) an individualized list or description based on the
payment transactions of the consumer for medical products
or services; or
‘‘(C) an aggregate list of identified consumers based
on payment transactions for medical products or services.’’.
(c) DEFINITION.—Section 603(i) of the Fair Credit Reporting
Act (15 U.S.C. 1681a(i)) is amended to read as follows:
‘‘(i) MEDICAL INFORMATION.—The term ‘medical information’—
‘‘(1) means information or data, whether oral or recorded,
in any form or medium, created by or derived from a health
care provider or the consumer, that relates to—
‘‘(A) the past, present, or future physical, mental, or
behavioral health or condition of an individual;
Deadline.
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117 STAT. 2002
PUBLIC LAW 108–159—DEC. 4, 2003
‘‘(B) the provision of health care to an individual; or
‘‘(C) the payment for the provision of health care to
an individual.
‘‘(2) does not include the age or gender of a consumer,
demographic information about the consumer, including a con-
sumer’s residence address or e-mail address, or any other
information about a consumer that does not relate to the phys-
ical, mental, or behavioral health or condition of a consumer,
including the existence or value of any insurance policy.’’.
(d) EFFECTIVE DATES.—This section shall take effect at the
end of the 180-day period beginning on the date of enactment
of this Act, except that paragraph (2) of section 604(g) of the
Fair Credit Reporting Act (as amended by subsection (a) of this
section) shall take effect on the later of—
(1) the end of the 90-day period beginning on the date
on which the regulations required under paragraph (5)(B) of
such section 604(g) are issued in final form; or
(2) the date specified in the regulations referred to in
paragraph (1).
SEC. 412. CONFIDENTIALITY OF MEDICAL CONTACT INFORMATION IN
CONSUMER REPORTS.
(a) DUTIES
OF MEDICAL INFORMATION FURNISHERS.—Section
623(a) of the Fair Credit Reporting Act (15 U.S.C. 1681s–2(a)),
as amended by this Act, is amended by adding at the end the
following:
‘‘(9) DUTY
TO
PROVIDE
NOTICE
OF
STATUS
AS
MEDICAL
INFORMATION FURNISHER.—A person whose primary business
is providing medical services, products, or devices, or the per-
son’s agent or assignee, who furnishes information to a con-
sumer reporting agency on a consumer shall be considered
a medical information furnisher for purposes of this title, and
shall notify the agency of such status.’’.
(b) RESTRICTION
OF DISSEMINATION
OF MEDICAL CONTACT
INFORMATION.—Section 605(a) of the Fair Credit Reporting Act
(15 U.S.C. 1681c(a)) is amended by adding at the end the following:
‘‘(6) The name, address, and telephone number of any med-
ical information furnisher that has notified the agency of its
status, unless—
‘‘(A) such name, address, and telephone number are
restricted or reported using codes that do not identify,
or provide information sufficient to infer, the specific pro-
vider or the nature of such services, products, or devices
to a person other than the consumer; or
‘‘(B) the report is being provided to an insurance com-
pany for a purpose relating to engaging in the business
of insurance other than property and casualty insurance.’’.
(c) NO EXCEPTIONS ALLOWED FOR DOLLAR AMOUNTS.—Section
605(b) of the Fair Credit Reporting Act (15 U.S.C. 1681c(b)) is
amended by striking ‘‘The provisions of subsection (a)’’ and inserting
‘‘The provisions of paragraphs (1) through (5) of subsection (a)’’.
(d) COORDINATION WITH OTHER LAWS.—No provision of any
amendment made by this section shall be construed as altering,
affecting, or superseding the applicability of any other provision
of Federal law relating to medical confidentiality.
15 USC 1681b
note.
15 USC 1681a
note.
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117 STAT. 2003
PUBLIC LAW 108–159—DEC. 4, 2003
(e) FTC REGULATION OF CODING OF TRADE NAMES.—Section
621 of the Fair Credit Reporting Act (15 U.S.C. 1681s), as amended
by this Act, is amended by adding at the end the following:
‘‘(g) FTC REGULATION OF CODING OF TRADE NAMES.—If the
Commission determines that a person described in paragraph (9)
of section 623(a) has not met the requirements of such paragraph,
the Commission shall take action to ensure the person’s compliance
with such paragraph, which may include issuing model guidance
or prescribing reasonable policies and procedures, as necessary
to ensure that such person complies with such paragraph.’’.
