Sec. 407. Prohibits treatment of credit restoration or rehabilitation as adverse information
372 words·~2 min read·
/bill/115/hr/3755/ih/section-407A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Fair Credit Reporting Act ( 15 U.S.C. 1681 et seq.) is amended— by adding at the end the following new section: A credit scoring model may not— take into consideration, in a manner adverse to a consumer’s credit score or educational credit score, any information in a consumer report concerning the consumer’s participation in credit restoration or rehabilitation under section 605C, 605D, 605E, or 605F; or treat negatively, in a manner adverse to a consumer’s credit score or educational credit score, the absence of payment history data for an existing account, whether the account is open or closed, where the absence of such information is the result of a consumer’s participation in credit restoration or rehabilitation under section 605C, 605D, 605E, or 605F.
A person who obtains a consumer report may not— take into consideration, in a manner adverse to a consumer, any information in a consumer report concerning the consumer’s participation in credit restoration or rehabilitation under section 605C, 605D, 605E, or 605F; or treat negatively the absence of payment history data for an existing account, whether the account is open or closed, where the absence of such information is the result of a consumer’s participation in credit restoration or rehabilitation under section 605C, 605D, 605E, or 605F.
If a person who furnishes information to a consumer reporting agency requests the removal of information from a consumer report or a consumer reporting agency removes information from a consumer report in compliance with the requirements under section 605C, 605D, 605E, or 605F, or such information was removed pursuant at section 605(a)(11), such report shall be deemed to satisfy the requirements for accuracy and completeness with respect to such information. No person shall use information related to a consumer’s participation in credit restoration or rehabilitation under section 605C, 605D, 605E, or 605F in connection with any determination of— the consumer’s eligibility or continued eligibility for an extension of credit; the terms and conditions offered to a consumer regarding an extension of credit; or an adverse action made for employment purposes. ; and in the table of contents for such Act, by adding at the end the following new item: 630.
Prohibition of certain factors related to Federal credit restoration or rehabilitation. .
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 407
Prohibits treatment of credit restoration or rehabilitation as adverse information
Cites 1Cited by 0 across 0 sources