Sec. 6. Increased transparency
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Section 609 of the Fair Credit Reporting Act ( 15 U.S.C. 1681g ) is amended— in subsection (a)(3)(B)— in clause (i), by striking and at the end; and by striking clause
(ii)and inserting the following: the address and telephone number of the person; and the permissible purpose, as available, of the person for obtaining the consumer report, including the specific type of credit product that is extended, reviewed, or collected, as described in section 604(a)(3)(A). ; in subsection (f)— by amending paragraph (7)(A) to read as follows: supply the consumer with a credit score through the portal established under section 612(a)(1)(D) or upon request by the consumer, as applicable, that— is derived from a credit scoring model that is widely distributed to users by that consumer reporting agency for the purpose of any extension of credit or other transaction designated by the consumer who is requesting the credit score; or is widely distributed to lenders of common consumer loan products and predicts the future credit behavior of the consumer; and ; and in paragraph (8), by inserting , except that a credit score shall be provided free of charge to the consumer if requested in connection with a free annual consumer report described in section 612(a) or through the online consumer portal landing page established under section 612(a)(1)(D) before the period at the end; and in subsection (g)(1)— in subparagraph (A)(ii)— in the clause heading, by striking and inserting subparagraph
(D); and subparagraph
(C)by striking subparagraph
(D)and inserting subparagraph
(C); in subparagraph (B)(ii), by striking consistent with subparagraph
(C); by striking subparagraph (C); and by redesignating subparagraphs
(D)through
(G)as subparagraphs
(C)through (F), respectively. The Fair Credit Reporting Act ( 15 U.S.C. 1681 et seq.) is amended— in section 612 ( 15 U.S.C. 1681j ), by striking subsection
(b)and inserting the following: Not later than 30 days after the date on which a consumer reporting agency receives a notification under subsection (a)(2) or (h)(6) of section 615, or from a debt collection agency affiliated with the consumer reporting agency, the consumer reporting agency shall make to a consumer, without charge to the consumer, all disclosures that are made to a user of a consumer report in accordance with the rules prescribed by the Bureau. ; and in section 615(a) ( 15 U.S.C. 1681m(a) )— by redesignating paragraphs (2), (3), and
(4)as paragraphs (3), (4), and (5), respectively; by inserting after paragraph
(1)the following: direct the consumer reporting agency that provided the consumer report that was used in the decision to take the adverse action to provide the consumer with the disclosures described in section 612(b); ; and in paragraph (5), as so redesignated— in the matter preceding subparagraph (A), by striking of the consumer’s right ; by striking subparagraph
(A)and inserting the following: that the consumer shall receive a copy of the consumer report with respect to the consumer, free of charge, from the consumer reporting agency that furnished the consumer report; and ; and in subparagraph (B), by inserting of the right of the consumer before to dispute . Section 604(b)(2)(B)(i) of the Fair Credit Reporting Act ( 15 U.S.C. 1681b(b)(2)(B)(i) ) is amended by striking section 615(a)(3) and inserting section 615(a)(4) . Section 615(h) of the Fair Credit Reporting Act ( 15 U.S.C. 1681m(h) ) is amended— in paragraph (1), by striking paragraph
(6)and inserting paragraph
(7); in paragraph (2), by striking paragraph
(6)and inserting paragraph
(7); in paragraph (5)(C), by striking may obtain and inserting shall receive ; by redesignating paragraphs (6), (7), and
(8)as paragraphs (7), (8), and (9), respectively; and by inserting after paragraph
(5)the following: A person who uses a consumer report as described in paragraph
(1)shall notify and direct the consumer reporting agency that provided the consumer report to provide the consumer with the disclosures described in section 612(b). . Section 623(a)(7)(A)(ii) of the Fair Credit Reporting Act ( 15 U.S.C. 1681s–2(a)(7)(A)(ii) ) is amended by striking with respect to and all that follows through the period at the end and inserting without providing additional notice to the consumer, unless another person acquires the right to repayment connected to the additional negative information. The acquiring person shall be subject to the requirements of this paragraph and shall be required to send consumers the written notices described in this paragraph, if applicable. .
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- 15 USC 1681s–2(a)(7)(A)(ii)
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Sec. 6
Increased transparency
Cite15 USC 1681s–2(a)(7)(A)(ii)
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