(f) TECHNICAL AND CONFORMING AMENDMENTS.—Section 604(g)
of the Fair Credit Reporting Act (15 U.S.C. 1681b(g)), as amended
by section 411 of this Act, is amended—
(1) in paragraph (1), by inserting ‘‘(other than medical
contact information treated in the manner required under sec-
tion 605(a)(6))’’ after ‘‘a consumer report that contains medical
information’’; and
(2) in paragraph (2), by inserting ‘‘(other than medical
information treated in the manner required under section
605(a)(6))’’ after ‘‘a creditor shall not obtain or use medical
information’’.
(g) EFFECTIVE DATE.—The amendments made by this section
shall take effect at the end of the 15-month period beginning on
the date of enactment of this Act.
TITLE V—FINANCIAL LITERACY AND
EDUCATION IMPROVEMENT
SEC. 511. SHORT TITLE.
This title may be cited as the ‘‘Financial Literacy and Education
Improvement Act’’.
SEC. 512. DEFINITIONS.
As used in this title—
(1) the term ‘‘Chairperson’’ means the Chairperson of the
Financial Literacy and Education Commission; and
(2) the term ‘‘Commission’’ means the Financial Literacy
and Education Commission established under section 513.
SEC. 513. ESTABLISHMENT OF FINANCIAL LITERACY AND EDUCATION
COMMISSION.
(a) IN GENERAL.—There is established a commission to be
known as the ‘‘Financial Literacy and Education Commission’’.
(b) PURPOSE.—The Commission shall serve to improve the
financial literacy and education of persons in the United States
through development of a national strategy to promote financial
literacy and education.
(c) MEMBERSHIP.—
(1) COMPOSITION.—The Commission shall be composed of—
(A) the Secretary of the Treasury;
(B) the respective head of each of the Federal banking
agencies (as defined in section 3 of the Federal Deposit
Insurance Act), the National Credit Union Administration,
the Securities and Exchange Commission, each of the
Departments of Education, Agriculture, Defense, Health
and Human Services, Housing and Urban Development,
20 USC 9702.
20 USC 9701.
20 USC 9701
note.
Financial
Literacy and
Education
Improvement
Act.
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117 STAT. 2004
PUBLIC LAW 108–159—DEC. 4, 2003
Labor, and Veterans Affairs, the Federal Trade Commis-
sion, the General Services Administration, the Small Busi-
ness Administration, the Social Security Administration,
the Commodity Futures Trading Commission, and the
Office of Personnel Management; and
(C) at the discretion of the President, not more than
5 individuals appointed by the President from among the
administrative heads of any other Federal agencies, depart-
ments, or other Federal Government entities, whom the
President determines to be engaged in a serious effort
to improve financial literacy and education.
(2) ALTERNATES.—Each member of the Commission may
designate an alternate if the member is unable to attend a
meeting of the Commission. Such alternate shall be an indi-
vidual who exercises significant decisionmaking authority.
(d) CHAIRPERSON.—The Secretary of the Treasury shall serve
as the Chairperson.
(e) MEETINGS.—The Commission shall hold, at the call of the
Chairperson, at least 1 meeting every 4 months. All such meetings
shall be open to the public. The Commission may hold, at the
call of the Chairperson, such other meetings as the Chairperson
sees fit to carry out this title.
(f) QUORUM.—A majority of the members of the Commission
shall constitute a quorum, but a lesser number of members may
hold hearings.
(g) INITIAL MEETING.—The Commission shall hold its first
meeting not later than 60 days after the date of enactment of
this Act.
SEC. 514. DUTIES OF THE COMMISSION.
(a) DUTIES.—
(1) IN GENERAL.—The Commission, through the authority
of the members referred to in section 513(c), shall take such
actions as it deems necessary to streamline, improve, or aug-
ment the financial literacy and education programs, grants,
and materials of the Federal Government, including curricula
for all Americans.
