Section 1 Short title
This Act may be cited as the “Fair Access to Credit Scores Act of 2017”.
Fair Access to Credit Scores Act of 2017
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.
Sec. 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) If the consumer reporting agency is a consumer reporting agency that compiles and maintains files on consumers on a nationwide basis as described in section 603(p), each such agency shall disclose a current credit score generated using the scoring algorithm, formula, model, program, or mechanism that is most frequently used to generate credit 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 other 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 describing the credit score of the consumer with respect to a range of possible credit scores, and the general factors contributing to the credit scores of consumers.”
in subsection (f)—
in paragraph (1)—
by striking “, a consumer reporting agency” and all that follows through “shall include—” and inserting “or a risk score, a consumer reporting agency shall supply to the consumer—”; and
by amending subparagraph (A) to read as follows:
“(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 other predictors relating to the consumer for a period of not less than 1 year beginning on the date on which such information is generated.”
by striking paragraph (7) and redesignating paragraphs (8) and (9) as paragraphs (7) and (8), respectively; and
in paragraph (7) (as so redesignated), 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(g) of the Fair Credit Reporting Act (15 U.S.C. 1681j(g)) is amended—
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 inserting “or free credit score, as applicable,” after “free credit report”.
in section 603 (15 U.S.C. 1681a)—
in subsection (d)(2)(D), by striking “(x)” and inserting “(y)”;
in subsection (q)(5), by striking “103(i)” and inserting “103(j)”; and
in subsection (v), by striking “Bureau” and inserting “Federal Trade Commission”;
in section 604 (15 U.S.C. 1681b)—
in subsection (b)—
in paragraph (2)(B)(i), by striking “section 615(a)(3)” and inserting “section 615(a)(4)”;
in paragraph (3)(B)(ii), by striking “clause (B)(i)(IV)” and inserting “clause (i)(IV)”;
in paragraph (4)(A)(ii), by inserting “and” after the semicolon; and
by striking “section 609(c)(3)” each place that term appears and inserting “section 609(c)”; and
in subsection (g)(5), by striking “paragraph (2).—” and all that follows through “The Bureau” and inserting “paragraph (2).—The Bureau”;
in section 605 (15 U.S.C. 1681c)—
in subsection (f), by striking “who” and inserting “which”; and
in subsection (h)(2)(A)—
by striking “shall,,” and inserting “shall,”; and
by striking “Commission,,” and inserting “Commission,”;
in section 605A(h)(1)(A) (15 U.S.C. 1681c–1(h)(1)(A)), by striking “103(i)” and inserting “103(j)”;
in section 607(e)(3)(A) (15 U.S.C. 1681e(e)(3)(A)), by striking “section 604(b)(4)(E)(i)” and inserting “section 604(b)(4)(D)(i)”;
in section 609 (15 U.S.C. 1681g)—
in subsection (a)(3)(C)(i), by striking “section 604(b)(4)(E)(i)” and inserting “section 604(b)(4)(D)(i)”;
in subsection (c)(1)—
in the paragraph heading, by striking “Commission” and inserting “Bureau”; and
in subparagraph (B)(vi), by striking “603(w)” and inserting “603(x)”;
in subsection (e)(2)(B)(ii)(II), by striking “an”; and
by striking “The Commission” each place that term appears and inserting “The Bureau”;
in section 610 (15 U.S.C. 1681h)—
in subsection (b)(1), by inserting “section” after “under”; and
in subsection (e), by inserting a comma after “on the report”;
in section 611 (15 U.S.C. 1681i), by striking “The Commission” each place that term appears and inserting “The Bureau”;
in section 612 (15 U.S.C. 1681j)—
in subsection (a)(1)—
in subparagraph (A), by striking “(w)” and inserting “(x)”; and
in subparagraph (C), by striking “603(w)” each place that term appears and inserting “603(x)”;
in subsection (g)(2), by striking “televison” and inserting “television”; and
by striking “The Commission” each place that term appears and inserting “The Bureau”; and
in section 621 (15 U.S.C. 1681s)—
in subsection (a)(1), in the first sentence, by striking “, subsection (b)”;
in subsection (e)(2), by inserting a period after “provisions of this title”; and
in subsection (f)(2), by striking “The Commission” and inserting “The Bureau”.