Fair Credit Reporting Act: A Side-By-Side Comparison of House, Senate and Conference Versions

Fair Credit Reporting Act: A Side-By-Side Comparison of House, Senate and Conference Versions

Order Code RL32121
CRS Report for Congress
Received through the CRS Web
Fair Credit Reporting Act:
A Side-By-Side Comparison of House,
Senate and Conference Versions
Updated December 11, 2003
Angie A. Welborn
Legislative Attorney
American Law Division
Loretta Nott
Analyst in Economics
Government and Finance Division
Congressional Research Service ˜ The Library of Congress

Fair Credit Reporting Act:
A Side-By-Side Comparison of House, Senate and
Conference Versions
Summary
As the preemption provisions of the Fair Credit Reporting Act (FCRA) were set
to expire at the end of 2003, both the House and Senate revisited the entire Act,
holding a series of hearings on divergent issues related to consumer credit, the credit
reporting system, and financial privacy. Legislation emerged from these hearings.
H.R. 2622, the Fair and Accurate Credit Transactions Act of 2003, was
introduced by Representative Bachus on June 26, 2003, and was passed by the House
on September 10, 2003. The bill included a number of provisions aimed at
preventing identity theft, ensuring the accuracy of consumer credit information, and
protecting consumer privacy with respect to certain information. It would have also
made the FCRA’s current preemption provisions permanent.
S. 1753, the National Consumer Credit Reporting System Improvement Act of
2003, was reported as an original measure by the Senate Committee on Banking,
Housing and Urban Affairs on October 17, 2003. The bill included a number of
provisions similar to those in H.R. 2622 and would have also made the FCRA’s
preemption provisions permanent. The Senate considered S. 1753 on November 4,
2003, approving several amendments to the original version as reported by the Senate
Committee on Banking, Housing and Urban Affairs, including an amendment in the
nature of a substitute offered by Senator Shelby. On November 5, 2003, the Senate
incorporated S. 1753, as previously amended, in H.R. 2622 as an amendment. The
Senate passed H.R. 2622, as amended, in lieu of passing S. 1753. Upon passage of
H.R. 2622, as amended, the Senate appointed conferees. On November 6, 2003, the
House appointed conferees. A conference agreement was reached and the House
approved the conference report on November 21, 2003, with the Senate approving
it the following day. The President signed the legislation on December 4, 2003, and
it became P.L. 108-159.
This report provides an overview of legislative proceedings in each chamber and
a side-by-side comparison of the major provisions of the House and Senate bills, as
well as the conference report, which became P.L. 108-159. This report will not be
updated.

Contents
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Preemption of State Law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Identity Theft Provisions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Resolution of Consumer Disputes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Accuracy of Consumer Records . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Use of and Consumer Access to Credit Information . . . . . . . . . . . . . . . . . . 15
Use and Sharing of Medical Information . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Fair Credit Reporting Act: A Side-By-Side
Comparison of House, Senate and
Conference Versions
Introduction
As the preemption provisions of the Fair Credit Reporting Act (FCRA) were set
to expire at the end of 2003,1 both the House and Senate revisited the entire Act,
holding a series of hearings on divergent issues related to consumer credit, the credit
reporting system, and financial privacy.2 Legislation emerged from these hearings.
H.R. 2622, the Fair and Accurate Credit Transactions Act of 2003, was
introduced by Representative Bachus on June 26, 2003. The House Financial
Services Subcommittee on Financial Institutions and Consumer Credit held a markup
on July 16, 2003, and the full committee completed its markup of the bill on July 24,
2003. H.R. 2622 was reported, as amended, by the Committee on September 4,
2003.3 The House debated and passed the legislation on September 10, 2003.4 As
passed, H.R. 2622 would have amended the Fair Credit Reporting Act to make
permanent the current expiring preemptions, thus preventing states from enacting and
enforcing legislation related to certain issues addressed in the FCRA.5 The bill also
included a number of provisions aimed at preventing identity theft, ensuring the
accuracy of consumer credit information, and protecting consumer privacy with
respect to certain information.
On October 17, 2003, S. 1753, the National Consumer Credit Reporting System
Improvement Act of 2003, was reported as an original measure by the Senate
Committee on Banking, Housing and Urban Affairs.6 As reported, S. 1753 included
a number of provisions similar to those in H.R. 2622, including a provision to make
1 See 15 U.S.C. 1681t(d)(2).
2 For more information on these and other issues addressed in the legislation, see the
following: CRS Report RS21576, Fair Credit Reporting Act: Frequently Asked Questions;
CRS Report RL31666, Fair Credit Reporting Act: Rights and Responsibilities; CRS Report
RL31758, Financial Privacy: The Economics of Opt-In vs. Opt-Out; CRS Report RL31847,
The Role of Information in Lending: The Cost of Privacy Restrictions; CRS Report
RL32008, A Consumer’s Access to a Free Credit Report: A Legal and Economic Analysis;
and CRS Report RL31919, Remedies Available to Victims of Identity Theft.
3 H.Rept. 108-263.
4 Roll Call No. 499, 149 Cong. Rec. H8166 - H8167 (daily ed. Sept. 10, 2003).
5 For more information on the FCRA’s preemption provisions, see CRS Report RS21449:
Fair Credit Reporting Act: Preemption of State Law.
6 S.Rept. 108-166.