(2) AREAS OF EMPHASIS.—To improve financial literacy and
education, the Commission shall emphasize, among other ele-
ments, basic personal income and household money manage-
ment and planning skills, including how to—
(A) create household budgets, initiate savings plans,
and make strategic investment decisions for education,
retirement, home ownership, wealth building, or other
savings goals;
(B) manage spending, credit, and debt, including credit
card debt, effectively;
(C) increase awareness of the availability and signifi-
cance of credit reports and credit scores in obtaining credit,
the importance of their accuracy (and how to correct inac-
curacies), their effect on credit terms, and the effect
common financial decisions may have on credit scores;
(D) ascertain fair and favorable credit terms;
(E) avoid abusive, predatory, or deceptive credit offers
and financial products;
(F) understand, evaluate, and compare financial prod-
ucts, services, and opportunities;
20 USC 9703.
Deadline.
President.
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117 STAT. 2005
PUBLIC LAW 108–159—DEC. 4, 2003
(G) understand resources that ought to be easily acces-
sible and affordable, and that inform and educate investors
as to their rights and avenues of recourse when an investor
believes his or her rights have been violated by unpro-
fessional conduct of market intermediaries;
(H) increase awareness of the particular financial
needs and financial transactions (such as the sending of
remittances) of consumers who are targeted in multilingual
financial literacy and education programs and improve the
development and distribution of multilingual financial lit-
eracy and education materials;
(I) promote bringing individuals who lack basic
banking services into the financial mainstream by opening
and maintaining an account with a financial institution;
and
(J) improve financial literacy and education through
all other related skills, including personal finance and
related economic education, with the primary goal of pro-
grams not simply to improve knowledge, but rather to
improve consumers’ financial choices and outcomes.
(b) WEBSITE.—
(1) IN
GENERAL.—The Commission shall establish and
maintain 
a 
website, 
such 
as 
the 
domain 
name
‘‘FinancialLiteracy.gov’’, or a similar domain name.
(2) PURPOSES.—The website established under paragraph
(1) shall—
(A) serve as a clearinghouse of information about Fed-
eral financial literacy and education programs;
(B) provide a coordinated entry point for accessing
information about all Federal publications, grants, and
materials promoting enhanced financial literacy and edu-
cation;
(C) offer information on all Federal grants to promote
financial literacy and education, and on how to target,
apply for, and receive a grant that is most appropriate
under the circumstances;
(D) as the Commission considers appropriate, feature
website links to efforts that have no commercial content
and that feature information about financial literacy and
education programs, materials, or campaigns; and
(E) offer such other information as the Commission
finds appropriate to share with the public in the fulfillment
of its purpose.
(c) TOLL-FREE HOTLINE.—The Commission shall establish a
toll-free telephone number that shall be made available to members
of the public seeking information about issues pertaining to finan-
cial literacy and education.
(d) DEVELOPMENT
AND DISSEMINATION
OF MATERIALS.—The
Commission shall—
(1) develop materials to promote financial literacy and edu-
cation; and
(2) disseminate such materials to the general public.
(e) COORDINATION OF EFFORTS.—The Commission shall take
such steps as are necessary to coordinate and promote financial
literacy and education efforts at the State and local level, including
promoting partnerships among Federal, State, and local govern-
ments, nonprofit organizations, and private enterprises.
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117 STAT. 2006
PUBLIC LAW 108–159—DEC. 4, 2003
(f) NATIONAL STRATEGY.—
(1) IN GENERAL.—The Commission shall—
(A) not later than 18 months after the date of enact-
ment of this Act, develop a national strategy to promote
basic financial literacy and education among all American
consumers; and
(B) coordinate Federal efforts to implement the
strategy developed under subparagraph (A).
(2) STRATEGY.—The strategy to promote basic financial lit-
eracy and education required to be developed under paragraph
(1) shall provide for—
(A) participation by State and local governments and
private, nonprofit, and public institutions in the creation
and implementation of such strategy;
(B) the development of methods—
(i) to increase the general financial education level
of current and future consumers of financial services
and products; and
(ii) to enhance the general understanding of finan-
cial services and products;
(C) review of Federal activities designed to promote
financial literacy and education, and development of a plan
to improve coordination of such activities; and
(D) the identification of areas of overlap and duplica-
tion among Federal financial literacy and education activi-
ties and proposed means of eliminating any such overlap
and duplication.
