Sec. 2. Credit scores included in free annual disclosures
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Section 609 of the Fair Credit Reporting Act ( 15 U.S.C. 1681g ) is amended— in subsection (a)(1)— by striking and at the end and inserting a period; by striking except that— and all that follows through
(A)if the and inserting except that, if the ; and by striking subparagraph (B); in subsection (a), by adding at the end the following: All consumer reporting agencies described in section 603(p) shall disclose a current credit score generated using the scoring algorithm, formula, model, program or mechanism that is most frequently used to generate scores sold to creditors, subject to regulations of the Bureau, along with 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). Such other consumer information as the Bureau considers appropriate with respect to consumer financial education, including the information required by subsection (f)(1), information on where the credit score of the consumer falls with respect to a range of possible credit scores, and the general factors contributing to the credit scores of consumers. ; and in subsection (f)— by striking Upon the request and all that follows through subparagraph
(A)and inserting the following: Upon request of a consumer for a credit score or a risk score, a consumer reporting agency shall supply to the consumer— any credit score or risk score in the file of the consumer at the consumer reporting agency; ; in paragraph (2)— by redesignating subparagraph
(B)as subparagraph (C); and by striking subparagraph
(A)and inserting the following: The term credit score 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. The term risk score means a numerical value or a categorization derived from a statistical tool or modeling system based upon information from a consumer report for the purpose of predicting the likelihood of certain behaviors or outcomes, and includes scores used for the underwriting of insurance. ; by striking paragraph
(6)and inserting the following: All consumer reporting agencies shall maintain in the consumer’s file 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 generated. ; by striking paragraph (7); and in paragraph (8), by inserting before the period at the end the following: , except that a consumer reporting agency described in section 603(p) shall provide a credit score without charge to the consumer if the consumer is requesting the score in connection with a free annual disclosure made pursuant to section 612(a) . Section 612 of the Fair Credit Reporting Act (15 U.S.C. 1681j) is amended— in subsection (a)(1)(A), by striking
(w)and inserting
(x); and in subsection (g)— in paragraph (1)— by striking free credit report and inserting free or low cost credit report or credit score ; and by inserting and free credit scores after free credit reports ; and in paragraph (2)— by striking televison and inserting television ; and by inserting or free credit score, as applicable, after free credit report . The Fair Credit Reporting Act ( 15 U.S.C. 1681a et seq. ) is amended— in section 603(d)(2)(D) ( 15 U.S.C. 1681a(d)(2)(D) ), by striking subsection
(o)or
(x)and inserting with subsection
(o)or
(y); in section 603(i)(1)(C) ( 15 U.S.C. 1681a(i)(1)(C) ), by striking the period at the end and inserting ; and ; in section 609(c)(1) ( 15 U.S.C. 1681g(c)(1) )— in the paragraph heading, by striking and inserting Commission ; Bureau in subparagraph (A), by striking Commission and inserting Bureau ; in subparagraph (B)(vi), by striking section 603(w) and inserting section 603(x) ; and in subparagraph (C), by striking Commission and inserting Bureau ; and in section 612(a)(1) ( 15 U.S.C. 1681j(a)(1) )— in subparagraph (A), by striking subsections
(p)and
(w)and inserting subsections
(p)and
(x); in subparagraph (C)(i)— by striking Commission and inserting Bureau ; and by striking section 603(w) and inserting section 603(x) ; in subparagraph (C)(iii), by striking Commission and inserting Bureau ; and in subparagraph (C)(iv), by striking section 603(w) and inserting section 603(x) .
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