Sec. 202. Consumer information on calculation of scores
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Section 609(f) of the Fair Credit Reporting Act ( 15 U.S.C. 1681g(f) ) is amended to read as follows: Upon the request of a consumer for a credit score or educational credit score, a consumer reporting agency shall supply to the consumer a statement— containing— a current credit score at the time of the request generated using a commonly used credit scoring model to generate credit scores, subject to regulations of the Bureau; an educational credit score at the time of the request, if it is not practicable to generate such a credit score, as determined by the Bureau; or an explanation that the consumer’s file does not have sufficient information from which to generate such a credit score or educational credit score; and with respect to each previous credit score in the file of the consumer— the date on which the credit score was generated; the name of any entity that the credit score was provided to; and the credit score itself.
A statement provided under clause
(i)or
(ii)of paragraph (1)(A) shall include— a minimum of four key factors, if available, that adversely affected the credit score or educational credit score, except that if one of the key factors consists of the number of enquiries made with respect to a consumer report, that factor shall be provided to the consumer in addition to the factors required by this subparagraph; to the extent possible, specific actions a consumer could take with respect to each key factor listed in subparagraph
(A)to improve the consumer’s credit score or educational credit score; a minimum of four key factors, if available, that positively affected the credit score or educational credit score; the range of possible credit scores or educational credit scores under the credit scoring model used; the distribution of credit scores or educational credit scores among consumers who are scored under the same credit scoring model by the consumer reporting agency, and using the same scale as that of the score that is provided to a creditor or consumers— in the form of a bar graph containing a minimum of six bars that illustrates the percentage of consumers with credit scores or educational credit scores within the range of scores represented by each bar; or by another clear and readily understandable graphical depiction, statement, or illustration comparing the consumer’s credit score or educational credit score to the scores of other consumers, as determined by the Bureau; the date on which the credit score or educational credit score was created; and the name of the person that developed the credit scoring model on which the credit score or educational credit score was based. This subsection shall not be construed so as to compel a consumer reporting agency to— develop or disclose a credit score if the agency does not distribute credit scores used by a person who makes or arranges a loan or extends credit to predict the likelihood of certain credit behaviors; or develop or disclose an educational credit score if the agency does not develop educational credit scores that assist in understanding the general credit behavior of a consumer and predicting the future credit behavior of the consumer. All consumer reporting agencies shall maintain in the consumer’s file credit scores relating to the consumer for a period of 2 years from the date on which such information is generated. A past credit score maintained in a consumer’s file pursuant to subparagraph
(A)may only be provided to the consumer to which the credit score relates and may not be included in a consumer report or used as a factor in generating a credit score or educational credit score. A past credit score maintained in a consumer’s file pursuant to subparagraph
(A)shall be removed from the consumer’s file after the end of the 2-year period described under subparagraph (A). .
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Sec. 202
Consumer information on calculation of scores
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