(3) NATIONAL STRATEGY REVIEW.—The Commission shall,
not less than annually, review the national strategy developed
under this subsection and make such changes and recommenda-
tions as it deems necessary.
(g) CONSULTATION.—The Commission shall actively consult with
a variety of representatives from private and nonprofit organiza-
tions and State and local agencies, as determined appropriate by
the Commission.
(h) REPORTS.—
(1) IN GENERAL.—Not later than 18 months after the date
of the first meeting of the Commission, and annually thereafter,
the Commission shall issue a report, the Strategy for Assuring
Financial Empowerment (‘‘SAFE Strategy’’), to the Committee
on Banking, Housing, and Urban Affairs of the Senate and
the Committee on Financial Services of the House of Represent-
atives on the progress of the Commission in carrying out this
title.
(2) CONTENTS.—The report required under paragraph (1)
shall include—
(A) the national strategy for financial literacy and edu-
cation, as described under subsection (f);
(B) information concerning the implementation of the
duties of the Commission under subsections (a) through
(g);
(C) an assessment of the success of the Commission
in implementing the national strategy developed under
subsection (f);
(D) an assessment of the availability, utilization, and
impact of Federal financial literacy and education mate-
rials;
Deadline.
Deadline.
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117 STAT. 2007
PUBLIC LAW 108–159—DEC. 4, 2003
(E) information concerning the content and public use
of—
(i) the website established under subsection (b);
and
(ii) the toll-free telephone number established
under subsection (c);
(F) a brief survey of the financial literacy and education
materials developed under subsection (d), and data
regarding the dissemination and impact of such materials,
as measured by improved financial decisionmaking;
(G) a brief summary of any hearings conducted by
the Commission, including a list of witnesses who testified
at such hearings;
(H) information about the activities of the Commission
planned for the next fiscal year;
(I) a summary of all Federal financial literacy and
education activities targeted to communities that have
historically lacked access to financial literacy materials
and education, and have been underserved by the main-
stream financial systems; and
(J) such other materials relating to the duties of the
Commission as the Commission deems appropriate.
(3) INITIAL REPORT.—The initial report under paragraph
(1) shall include information regarding all Federal programs,
materials, and grants which seek to improve financial literacy,
and assess the effectiveness of such programs.
(i) TESTIMONY.—The Commission shall annually provide testi-
mony by the Chairperson to the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives.
SEC. 515. POWERS OF THE COMMISSION.
(a) HEARINGS.—
(1) IN GENERAL.—The Commission shall hold such hearings,
sit and act at such times and places, take such testimony,
and receive such evidence as the Commission deems appro-
priate to carry out this title.
(2) PARTICIPATION.—In hearings held under this subsection,
the Commission shall consider inviting witnesses from, among
other groups—
(A) other Federal Government officials;
(B) State and local government officials;
(C) consumer and community groups;
(D) nonprofit financial literacy and education groups
(such as those involved in personal finance and economic
education); and
(E) the financial services industry.
(b) INFORMATION FROM FEDERAL AGENCIES.—The Commission
may secure directly from any Federal department or agency such
information as the Commission considers necessary to carry out
this title. Upon request of the Chairperson, the head of such depart-
ment or agency shall furnish such information to the Commission.
(c) PERIODIC STUDIES.—The Commission may conduct periodic
studies regarding the state of financial literacy and education in
the United States, as the Commission determines appropriate.
(d) MULTILINGUAL.—The Commission may take any action to
develop and promote financial literacy and education materials
20 USC 9704.
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PUBLIC LAW 108–159—DEC. 4, 2003
in languages other than English, as the Commission deems appro-
priate, including for the website established under section 514(b),
at the toll-free number established under section 514(c), and in
the materials developed and disseminated under section 514(d).
SEC. 516. COMMISSION PERSONNEL MATTERS.
(a) COMPENSATION OF MEMBERS.—Each member of the Commis-
sion shall serve without compensation in addition to that received
for their service as an officer or employee of the United States.