CRS-2
permanent the FCRA’s current expiring preemptions. The Senate considered S. 1753
on November 4, 2003, approving several amendments to the original version as
reported by the Senate Committee on Banking, Housing and Urban Affairs, including
an amendment in the nature of a substitute offered by Senator Shelby.7 On
November 5, 2003, the Senate incorporated S. 1753, as previously amended, in H.R.
2622 as an amendment. The Senate passed H.R. 2622, as amended, in lieu of passing
S. 1753.8 Upon passage of H.R. 2622, as amended, the Senate appointed conferees
The House appointed conferees on November 6, 2003.
On November 21, 2003, a conference agreement was reached.9 The House
approved the conference report the same day, with the Senate approving the report
on November 22, 2003. The President signed the legislation on December 4, 2003,
and it became P.L. 108-159.
The following table provides a side-by-side comparison of the major provisions
of H.R. 2622, as passed by the House, H.R. 2622, as passed by the Senate, and the
conference report, which became P.L. 108-159.
7 See 149 Cong. Rec. S13848 - S13891 (daily ed. Nov. 4, 2003).
8 Record Vote Number 437, 149 Cong. Rec. S13982 (daily ed. Nov. 5, 2003).
9 H.Rept. 108-396.

CRS-3
Preemption of State Law
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Expiration of current FCRA
Makes the current expiring preemptions
Makes the current expiring preemptions
Makes the current expiring preemptions
preemptions
permanent. (Sec. 101)
permanent. (Sec. 611)
permanent. (Sec. 711)
Preemption of state identity
Amends the FCRA’s preemption
No similar provision.
Amends the FCRA’s preemption
theft laws
provisions to preempt state laws related
provisions to preempt state laws related
to specific identity theft provisions
to the truncation of credit and debit card
included in the FCRA, as amended by
account numbers; fraud alerts; blocking
the legislation. (Sec. 201)
of information in credit reports;
truncation of social security numbers on
credit reports; free annual credit
reports; and other issues related to
identity theft addressed in the FCRA, as
amended. (Sec. 711)
Identity Theft Provisions
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Changes of address
Requires the federal banking agencies
Requires the federal banking agencies,
Similar to the Senate provision, except
and the National Credit Union
the National Credit Union
requires that certain procedures are
Administration to jointly prescribe
Administration, and the Federal Trade
followed when the issuer receives a
regulations for credit card and debit
Commission to prescribe regulations
request for an additional or replacement
card issuers to ensure that certain
applicable to card issuers to ensure that
card within a short period of time
procedures are followed to verify
certain procedures are followed when
(during at least the first 30 days)
changes of address when requests for
the issuer receives a request for an
following notification of a change of
additional cards are received. (Sec. 201)
additional card not later than 30 days
address for the same account. (Sec.
after the issuer has received notification
114)
of a change of address for the same
account. (Sec. 114)

