US Codex
Bill
Notes

To amend the Fair Credit Reporting Act to require public disclosure of the method used to calculate consumer credit scores and inclusion of debt settlement agreements in consumer reports.

H.R. 5479 · 113th Congress · Sep 16, 2014 · Lineage

A BILL

Section 1 Public disclosure of method used to calculate consumer credit scores

Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g) is amended—
(1)
in subsection (a)(1)—
(A)
by striking “that—” and all that follows through “if the consumer” and inserting “that, if the consumer”;
(B)
in subparagraph (A), by striking “; and” and inserting a period; and
(C)
by striking subparagraph (B); and
(2)
by amending subsection (f)(5) to read as follows:

“(5) Public disclosure of credit score methodology—Any person who develops a tool or system for deriving a credit score shall make such tool or system available to the public, including on such person’s website.”

Sec. 2 Requirement for furnishers of information to report debt settlement

Section 623(a) of the Fair Credit Reporting Act (15 U.S.C. 1681s–1(a)) is amended by adding at the end the following new paragraph:

“(10) Duty to provide notice of debt settlement—A person who furnishes information to a consumer reporting agency with respect to a debt of a consumer shall, if the person enters into a settlement agreement with the consumer with respect to such debt, notify the consumer reporting agency of such agreement within 30 days of such agreement.”