(b) TRAVEL EXPENSES.—The members of the Commission shall
be allowed travel expenses, including per diem in lieu of subsistence,
at rates authorized for employees of agencies under subchapter
I of chapter 57 of title 5, United States Code, while away from
their homes or regular places of business in the performance of
services for the Commission.
(c) ASSISTANCE.—
(1) IN GENERAL.—The Director of the Office of Financial
Education of the Department of the Treasury shall provide
assistance to the Commission, upon request of the Commission,
without reimbursement.
(2) DETAIL
OF
GOVERNMENT
EMPLOYEES.—Any Federal
Government employee may be detailed to the Commission with-
out reimbursement, and such detail shall be without interrup-
tion or loss of civil service status or privilege.
SEC. 517. STUDIES BY THE COMPTROLLER GENERAL.
(a) EFFECTIVENESS STUDY.—Not later than 3 years after the
date of enactment of this Act, the Comptroller General of the
United States shall submit a report to Congress assessing the
effectiveness of the Commission in promoting financial literacy and
education.
(b) STUDY
AND
REPORT
ON
THE
NEED
AND
MEANS
FOR
IMPROVING FINANCIAL LITERACY AMONG CONSUMERS.—
(1) STUDY
REQUIRED.—The Comptroller General of the
United States shall conduct a study to assess the extent of
consumers’ knowledge and awareness of credit reports, credit
scores, and the dispute resolution process, and on methods
for improving financial literacy among consumers.
(2) FACTORS TO BE INCLUDED.—The study required under
paragraph (1) shall include the following issues:
(A) The number of consumers who view their credit
reports.
(B) Under what conditions and for what purposes do
consumers primarily obtain a copy of their consumer report
(such as for the purpose of ensuring the completeness and
accuracy of the contents, to protect against fraud, in
response to an adverse action based on the report, or in
response to suspected identity theft) and approximately
what percentage of the total number of consumers who
obtain a copy of their consumer report do so for each
such primary purpose.
(C) The extent of consumers’ knowledge of the data
collection process.
(D) The extent to which consumers know how to get
a copy of a consumer report.
(E) The extent to which consumers know and under-
stand the factors that positively or negatively impact credit
scores.
Deadline.
Reports.
20 USC 9706.
20 USC 9705.
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(3) REPORT REQUIRED.—Before the end of the 12-month
period beginning on the date of enactment of this Act, the
Comptroller General shall submit a report to Congress on the
findings and conclusions of the Comptroller General pursuant
to the study conducted under this subsection, together with
such recommendations for legislative or administrative action
as the Comptroller General may determine to be appropriate,
including recommendations on methods for improving financial
literacy among consumers.
SEC. 518. THE NATIONAL PUBLIC SERVICE MULTIMEDIA CAMPAIGN
TO ENHANCE THE STATE OF FINANCIAL LITERACY.
(a) IN GENERAL.—The Secretary of the Treasury (in this section
referred to as the ‘‘Secretary’’), after review of the recommendations
of the Commission, as part of the national strategy, shall develop,
implement, and conduct a pilot national public service multimedia
campaign to enhance the state of financial literacy and education
in the United States.
(b) PROGRAM REQUIREMENTS.—
(1) PUBLIC SERVICE CAMPAIGN.—The Secretary, after review
of the recommendations of the Commission, shall select and
work with a nonprofit organization or organizations that are
especially well-qualified in the distribution of public service
campaigns, and have secured private sector funds to produce
the pilot national public service multimedia campaign.
(2) DEVELOPMENT
OF
MULTIMEDIA
CAMPAIGN.—The Sec-
retary, after review of the recommendations of the Commission,
shall develop, in consultation with nonprofit, public, or private
organizations, especially those that are well qualified by virtue
of their experience in the field of financial literacy and edu-
cation, to develop the financial literacy national public service
multimedia campaign.
(3) FOCUS OF CAMPAIGN.—The pilot national public service
multimedia campaign shall be consistent with the national
strategy, and shall promote the toll-free telephone number and
the website developed under this title.
(c) MULTILINGUAL.—The Secretary may develop the multimedia
campaign in languages other than English, as the Secretary deems
appropriate.