CRS-4
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Fraud alerts
Allows consumers, or persons acting on
Similar to H.R. 2622, as passed by the
Similar to the Senate provision, except
behalf of or as a personal representative
House, except that it requires the
allows persons acting on behalf of or as
of the consumer, to have one-call fraud
consumer to personally make the
a personal representative of the
alerts placed in their credit files if they
request for the fraud alert, and does not
consumer to place fraud alerts. Also
have been, or expect that they will
include a provision requiring the
requires that fraud alerts be provided
become, a victim of identity theft.
consumer reporting agency to
along with any credit score generated in
Requires a consumer reporting agency
automatically exclude the consumer
using that file. Consumer reporting
to: 1) maintain a fraud alert in the file
from prescreened lists after an initial
agencies are required to exclude
for at least 90 days, 2) disclose to the
fraud alert is requested. Consumer
consumers from prescreened lists for
consumer that the consumer may
reporting agencies, however, are
five years after the date of request for
request a free copy of the file, 3)
required to exclude consumers from
an extended alert and two years for
exclude the consumer from any
prescreened lists for seven years after
active duty alerts. (Sec. 112)
prescreeened lists for two years after
the date of request for an extended alert
the date the fraud alert is requested, and
and 12 months for active duty alerts.
4) refer the information regarding the
(Sec. 112)
fraud alert to each of the other
nationwide consumer reporting
agencies.
Allows consumers to request extended
alerts that stay in their file up to seven
years.
Allows an active duty military
consumer to request an active duty alert
to stay in their file for a period of no
less than 12 months and excludes the
consumer from prescreened lists for 2
years following the request. (Sec. 202)

CRS-5
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Truncation of credit card
Prohibits the expiration date or more
Similar to H.R. 2622, as passed by the
Similar to both the House and Senate
numbers
than the last 5 digits of a credit card
House. (Sec. 113)
provisions. (Sec. 113)
number from appearing on a
cardholder’s electronically printed
receipt. (Sec. 203)
Summary of rights of identity
Requires the Federal Trade
Similar to H.R. 2622, as passed by the
Similar to both the House and Senate
theft victims
Commission, in consultation with the
House. (Sec. 151)
provisions. (Sec. 151)
federal banking agencies and the
National Credit Union Administration,
to prepare a model summary of the
rights of consumers with respect to the
procedures for remedying the effects of
fraud or identity theft. Such summary
must be provided to any consumer who
contacts the consumer reporting agency
and expresses a belief that he/she is a
victim of identity theft. (Sec. 204)
Information available to
No similar provision.
Requires a business entity, upon request
Similar to the Senate provision. (Sec.
victims
and subject to verification of the
151)
identity of the victim, provide copies of
application and business transaction
records evidencing any transaction
alleged to be a result of identity theft to
the victim, any federal, state or local
governing law enforcement agency or
officer specified by the victim, or to any
law enforcement agency investigating
the identity theft and authorized by the
victim to take receipt of the records in
question. (Sec. 151)

CRS-6
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Blocking of information
Requires consumer reporting agencies
Requires consumer reporting agencies
Similar to both the House and Senate
resulting from identity theft
to block the reporting of any
to block the reporting of any
provisions, except the information must
information in the file of a consumer,
information in the file of a consumer,
be blocked not later than 4 business
that the consumer identifies as
that the consumer identifies as
days after the receipt of the following
information that resulted from an
information that resulted from an
information: appropriate proof of the
alleged identity theft, not later than 5
alleged identity theft, not later than 3
identity of the consumer, a copy of an
business days after the receipt of the
business days after the receipt of the
identity theft report, the identification
following information: proof of identity
following information: appropriate
of such information by the consumer,
of the consumer, a police report,
proof of the identity of the consumer, a
and a statement by the consumer that
identification of information in
copy of the identity theft report, and the
the information is not information
question, and confirmation that the
identification of such information by
relating to any transaction by the
information is not information relating
the consumer.
consumer. (Sec. 152)
to any transaction by the consumer.

