Sec. 2. Table of contents
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The table of contents for this Act is as follows: Sec. 1. Short title. Sec. 2. Table of contents. Sec. 3. Congressional findings. Sec. 4. Effective date. Title I—Fixing the dispute process Sec. 101. Establishes a new right to appeal disputes completed by consumer reporting agencies and furnishers. Sec. 102. Creates reasonable dispute procedures for furnishers of information and meaningful disclosures to consumers about investigations; notices by furnishers to consumers of reporting of negative items to consumer reporting agencies.
Sec. 103. Creates reasonable dispute procedures for consumer reporting agencies and meaningful disclosures to consumers about reinvestigations. Sec. 104. Increases consumers’ awareness of dispute rights and tools for challenging errors. Sec. 105. Enhances accuracy and completeness duties for consumer reporting agencies and furnishers. Sec. 106. Requires furnishers to maintain records necessary to verify accuracy of disputes. Sec. 107. Establishes new requirements on consumer reporting agencies when notified of inaccurate or incomplete information from furnishers.
Sec. 108. Indication of dispute by consumers and use of disputed information. Sec. 109. Inclusion of public record data sources in consumer reports. Sec. 110. Injunctive relief for victims. Title II—Restricting the use of credit checks for employment decisions Sec. 201. Bans the use of credit information for most employment decisions. Title III—Rehabilitating the credit standing of struggling private education loan borrowers Sec. 301. Removes adverse information for certain defaulted or delinquent private education loan borrowers who demonstrate a history of loan repayment.
Sec. 302. Private education loan definitions. Title IV—Restoring the impaired credit of victims of predatory activities and unfair consumer reporting practices Sec. 401. Shortens the time period that most adverse credit information stays on consumer reports. Sec. 402. Mandates the expedited removal of fully paid or settled debt from consumer reports. Sec. 403. Imposes restrictions on the appearance of medical collections on consumer reports and requires the expedited removal of fully paid or settled medical collections from consumer reports.
Sec. 404. Provides credit restoration for victims of predatory mortgage lending and servicing. Sec. 405. Provides credit relief for private education loans borrowers who were defrauded or mislead by proprietary education institution or career education programs. Sec. 406. Establishes right for victims of financial abuse to have adverse information associated with an abuser’s fraudulent activity removed from their consumer reports. Sec. 407. Prohibits treatment of credit restoration or rehabilitation as adverse information.
Title V—Monitoring the development and use of credit scores Sec. 501. Establishes clear Federal oversight of the development of credit scoring models by the Bureau. Sec. 502. Mandates ongoing review and reports to Congress by the Federal Housing Finance Agency on using additional, alternative, and updated credit scoring models as part of the criteria for loans purchased by Fannie Mae and Freddie Mac. Sec. 503. Requires a Bureau study and report to Congress on the impact of using non-traditional data.
Title VI—Providing greater consumer access to and understanding of consumer reports and credit scores Sec. 601. Credit score and educational credit score definitions. Sec. 602. Expands explanatory information given to consumers about how scores are calculated. Sec. 603. Requires consumer reporting agencies to disclose prominently the differences between and limitations of credit scores and educational credit scores required prior to a consumer obtaining such scores. Sec. 604.
Provides consumers with free credit score disclosures with their free annual consumer reports upon request and creates instances when consumers automatically receive free consumer reports and credit scores. Sec. 605. Requires private educational lenders to provide consumers with free copies of any consumer reports and credit scores that they used for underwriting before consumers sign loan agreements. Sec. 606. Requires motor vehicle lenders or indirect auto lenders to provide consumers with free copies of any consumer reports and credit scores that they used for underwriting before consumers sign lease or loan agreements.
Sec. 607. Requires residential mortgage lenders to provide consumers with free copies of any consumer reports and credit scores that they used for underwriting before consumers sign loan agreements. Title VII—Banning misleading and unfair consumer reporting practices Sec. 701. Prohibits automatic renewals for consumer reporting and credit scoring products and services offered under promotional terms. Sec. 702. Bans misleading and deceptive marketing related to the provision of consumer reporting and credit scoring products and services.
Sec. 703. Ends excessive direct-to-consumer sales by giving the Bureau authority to set fair and reasonable fees on consumer reporting and credit scoring products and services sold by consumer reporting agencies to consumers. Sec. 704. Promotes access to consumer reporting and credit scoring disclosures for consumers with limited English proficiency and visual and hearing impairments to enhance their ability to exercise their rights. Sec. 705. Establishes consumers’ right to shop for the best deal on certain large dollar loans without harming their credit standing.
Sec. 706. Ends confusion about whether entities are engaged in consumer reporting practices by creating a nationwide consumer reporting agencies registry. Title VIII—Expanding access to tools to protect vulnerable consumers from identity theft, fraud, or a related crime, and protect victims from further harm Sec. 801. Identity theft report definition. Sec. 802. Credit freeze definition. Sec. 803. Enhances fraud alert protections. Sec. 804. Enhances access to credit freezes, limits the cost of such freezes, and provides access to free credit freezes for vulnerable consumers.
Sec. 805. Requires disclosure of consumer rights related to credit freezes. Sec. 806. Provides access to fraud records for victims. Sec. 807. Required Bureau to set procedures for reporting identity theft, fraud, and other related crime. Sec. 808. Establishes the right to free credit monitoring and identity theft protection services for certain consumers. Sec. 809. Ensures removal of inquiries resulting from identity theft, fraud, or other related crime from consumer reports.
Title IX—Miscellaneous Sec. 901. Definitions related to days. Sec. 902. Technical correction related to risk-based pricing notices. Sec. 903. FCRA findings and purpose; voids certain contracts not in the public interest. Sec. 904. General Bureau rulemaking.