Sec. 2. Credit locks
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The Fair Credit Reporting Act ( 15 U.S.C. 1681 et seq.) is amended by inserting after section 605B ( 15 U.S.C. 1681c–2 ) the following: Subject to paragraph (2), each consumer reporting agency described in section 603(p) shall provide to any consumer a secure, convenient, accessible, and cost-free method that, with the express authorization of the consumer, allows that consumer reporting agency to release, or prevents that consumer reporting agency from releasing, any information in the file of the consumer for the purpose of— the marketing or extension of credit or insurance; or opening any financial account.
With respect to the method described in paragraph (1)— the method may not be used by the consumer reporting agency that provides the method, or by any other person, to collect any information on a consumer that is not necessary for the purposes of preventing the release of information described in that paragraph; no information collected under the method may be used for any purpose other than a purpose described in subparagraph (A); in offering the method, a credit reporting agency described in section 603(p) may not require a consumer to— waive any rights of the consumer; or indemnify the credit reporting agency with respect to any liabilities that arise from offering the method; and the method may not be used by any person to market or advertise any product or service.
Nothing in this subsection shall affect the ability of a person with whom a consumer has an account, contract, or debtor-creditor relationship to obtain information regarding the consumer for the purposes of reviewing the account or collecting on the account. Not later than 18 months after the date of enactment of this section, the Bureau shall prescribe regulations carrying out this section. . The table of contents for the Fair Credit Reporting Act ( 15 U.S.C. 1681 et seq.) is amended by inserting after the item relating to section 605B the following: 605C.
Protection of credit information of consumers. .
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- 15 USC 1681c–2
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