The consumer reporting agency must
The consumer reporting agency must
also notify the furnisher of the
also notify the furnisher of the
information in question that it may be
information in question that it may be
the result of identity theft. The
the result of identity theft. The
consumer reporting agency has the
consumer reporting agency has the
authority to rescind or decline to block
authority to rescind or decline to block
under certain circumstances. (Sec. 152)
under certain circumstances. (Sec. 205)

CRS-7
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Procedures for identifying
Requires the federal banking agencies
Requires the federal banking agencies,
Requires the federal banking agencies,
possible instances of identity
and the National Credit Union
the National Credit Union
the National Credit Union
theft
Administration, in consultation with the
Administration, and the Federal Trade
Administration, and the Federal Trade
Federal Trade Commission, to jointly
Commission to establish and maintain
Commission to jointly establish and
establish and maintain guidelines for
guidelines for use by financial
maintain guidelines for use by each
use by insured depository institutions in
institutions, creditors and other users of
financial institution and each creditor
identifying patterns, practices, and
consumer reports regarding identity
regarding identity theft; prescribe
specific forms of activity that indicate
theft, including regulations requiring
regulations requiring each financial
the possible existence of identity theft
financial institutions, creditors, and
institution and each creditor to establish
with respect to accounts, and update
other users of consumer reports to
reasonable policies and procedures for
such guidelines as often as necessary.
notify the Federal Trade Commission in
implementing the guidelines; and
Also requires these entities to prescribe
any case in which there has been, or is
prescribe regulations regarding changes
regulations requiring insured depository
reasonably believed to have been
of address and requests for new cards
institutions to establish reasonable
unauthorized access to computerized or
(discussed supra). Requires the
policies and procedures for
physical records which compromises
guidelines to identify patterns, practices
implementing the guidelines to identify
the security, confidentiality, or integrity
and specific forms of activity that
possible risks to customer accounts or
of consumer information maintained by
indicate the possible existence of
to the safety and soundness of
the entity. Also, requires these agencies
identity theft. (Sec. 114)
institutions. (Sec. 206)
to prescribe regulations requiring
financial institutions, creditors and
other users of consumer reports to
establish reasonable policies and
procedures for implementing the
guidelines established to identify
possible risks to account holders or to
the safety and soundness of the
institution or customers. (Sec. 114)
Treasury study on the use of
Requires the Secretary of the Treasury
No similar provision.
Similar to the House provision. (Sec.
technology to combat identity
to conduct a study on the use of
157)
theft
biometrics and other similar
technologies to reduce the incidence
and cost of identity theft. (Sec. 207)

CRS-8
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Statute of Limitations
No similar provision.
Extends the statute of limitations under
Similar to the Senate provision. (Sec.
the FCRA to allow suit to be brought
156)
not later than the earlier of 2 years after
the date of discovery by the plaintiff of
the violation that is the basis for such
liability, or 5 years after the date on
which the violation that is the basis for
such liability occurs. (Sec. 156)
Truncation of Social Security
No similar provision.
Allows a consumer to request that the
Similar to the Senate provision. (Sec.
Numbers
first five digits of his or her social
115)
security number not be included on a
credit report provided to the consumer
by a consumer reporting agency. (Sec.
116)

CRS-9
Resolution of Consumer Disputes
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Coordination of consumer
Requires consumer reporting
Similar to H.R. 2622, as passed by
Similar to both the House and Senate
complaint investigations
agencies to develop and maintain
the House. (Sec. 153)
provisions. (Sec. 153)
procedures for the referral of any
consumer complaint alleging
identity theft, or requesting a block
or fraud alert. (Sec. 301)
Notice of dispute through
Requires resellers, upon notification
No similar provision.
Similar to the House provision, but
reseller
of a consumer, to determine whether
also requires consumer reporting
disputed information is incomplete
agencies to notify the reseller in lieu
or inaccurate as a result of the
of the consumer upon the completion
reseller’s act or omission, and if the
of a reinvestigation and the reseller
information is incomplete or
shall immediately reconvey such
inaccurate as a result of the reseller’s
notice to the consumer. (Sec. 316)
act or omission, correct the
information or delete it. If the item
of information is not incomplete or
inaccurate as a result of the reseller’s
act or omission, the reseller must
convey notice of the dispute to each
consumer reporting agency that
provided the reseller with the
information in question. (Sec. 302)
Reasonable investigation
Requires consumer reporting
No similar provision.
Same as the House provision. (Sec.
required
agencies to conduct a reasonable
317)
reinvestigation of the disputed
accuracy of any information in a
consumer’s file. (Sec. 303)

