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NY State Bill For CREDIT SCORES INCLUDED IN FREE ANNUAL DISCLOSURES.

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NY Bill for CREDIT SCORES INCLUDED IN FREE ANNUAL DISCLOSURES.

Status: This bill is in the first step in the legislative process. Explanation: Introduced bills and resolutions first go to committees that deliberate, investigate, and revise them before they go to general debate. The majority of bills and resolutions never make it out of committee. [Last Updated: Jul 20, 2011 6:13AM]

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Feb 17, 2011 - Introduced in House. This is the original text of the bill as it was written by its sponsor and submitted to the House for consideration. This is the latest version of the bill currently available on GovTrack.

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HR 769 IH

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.

Mr. COHEN (for himself, Ms. RICHARDSON, Mr. RANGEL, Mr. MCDERMOTT, Ms. NORTON, and Ms. TSONGAS) introduced the following bill; which was referred to the Committee on Financial Services

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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Fair Access to Credit Scores Act of 2011’.

SEC. 2. CREDIT SCORES INCLUDED IN FREE ANNUAL DISCLOSURES.

Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g) is amended--

(1) in subsection (a)(1), by adding at the end the following flush sentence:

‘Notwithstanding subparagraph (B), all consumer reporting agencies described in section 603(p) shall disclose 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).’; and

(2) in subsection (f), by amending paragraph (6) to read as follows:

‘(6) MAINTENANCE OF CREDIT SCORES- All consumer reporting agencies described in section 603(p) shall maintain information in the consumer’s file concerning 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 placed in the consumer’s file.’.

SEC. 3. BANKRUPTCY RISK SCORE STUDY.

(a) GAO Study- The Comptroller General of the United States shall carry out a study of bankruptcy risk scores used by consumer reporting agencies. Such study shall include an analysis of--

(1) the factors used to determine bankruptcy risk scores;

(2) how bankruptcy risk scores impact the ability of consumers to receive loans;

(3) actions that consumers can take to improve their bankruptcy risk score; and

(4) such other factors as the Comptroller General determines to be appropriate.

(B) Report- Not later than the end of the 6-month period beginning on the date of the enactment of this Act, the Comptroller General shall submit a report to the Congress containing all findings and determinations made in carrying out the study required under subsection (a).

© Bankruptcy Risk Score Defined- For purposes of this section, the term ‘bankruptcy risk score’ means a numerical value or a categorization derived from a statistical tool or modeling system used to predict the likelihood of whether a consumer will file for bankruptcy.

This bill is very large, and loading it may cause your web browser to perform sluggishly, or even freeze. This is especially true for old and/or bad browsers. As an alternative you can download the PDF of the bill or read the text on THOMAS.

Read The Bill: H.R. 769 - GovTrack.us

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they are going to have to amend this.

unless the SPECIFICALLY state FICO SCORE in the bill, this will be worthless.

a score and a fico score are two totally different things, one of which is worthless.

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