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SECTION 1. SHORT TITLE.

This Act may be cited as the ''Fair Credit Reporting Act Amendments
of 2001''.

SEC. 2. FREE CREDIT REPORT ANNUALLY UPON REQUEST OF CONSUMER.

(a) Section 612 of the Fair Credit Reporting Act (15 U.S.C. 1681j)
is amended--
(1) by redesignating subsections (c) and (d) as subsections
(d) and (e), respectively; and
(2) by inserting after subsection (b) the following new
subsection:
''(c) Free Credit Report Annually Upon Request of Consumer.--Upon
the request of any consumer, each consumer reporting agency shall make
all disclosures pursuant to section 609 without charge to such consumer
at least once each calendar year.''.
(b) Technical and Conforming Amendment.--Section 612(a)(1) of the
Fair Credit Reporting Act (15 U.S.C. 1681j(a)(1)) is amended by
striking ''(c), and (d)'' and inserting ''(c), (d), and (e)''.

SEC. 3. DISCLOSURE OF WORLD WIDE WEB SITE.

Section 609(c)(1)(B) of the Fair Credit Reporting Act (15 U.S.C.
1681(c)(1)(B)) is amended by inserting ''and information sufficient to
allow the consumer to contact the agency, or request a consumer report
relating to the consumer from the agency, through the Internet or the
World Wide Web'' before the period at the end.

SEC. 4. DISCLOSURE OF CREDIT SCORES AND EXPLANATION OF CREDIT SCORES.

Section 609(a)(1) of the Fair Credit Reporting Act (15 U.S.C.
1681g(a)(1)) is amended to read as follows:
''(1) All information in the consumer's file at the time of
the request, including any information concerning credit scores
or any other risk scores or predictors relating to the
consumer, together with--
''(A) a clear and concise summary of how the scores
and predictors are derived;
''(B) the factors taken into account in deriving a
score or predictor;
''(C) how such factors are applied to the consumer;
''(D) the relative weight given to each factor; and
''(E) the manner and extent to which such factors
raise or lower the score or predictor.''

SEC. 5. SHORTER PERIOD FOR INCLUSION OF SMALL DEBTS UNDER CERTAIN
CIRCUMSTANCES.

Section 605(a) of the Fair Credit Reporting Act (15 U.S.C.
1681c(a)) is amended by adding at the end the following new paragraph:
''(6) Notwithstanding paragraph (4), any account placed for
collection or charged to profit and loss in which the amount
placed to collection or charged to profit and loss did not
exceed $100 and which antedates the report by more than 3
years, if--
''(A) the consumer to whom the report relates
completed a credit and financial management class
during such 3-year period; and
''(B) the consumer has not previously had an
account excluded from paragraph (4) by virtue of this
paragraph.''.

SEC. 6. PROMPT INVESTIGATION AND CORRECTION OR DELETION OF INACCURATE,
INCOMPLETE, OR UNVERIFIABLE CONSUMER INFORMATION.

(A) Review and Monitoring Required.--The Board of Governors of the
Federal Reserve System and the Federal Trade Commission shall each
review and monitor 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 disputed accuracy of any consumer
information and the prompt correction or deletion, in accordance with
such Act, of any inaccurate or incomplete information or information
that cannot be verified.
(b) Report Required.--Before the end of the 6-month period
beginning on the date of the enactment of this Act, the Board of
Governors of the Federal Reserve System and the Federal Trade
Commission shall each submit a progress report to the Congress on the
results of the review required under subsection (a).
(c) Recommendations.--The report under subsection (b) shall include
such recommendations as the Board and the Commission determine to be
appropriate for legislative or administrative action to ensure that--
(1) consumer disputes with consumer reporting agencies 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 immediately
corrected or deleted;
(2) 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
(3) consumer reporting agencies establish and maintain
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 information that cannot be verified.
(d) Definitions.--For purposes of this section, the terms
''consumer'', ''consumer report'', and ''consumer reporting agency''
have the same meaning as in the Fair Credit Reporting Act.

SEC. 7. EFFECTIVE DATE.

The amendments made by this Act shall take effect at the end of the
90-day period beginning on the date of the enactment of this Act.
Fair Credit Reporting Act Amendments of 2001 - Amends the Fair Credit Reporting Act (FCRA) to mandate that, upon consumer request, a consumer reporting agency: (1) furnish an annual credit report free of charge; and (2) disclose credit risk scores or other predictors contained in the consumer's file, including the factors and relative weights taken into account, and the extent to which such factors raise or lower the score or predictor. (Currently such scores are exempted from disclosure.)Prohibits the inclusion of certain small debts in a consumer report under specified circumstances.Directs the Board of Governors of the Federal Reserve System and the Federal Trade Commission to: (1) monitor and review the extent to which consumer reporting agencies and purveyors of information to such agencies comply with FCRA requirements for the prompt investigation of matters in dispute and the prompt correction of inaccurate or incomplete information, or information that cannot be verified; and (2) present a progress report to Congress.