CRS-10
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Fed and FTC study on the
Requires the Board of Governors of
No similar provision.
Similar to the House provision. (Sec.
prompt investigation of
the Federal Reserve System and the
313)
disputed consumer
Federal Trade Commission to
information
conduct a study on the extent to
which, and the manner in which,
consumer reporting agencies and
furnishers of information are
complying with the procedures, time
lines, and requirements under the
FCRA for the prompt investigation
of the disputed accuracy of any
consumer information. (Sec. 305)
Accuracy of Consumer Records
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Reconciling addresses
Requires consumer reporting agencies
Similar to H.R. 2622, as passed by the
Similar to both the House and Senate
to notify requesters of any substantial
House. (Sec. 316)
provisions. (Sec. 315)
discrepancies in the address the agency
has on file and the address the requester
was given. (Sec. 401)

CRS-11
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Prevention of repollution of
Prohibits furnishers of information from
Requires furnishers of information to
Requires furnishers of information to
consumer reports
furnishing information identified by the
have in place reasonable procedures to
have in place reasonable procedures to
consumer as resulting from identity
respond to any notification from a
respond to any notification from a
theft, unless the furnisher subsequently
consumer reporting agency regarding
consumer reporting agency regarding
knows or is informed by the consumer
the blocking of information resulting
the blocking of information resulting
that the information is correct. (Sec.
from identity theft, to prevent such
from identity theft, to prevent such
402)
information from being refurnished.
information from being refurnished.
Also requires furnishers to conduct an
Also prohibits furnishers of information
investigation when the furnisher
from furnishing information identified
receives, directly from the consumer, an
by the consumer as resulting from
identity theft report or a properly
identity theft, unless the furnisher
completed copy of a standardized
subsequently knows or is informed by
affidavit of identity theft developed by
the consumer that the information is
the Federal Trade Commission. (Sec.
correct. (Sec. 154)
154)
Disclosure of contact
Requires the disclosure of the addresses
No similar provision.
No similar provision.
information
and telephone numbers of sources of
information in consumer credit reports.
(Sec. 404)
FTC study of issues relating
No similar provision.
Requires the Federal Trade
Same as the Senate provision. (Sec.
to the Fair Credit Reporting
Commission to conduct a study on
318)
Act
ways to improve the operation of the
FCRA. Provides that the study should
focus on improving the accuracy of
information, requiring notification to
consumers when negative information
is added, and evaluating the types of
information reported to consumer
reporting agencies. (Sec. 317)

CRS-12
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
FTC study of the accuracy of
Requires the Federal Trade
No similar provision.
Same as the House provision. (Sec.
consumer reports
Commission to conduct an ongoing
319)
study of the accuracy and completeness
of information contained in consumer
reports, and methods for improving the
accuracy and completeness of such
information. (Sec. 405)
Risk-based pricing notice
No similar provision.
Requires users who grant, extend, or
Similar to the Senate provision, but also
otherwise provide credit on material
includes that the notice may be
terms that are materially less favorable
provided at the time of application for,
than the most favorable terms available
or a grant, extension, or other provision
to a substantial proportion of consumers
of, credit or the time of communication
from or through that user, to provide a
of an approval, except as provided by
special notice to the consumer.
regulation. (Sec. 311)
Provides that the notice must include a
statement informing the consumer that
the terms offered to the consumer were
set based on information from a
consumer report; identification of the
consumer reporting agency that
furnished the report; a statement
informing the consumer that the
consumer may obtain a copy of a
consumer report from that agency free
of charge; and the contact information
specified by the agency for obtaining
such reports. (Sec. 311)

