1. Short title
This Act may be cited as the “Fair Access to Credit Scores Act of 2013”.
Fair Access to Credit Scores Act of 2013
A BILL
To amend the Fair Credit Reporting Act to require the inclusion of credit scores with free annual credit reports provided to consumers, and for other purposes.
2. Credit scores included in free annual disclosures
in subsection (a)(1)—
by striking “and” at the end and inserting a period;
by striking “except that—” and all that follows through “(A) if the” and inserting “except that, if the”; and
by striking subparagraph (B);
in subsection (a), by adding at the end the following:
“(7) All consumer reporting agencies described in section 603(p) shall disclose a current credit score generated using the scoring algorithm, formula, model, program or mechanism that is most frequently used to generate scores sold to creditors, subject to regulations of the Bureau, along with any information in the consumer’s file at the time of the request concerning credit scores or any other risk scores or predictors relating to the consumer, if such request is made in connection with a free annual disclosure made pursuant to section 612(a).
“(8) Such other consumer information as the Bureau considers appropriate with respect to consumer financial education, including the information required by subsection (f)(1), information on where the credit score of the consumer falls with respect to a range of possible credit scores, and the general factors contributing to the credit scores of consumers.”
in subsection (f)—
by striking “Upon the request” and all that follows through subparagraph (A) and inserting the following:
“(1) In general—Upon request of a consumer for a credit score or a risk score, a consumer reporting agency shall supply to the consumer—
“(A) any credit score or risk score in the file of the consumer at the consumer reporting agency;”
in paragraph (2)—
by redesignating subparagraph (B) as subparagraph (C); and
by striking subparagraph (A) and inserting the following:
“(A) Credit score—The term credit score means a numerical value or a categorization derived from a statistical tool or modeling system used by a person who makes or arranges a loan to predict the likelihood of certain credit behaviors, including default.
“(B) Risk score—The term risk score means a numerical value or a categorization derived from a statistical tool or modeling system based upon information from a consumer report for the purpose of predicting the likelihood of certain behaviors or outcomes, and includes scores used for the underwriting of insurance.”
by striking paragraph (6) and inserting the following:
“(6) Maintenance of credit scores—All consumer reporting agencies shall maintain in the consumer’s file credit scores or any other risk scores or predictors relating to the consumer for a period of no less than 1 year from the date on which such information is generated.”
by striking paragraph (7); and
in paragraph (8), by inserting before the period at the end the following: “, except that a consumer reporting agency described in section 603(p) shall provide a credit score without charge to the consumer if the consumer is requesting the score in connection with a free annual disclosure made pursuant to section 612(a)”.
Inclusion in free reports— Section 612 of the Fair Credit Reporting Act (15 U.S.C. 1681j) is amended—
in subsection (a)(1)(A), by striking “(w)” and inserting “(x)”; and
in subsection (g)—
in paragraph (1)—
by striking “free credit report” and inserting “free or low cost credit report or credit score”; and
by inserting “and free credit scores” after “free credit reports”; and
in paragraph (2)—
by striking “televison” and inserting “television”; and
by inserting “or free credit score, as applicable,” after “free credit report”.
in section 603(d)(2)(D) (15 U.S.C. 1681a(d)(2)(D)), by striking “subsection (o) or (x)” and inserting with “subsection (o) or (y)”;
in section 603(i)(1)(C) (15 U.S.C. 1681a(i)(1)(C)), by striking the period at the end and inserting “; and”;
in section 609(c)(1) (15 U.S.C. 1681g(c)(1))—
in the paragraph heading, by striking “Commission” and inserting “Bureau”;
in subparagraph (A), by striking “Commission” and inserting “Bureau”;
in subparagraph (B)(vi), by striking “section 603(w)” and inserting “section 603(x)”; and
in subparagraph (C), by striking “Commission” and inserting “Bureau”; and
in section 612(a)(1) (15 U.S.C. 1681j(a)(1))—
in subparagraph (A), by striking “subsections (p) and (w)” and inserting “subsections (p) and (x)”;
in subparagraph (C)(i)—
by striking “Commission” and inserting “Bureau”; and
by striking “section 603(w)” and inserting “section 603(x)”;
in subparagraph (C)(iii), by striking “Commission” and inserting “Bureau”; and
in subparagraph (C)(iv), by striking “section 603(w)” and inserting “section 603(x)”.
3. Rulemaking
Not later than 180 days after the date of enactment of this Act, the Bureau of Consumer Financial Protection shall develop regulations establishing a mandatory disclosure format for consumer file disclosures pursuant to section 612(a)(1)(B) of the Fair Credit Reporting Act (15 U.S.C. 1681j(a)(1)(B)).
4. Technical correction
Section 615(h)(8)(A) of the Fair Credit Reporting Act (15 U.S.C. 1681m(h)(8)(A)) is amended by striking “this section” and inserting “this subsection”.