Sec. 3. Permissible purposes of credit reports; disclosure to consumers

578 words·~3 min read·/bill/115/s/2375/is/section-3

A 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— in section 604 ( 15 U.S.C. 1681b )— in subsection (a)— in the matter preceding paragraph (1)— by striking Subject to subsection (c), any and inserting Any ; and by striking a consumer report and inserting information from the file of a consumer ; in paragraph (3)— by striking subparagraphs

(A)and (C); by redesignating subparagraph

(B)as subparagraph (A); by redesignating subparagraphs

(D)through

(G)as subparagraphs

(B)through (E), respectively; and in subparagraph (D), as so redesignated, by striking information— and all that follows through the period at the end of clause

(ii)and inserting the following: information to review an account to determine whether the consumer continues to meet the terms of the account; or ; and by adding at the end the following: Pursuant to the express authorization of a consumer, subject to the method provided under section 605C(a) in the case of a consumer reporting agency described in section 603(p). ; by striking subsection (c); and by redesignating subsections

(d)through

(g)as subsections

(c)through (f), respectively; in section 609(a)(1) ( 15 U.S.C. 1681g(a)(1) ), by striking request, except that— and all that follows through the period at the end of subparagraph

(B)and inserting the following: request, without regard to whether the information is held by a parent, subsidiary, or affiliate of the consumer reporting agency. ; in section 612(a)(1)(A) ( 15 U.S.C. 1681j(a)(1)(A) ), by striking once during any 12-month period ; and in section 615 ( 15 U.S.C. 1681m )— by striking subsection (d); and by redesignating subsections

(e)through

(h)as subsections

(d)through (g), respectively. Not later than 18 months after the date of enactment of this Act, the Bureau of Consumer Financial Protection shall issue regulations carrying out section 609(a)(1) of the Fair Credit Reporting Act ( 15 U.S.C. 1681g(a)(1) ), as amended by subsection (a)(2). Section 1002(12)(F) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481(12)(F) ) is amended— by striking 615(e) and inserting 615(d) ; and by striking 1681m(e) and inserting 1681m(d) . The Fair Credit Reporting Act ( 15 U.S.C. 1681 et seq.) is amended— in section 603 ( 15 U.S.C. 1681a )— in subsection (d)(3), in the matter preceding subparagraph (A), by striking section 604(g)(3) and inserting section 604(f)(3) ; and in subsection (k)(1)(B)— in clause (iii), by striking section 604(a)(3)(D) and inserting section 604(a)(3)(B) ; and in clause (iv)(I), by striking section 604(a)(3)(F)(ii) and inserting section 604(a)(3)(D) ; in section 621 ( 15 U.S.C. 1681s )— in subsection (b)(1), in the matter preceding subparagraph (A), by striking persons who furnish information to such agencies, and users of information that are subject to section 615(d) and inserting and persons who furnish information to such agencies ; and in subsection (e)(1), in the first sentence, by striking 615(e) and inserting 615(d) ; in section 623(c)(3) ( 15 U.S.C. 1681s–2(c)(3) ), by striking subsection

(e)and inserting subsection

(d); and in section 625(b) ( 15 U.S.C. 1681t(b) )— in paragraph (1)— in subparagraph (A), by striking subsection

(c)or

(e)of section 604 and inserting section 604(d) ; by striking subparagraph (D); by redesignating subparagraphs

(E)through

(I)as subparagraphs

(D)through (H), respectively; and in subparagraph (H), as so redesignated, by striking section 615(h) and inserting section 615(g) ; and in paragraph (5)(F), by striking (e), (f), and

(g)and inserting (d), (e), and

(f).

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