CRS-13
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Procedures to enhance the
Requires furnishers of information to
Requires the federal banking agencies,
Combines provisions similar to both the
accuracy and integrity of
maintain reasonable procedures
the National Credit Union
House and the Senate. Accuracy
information furnished to
designed to ensure that the information
Administration, and the Federal Trade
guidelines are similar to the Senate
consumer reporting agencies
furnished is accurate. Allows
Commission to establish and maintain
provision. Ability of consumers to
consumers to dispute the accuracy of
guidelines for furnishers of information
dispute information directly with
information directly with the furnisher.
regarding the accuracy and
furnishers, and the duties of furnishers
Requires furnishers to investigate the
completeness of the information they
after receiving notice of dispute are
disputed information and report results
provide, and prescribe regulations
similar to the House provision, except
to the consumer within a specified
requiring furnishers to establish
the federal banking agencies, the
period of time. If the information is
reasonable policies and procedures for
National Credit Union Administration
found to be inaccurate, the furnisher
implementing the guidelines. (Sec. 312)
and the Federal Trade Commission
must notify each consumer reporting
must jointly prescribe regulations that
agency where the information was
identify the circumstances under which
furnished and provide the correct
a furnisher is required to reinvestigate a
information. (Sec. 304)
dispute. (Sec. 312)
Addressing consumer
No similar provision.
Requires the Federal Trade
Similar to the Senate provision. (Sec.
complaints
Commission to compile all complaints
313)
that it receives regarding the
completeness or accuracy of
information in a disputed consumer
report, and transmit each complaint to
the consumer reporting agency
involved. Requires consumer reporting
agencies that receive the complaints to
review each complaint to determine that
all legal obligations have been met,
report to the FTC regarding the
determinations and actions taken by the
consumer reporting agency with respect
to the complaints, and maintain records
regarding the disposition of each
complaint. (Sec. 313)

CRS-14
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Ongoing audits
No similar provision.
Requires the Board of Governors of the
No similar provision.
Federal Reserve System to conduct
ongoing audits of the accuracy and
completeness of the information
contained in consumer reports. Requires
the Board to independently verify the
accuracy and completeness of
information contained in consumer
reports by evaluating the information
and data provided by consumer
reporting agencies. (Sec. 314)
Disclosure of results of
No similar provision.
Requires consumer reporting agencies
Similar to the Senate provision, but also
reinvestigation
to notify furnishers of information
allows furnishers to permanently block
when information they have provided
the reporting of an item of information
has been modified or deleted from the
disputed by the consumer, based on the
file of the consumer following a
results of the reinvestigation. (Sec. 314)
reinvestigation. Also requires
furnishers to modify or delete from
their records an item of any information
disputed by a consumer that is found to
be inaccurate or incomplete or cannot
be verified after reinvestigation. (Sec.
315)

CRS-15
Use of and Consumer Access to Credit Information
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Free annual credit reports
Requires the free annual disclosure of
Requires the free annual disclosure of
Requires the free annual disclosure of
consumer reports, by a consumer
consumer reports by nationwide
consumer reports by nationwide
reporting agency that compiles and
consumer reporting agencies only if the
consumer reporting agencies upon
maintains files on a nationwide or
request is made by mail or through an
request, but only if the request from the
regional basis, upon request. (Sec. 501)
Internet website using the centralized
consumer is made using the centralized
system and standardized form
source established for such purpose by
established for such requests pursuant
the Federal Trade Commission. The
to the legislation. (Sec. 211)
centralized source must provide a toll
free telephone number for consumers,
the use of an Internet web site for
making requests, and provide for
requests by mail. (Sec. 211)
Also requires the free annual disclosure
of consumer reports by nationwide
specialty consumer reporting agencies
upon request pursuant to regulations
prescribed by the Federal Trade
Commission. A nationwide specialty
consumer reporting agency is a
consumer reporting agency that
compiles and maintains files on
consumers on a nationwide basis
relating to 1) medical records or
payments; 2) residential or tenant
history; 3) check writing history; 4)
employment history; or 5) insurance
claims. (Sec. 211)