(d) PERFORMANCE MEASURES.—The Secretary shall develop
measures to evaluate the effectiveness of the pilot national public
service multimedia campaign, as measured by improved financial
decision making among individuals.
(e) REPORT.—For each fiscal year for which there are appropria-
tions pursuant to the authorization in subsection (e), the Secretary
shall submit a report to the Committee on Banking, Housing, and
Urban Affairs and the Committee on Appropriations of the Senate
and the Committee on Financial Services and the Committee on
Appropriations of the House of Representatives, describing the
status and implementation of the provisions of this section and
the state of financial literacy and education in the United States.
(f) AUTHORIZATION OF APPROPRIATIONS.—There are authorized
to be appropriated to the Secretary, not to exceed $3,000,000 for
fiscal years 2004, 2005, and 2006, for the development, production,
and distribution of a pilot national public service multimedia cam-
paign under this section.
20 USC 9707.
Deadline.
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PUBLIC LAW 108–159—DEC. 4, 2003
SEC. 519. AUTHORIZATION OF APPROPRIATIONS.
There are authorized to be appropriated to the Commission
such sums as may be necessary to carry out this title, including
administrative expenses of the Commission.
TITLE VI—PROTECTING EMPLOYEE
MISCONDUCT INVESTIGATIONS
SEC. 611. CERTAIN EMPLOYEE INVESTIGATION COMMUNICATIONS
EXCLUDED FROM DEFINITION OF CONSUMER REPORT.
(a) IN GENERAL.—Section 603 of the Fair Credit Reporting
Act (15 U.S.C. 1681a), as amended by this Act is amended by
adding at the end the following:
‘‘(x) EXCLUSION OF CERTAIN COMMUNICATIONS FOR EMPLOYEE
INVESTIGATIONS.—
‘‘(1) COMMUNICATIONS DESCRIBED IN THIS SUBSECTION.—
A communication is described in this subsection if—
‘‘(A) but for subsection (d)(2)(D), the communication
would be a consumer report;
‘‘(B) the communication is made to an employer in
connection with an investigation of—
‘‘(i) suspected misconduct relating to employment;
or
‘‘(ii) compliance with Federal, State, or local laws
and regulations, the rules of a self-regulatory organiza-
tion, or any preexisting written policies of the
employer;
‘‘(C) the communication is not made for the purpose
of investigating a consumer’s credit worthiness, credit
standing, or credit capacity; and
‘‘(D) the communication is not provided to any person
except—
‘‘(i) to the employer or an agent of the employer;
‘‘(ii) to any Federal or State officer, agency, or
department, or any officer, agency, or department of
a unit of general local government;
‘‘(iii) to any self-regulatory organization with regu-
latory authority over the activities of the employer
or employee;
‘‘(iv) as otherwise required by law; or
‘‘(v) pursuant to section 608.
‘‘(2) SUBSEQUENT DISCLOSURE.—After taking any adverse
action based in whole or in part on a communication described
in paragraph (1), the employer shall disclose to the consumer
a summary containing the nature and substance of the commu-
nication upon which the adverse action is based, except that
the sources of information acquired solely for use in preparing
what would be but for subsection (d)(2)(D) an investigative
consumer report need not be disclosed.
‘‘(3) SELF-REGULATORY ORGANIZATION DEFINED.—For pur-
poses of this subsection, the term ‘self-regulatory organization’
includes any self-regulatory organization (as defined in section
3(a)(26) of the Securities Exchange Act of 1934), any entity
established under title I of the Sarbanes-Oxley Act of 2002,
any board of trade designated by the Commodity Futures
20 USC 9708.
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117 STAT. 2011
PUBLIC LAW 108–159—DEC. 4, 2003
Trading Commission, and any futures association registered
with such Commission.’’.
(b) 
TECHNICAL
AND
CONFORMING
AMENDMENT.—Section
603(d)(2)(D) of the Fair Credit Reporting Act (15 U.S.C.
1681a(d)(2)(D)) is amended by inserting ‘‘or (x)’’ after ‘‘subsection
(o)’’.
TITLE VII—RELATION TO STATE LAWS
SEC. 711. RELATION TO STATE LAWS.
