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

Amends the Fair Credit Reporting Act (FCRA) to require any person (any individual, partnership, corporation, trust, estate, cooperative, association, government or governmental agency, or other entity) who develops a tool or system for deriving a credit score to make such tool or system available to the public, including on such person's website.

Removes provisions that prohibit FCRA from being construed to require: (1) a consumer reporting agency to disclose to a consumer any information concerning credit scores or any other risk scores or predictors relating to the consumer, or (2) a consumer reporting agency that distributes credit scores developed by another person or entity to provide a further explanation of such scores or to process a dispute regarding the accuracy of a consumer's file.

Requires a person or entity who furnishes information to a consumer reporting agency with respect to a debt of a consumer to notify the consumer reporting agency of any settlement agreement that the person or entity has entered into with the consumer regarding such debt within 30 days of any such agreement.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5479 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 5479

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


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 16, 2014

Mr. Bentivolio introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


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

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

SECTION 1. PUBLIC DISCLOSURE OF METHOD USED TO CALCULATE CONSUMER 
              CREDIT SCORES.

    Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g) is 
amended--
            (1) in subsection (a)(1)--
                    (A) by striking ``that--'' and all that follows 
                through ``if the consumer'' and inserting ``that, if 
                the consumer'';
                    (B) in subparagraph (A), by striking ``; and'' and 
                inserting a period; and
                    (C) by striking subparagraph (B); and
            (2) by amending subsection (f)(5) to read as follows:
            ``(5) Public disclosure of credit score methodology.--Any 
        person who develops a tool or system for deriving a credit 
        score shall make such tool or system available to the public, 
        including on such person's website.''.

SEC. 2. REQUIREMENT FOR FURNISHERS OF INFORMATION TO REPORT DEBT 
              SETTLEMENT.

    Section 623(a) of the Fair Credit Reporting Act (15 U.S.C. 1681s-
1(a)) is amended by adding at the end the following new paragraph:
            ``(10) Duty to provide notice of debt settlement.--A person 
        who furnishes information to a consumer reporting agency with 
        respect to a debt of a consumer shall, if the person enters 
        into a settlement agreement with the consumer with respect to 
        such debt, notify the consumer reporting agency of such 
        agreement within 30 days of such agreement.''.
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