HR 769
112th CONGRESS
1st Session
H. R. 769
To amend the Fair Credit Reporting Act to require the inclusion of
credit scores with free annual credit reports provided to consumers, and for
other purposes.
IN THE HOUSE OF REPRESENTATIVES
February 17, 2011
Mr. COHEN (for himself, Ms. RICHARDSON, Mr. RANGEL, Mr. MCDERMOTT, Ms. NORTON,
and Ms. TSONGAS) introduced the following bill; which was referred to the
Committee on Financial Services
A BILL
To amend the Fair Credit Reporting Act to require the inclusion of
credit scores with free annual credit reports provided to consumers, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Fair Access to Credit Scores Act of 2011'.
SEC. 2. CREDIT SCORES INCLUDED IN FREE ANNUAL DISCLOSURES.
Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g) is amended--
(1) in subsection (a)(1), by adding at the end the following flush sentence:
`Notwithstanding subparagraph (B), all consumer reporting agencies described
in section 603(p) shall disclose any information in the consumer's file
at the time of the request concerning credit scores or any other risk scores
or predictors relating to the consumer if such request is made in connection
with a free annual disclosure made pursuant to section 612(a).'; and
(2) in subsection (f), by amending paragraph (6) to read as follows:
`(6) MAINTENANCE OF CREDIT SCORES- All consumer reporting agencies described
in section 603(p) shall maintain information in the consumer's file concerning
credit scores or any other risk scores or predictors relating to the consumer
for a period of no less than 1 year from the date on which such information
is placed in the consumer's file.'.
SEC. 3. BANKRUPTCY RISK SCORE STUDY.
(a) GAO Study- The Comptroller General of the United States shall carry out
a study of bankruptcy risk scores used by consumer reporting agencies. Such
study shall include an analysis of--
(1) the factors used to determine bankruptcy risk scores;
(2) how bankruptcy risk scores impact the ability of consumers to receive
loans;
(3) actions that consumers can take to improve their bankruptcy risk score;
and
(4) such other factors as the Comptroller General determines to be appropriate.
(b) Report- Not later than the end of the 6-month period beginning on the
date of the enactment of this Act, the Comptroller General shall submit a
report to the Congress containing all findings and determinations made in
carrying out the study required under subsection (a).
(c) Bankruptcy Risk Score Defined- For purposes of this section, the term
`bankruptcy risk score' means a numerical value or a categorization derived
from a statistical tool or modeling system used to predict the likelihood
of whether a consumer will file for bankruptcy.
END
