The Fair Credit Reporting Act
your browser's find function to locate "scor"
(which would return "score," "scores,"
"scored," and "scoring") in
the law, and you'll find it in only one sentence:
Information on file; sources; report recipients.
Every consumer reporting agency shall, upon
request, and subject to 610(a)(1) [§ 1681h],
clearly and accurately disclose to the consumer:
information in the consumer's file at the time of
the request, except that nothing in this
paragraph shall be construed to require a
consumer reporting agency to disclose to a
consumer any information concerning credit scores
or any other risk scores or predictors relating
to the consumer..."
The Fair Credit Reporting
Information from the FTC
(The Code of Federal
Regulations) 16 CFR Part 601 - Notices of Rights and Duties under
the Fair Credit Reporting Act
comment period closed on March 31, 1997. The
Commission received 28 comments from credit
bureaus and other CRAs, creditors (and other
parties that make use of consumer reports and/or
furnish information to CRAs), consumers and their
representatives, regulatory authorities, and
other interested parties. Although the Commission
stated that it was requesting comments until
March 31, 1997, comments received after that date
were taken into account.
highlights the principal areas in which the
Commission revised the proposed versions of the
notices or decided not to do so... "
sentence noting that a CRA is not required to
include a "risk score" or "credit
score" in disclosures to consumers of their
credit histories. The Commission
included the sentence in the proposed summary to
try to answer a question that consumers would
otherwise ask of CRAs. Upon review of the diverse
comments,(2) the Commission now
believes that the reference would be more
hindrance than help, and accordingly has deleted
sentence in the second bullet ("You can find
out what is in your file") was based on a
clause specifically added to Section 609(a)(1).
One comment from major creditors stated that the
reference should be expanded to refer to "any
information concerning" such scores "or
other predictors." A more frequent view,
offered by a major CRA, a trade association, and
a federal regulatory agency stated that the
section was unnecessary and would confuse rather
than educate consumers..."
Equal Credit Opportunity Act
Legislates Credit Score Disclosures
- Senator Liz Figueroa (D-Fremont), Chair of the Senate
Committee on Business and Professions, announced today the
SB 1607, the Consumer's "Right to Know" legislation... This bill is a national landmark. California's consumers will no
longer be kept in the dark about key financial information they need
when purchasing a home," said Figueroa. "Credit scores go right to
the issue on
whether a consumer gets the best, worst, or no loan... "
"Credit scores affect how much consumers pay for a mortgage," noted
Gail Hillebrand, staff attorney for Consumer's Union. "Consumers
deserve to know how lenders are evaluating their loan applications."
- "Consumers Union, the nonprofit publisher of Consumer Reports magazine, is pleased to co-sponsor your SB 1607. This
important bill will help consumers to better understand their financial circumstances by entitling consumers to disclosure of their
- "SACRAMENTO (Feb. 22) - The California Association of REALTORS® today
announced its sponsorship of Senator Liz Figueroa's Consumer's "Right to Know"
legislation, which will provide California homebuyers with their
financial credit scores, make it easier to shop for mortgages and better evaluate loan rates."
- Fair Credit Full Disclosure Act
- Letter from Senator John McCain to the FTC: "I am concerned about the widespread use of credit scoring."
- Public Law
104-208, SHORT TITLE AS ENACTED: Consumer Credit
Reporting Reform Act of 1996 [became law 9/30/96)
- FCRA: Legislative
- H.R.561 (104th Congress)
- Committee Report -
House Rpt. 104-863 - MAKING OMNIBUS
CONSOLIDATED APPROPRIATIONS FOR FISCAL
YEAR 1997, Associated Bill --H.R.3610
- Press Release -
September 29, 1997, 1997 - BRYAN CREDIT
REPORTING LAW TAKES EFFECT