Sec. 207. Provision of consumer reports and credit scores by residential mortgage lenders
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Section 609(g) of the Fair Credit Reporting Act ( 15 U.S.C. 1681g(g) ) is amended— by redesignating paragraph
(2)as paragraph (5); in paragraph (1)— by striking a consumer credit score and inserting any consumer reports or credit scores ; by striking , as defined in subsection (f), ; by striking the following to the consumer as soon as reasonably practicable: and inserting , not later than 3 business days after using such reports or scores, a document disclosing any consumer reports and credit scores used by the lender to determine whether to extend credit to the consumer along with the statement described in subsection (f)(2). ; by striking subparagraphs (A), (B), (C), (E), and (F); by redesignating subparagraph
(D)as paragraph
(3)(and adjusting the margins accordingly); and by redesignating subparagraph
(G)as paragraph
(4)(and adjusting the margins accordingly); by inserting before paragraph
(3)(as so designated) the following new paragraph: Nothing in this subsection shall be construed to eliminate any requirement for lenders to provide credit score disclosures, including the statement described under subsection (f)(2), to consumers as part of an adverse action or risk-based pricing notice. ; in paragraph
(3)(as so designated), in the quoted material— by inserting , free of charge, after disclose to you ; and by striking affecting your credit scores and inserting affecting your credit score or scores ; in paragraph
(5)(as so redesignated) by inserting or scores after credit score each place such term appears; and by adding at the end the following new paragraphs: This subsection shall not require any person to disclose any credit score or related information obtained by the person after a loan has closed. None of the costs to the creditor or lender associated with procuring any consumer reports or scores under this subsection may be charged, directly or indirectly, to the consumer. .
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Sec. 207
Provision of consumer reports and credit scores by residential mortgage lenders
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