Section 625 of the Fair Credit Reporting Act (15 U.S.C. 1681t),
as so designated by section 214 of this Act, is amended—
(1) in subsection (a), by inserting ‘‘or for the prevention
or mitigation of identity theft,’’ after ‘‘information on con-
sumers,’’;
(2) in subsection (b), by adding at the end the following:
‘‘(5) with respect to the conduct required by the specific
provisions of—
‘‘(A) section 605(g);
‘‘(B) section 605A;
‘‘(C) section 605B;
‘‘(D) section 609(a)(1)(A);
‘‘(E) section 612(a);
‘‘(F) subsections (e), (f), and (g) of section 615;
‘‘(G) section 621(f);
‘‘(H) section 623(a)(6); or
‘‘(I) section 628.’’; and
(3) in subsection (d)—
(A) by striking paragraph (2);
(B) by striking ‘‘(c)—’’ and all that follows through
‘‘do not affect’’ and inserting ‘‘(c) do not affect’’; and
(C) by striking ‘‘1996; and’’ and inserting ‘‘1996.’’.
TITLE VIII—MISCELLANEOUS
SEC. 811. CLERICAL AMENDMENTS.
(a) SHORT TITLE.—Section 601 of the Fair Credit Reporting
Act (15 U.S.C. 1601 note) is amended by striking ‘‘the Fair Credit
Reporting Act.’’ and inserting ‘‘the ‘Fair Credit Reporting Act’.’’.
(b) SECTION 604.—Section 604(a) of the Fair Credit Reporting
Act (15 U.S.C. 1681b(a)) is amended in paragraphs (1) through
(5), other than subparagraphs (E) and (F) of paragraph (3), by
moving each margin 2 ems to the right.
(c) SECTION 605.—
(1) Section 605(a)(1) of the Fair Credit Reporting Act (15
U.S.C. 1681c(a)(1)) is amended by striking ‘‘(1) cases’’ and
inserting ‘‘(1) Cases’’.
(2)(A) Section 5(1) of Public Law 105–347 (112 Stat. 3211)
is amended by striking ‘‘Judgments which’’ and inserting ‘‘judg-
ments which’’.
(B) The amendment made by subparagraph (A) shall be
deemed to have the same effective date as section 5(1) of
Public Law 105–347 (112 Stat. 3211).
(d) SECTION 609.—Section 609(a) of the Fair Credit Reporting
Act (15 U.S.C. 1681g(a)) is amended—
15 USC 1681c
note.
15 USC 1681c.
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117 STAT. 2012
PUBLIC LAW 108–159—DEC. 4, 2003
LEGISLATIVE HISTORY—H.R. 2622 (S. 1753):
HOUSE REPORTS: Nos. 108–263 and Pt.2 (Comm. on Financial Services) and 108–
396 (Comm. of Conference).
SENATE REPORTS: No. 108–166 accompanying S. 1753 (Comm. on Banking, Hous-
ing, and Urban Affairs).
CONGRESSIONAL RECORD, Vol. 149 (2003):
Sept. 10, considered and passed House.
Nov. 5, considered and passed Senate, amended, in lieu of S. 1753.
Nov. 21, House agreed to conference report.
Nov. 22, Senate agreed to conference report.
WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 39 (2003):
Dec. 4, Presidential remarks.
(1) in paragraph (2), by moving the margin 2 ems to the
right; and
(2) in paragraph (3)(C), by moving the margins 2 ems
to the left.
(e) SECTION 617.—Section 617(a)(1) of the Fair Credit Reporting
Act (15 U.S.C. 1681o(a)(1)) is amended by adding ‘‘and’’ at the
end.
(f) SECTION
621.—Section 621(b)(1)(B) of the Fair Credit
Reporting Act (15 U.S.C. 1681s(b)(1)(B)) is amended by striking
‘‘25(a)’’ and inserting ‘‘25A’’.
(g) TITLE 31.—Section 5318 of title 31, United States Code,
is amended by redesignating the second item designated as sub-
section (l) (relating to applicability of rules) as subsection (m).
(h) CONFORMING AMENDMENT.—Section 2411(c) of Public Law
104–208 (110 Stat. 3009–445) is repealed.
Approved December 4, 2003.
15 USC 1681m.
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