CRS-16
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Disclosure of credit scores
Requires consumer reporting agencies,
Requires the disclosure of credit score
Similar to the House provision. (Sec.
upon the request of a consumer for a
information in connection with an
212)
credit score, to provide the consumer
application for an extension of credit
with a statement indicating that the
for a consumer purpose that is to be
information and credit scoring model
secured by a dwelling. Requires the
may be different from the credit score
disclosure of information similar to that
used by the lender. Requires the
required in the disclosure notice under
consumer reporting agency to also
H.R. 2622. (Sec. 212)
provide the consumer with a notice,
which shall include the following
information: the consumer’s current or
most recent credit score, the range of
possible credit scores under the model
used, the key factors that adversely
affected the consumer’s credit score,
the date the credit score was created,
and the name of the person or entity
that provided the credit score or credit
file upon which the credit score was
created. Allows for a reasonable fee to
be charged for the disclosure of the
credit score. (Sec. 502)
Requires mortgage lenders to make
additional disclosures regarding credit
scores. (Sec. 502)

CRS-17
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Disclosures regarding the
Expands on the current notification
Expands on the current notification
Similar to the Senate provision, except
right to opt-out of
provisions under the FCRA to require
provisions under the FCRA to require
that duration of election is five years.
prescreened lists
persons who use consumer reports for
persons who use consumer reports for
(Sec. 213)
prescreening purposes to notify
prescreening purposes to provide to the
consumers, in a simple and easy to
consumer a statement including the
understand format, of their right to opt
address and toll-free telephone number
out of prescreened lists. (Sec. 503)
where they may request to be excluded
from prescreened lists. The statement
must be presented in such a format and
in such type size and manner as
established by the Federal Trade
Commission, in consultation with the
federal banking agencies and the
National Credit Union Administration.
The consumer’s election to be excluded
from such lists shall be effective for
seven years. (Sec. 213)
Disclosures to consumers
Requires furnishers of information to
No similar provision.
Same as the House provision. (Sec.
regarding negative
notify consumers in writing when
217)
information
negative information is being reported.
Allows the financial institution to
submit additional negative information
to a consumer reporting agency with
respect to the same transaction,
extension of credit, account, or
consumer without providing additional
notice to the consumer. (Sec. 504)

CRS-18
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
FTC study on credit scores
Requires the Federal Trade
Requires the Federal Trade
Similar to both the House and Senate
Commission, in consultation with the
Commission to conduct a similar study
provisions, but also includes
Department of Housing and Urban
on the effects of credit scores and
participation by the Board of Governors
Development, to conduct a study of (1)
credit-based insurance scores on the
of the Federal Reserve System. (Sec.
the effects of the use of credit and
availability and affordability of
215)
credit-based insurance scores on the
financial products. (Sec. 215)
availability and affordability of
financial products/services, (2) the
degree of causality between the factors
considered by credit score systems and
the quantifiable risks and actual losses
experienced, (3) the extent to which
credit and credit-based insurance scores
result in disparate impact on a variety
of social groups, and (4) the extent to
which businesses use credit scoring
systems, the factors considered by these
systems, and the effects of variables not
considered. (Sec. 505)
GAO study on discrimination
Requires the Comptroller General to
No similar provision.
No similar provision.
and the credit system
conduct a study of the credit system to
determine the extent to which
discrimination exists with regard to the
availability and terms of credit. (Sec.
506)
Fed study on restricting
Requires the Board of Governors of the
No similar provision.
Similar to the House provision. (Sec.
offers of credit or insurance
Federal Reserve System to conduct a
213)
study on the ability of consumers to
avoid receiving written offers of
credit/insurance not initiated by the
consumer, and the potential impact on
consumers of placing further
restrictions on such offers. (Sec. 507)

CRS-19
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Financial literacy
Requires the Comptroller General to
Establishes a financial literacy and
Similar to the Senate provision, but also
conduct a study on methods for
education commission which shall take
includes a provision for the Secretary of
improving financial literacy among
such actions as it deems necessary to
the Treasury to develop, implement,
consumers, and to assess the extent of
streamline, improve, or augment the
and conduct a pilot national public
consumers’ knowledge and awareness
financial literacy and education
service multimedia campaign to
of credit reports, credit scores, and the
programs, grants, and materials of the
enhance the state of financial literacy
dispute resolution process. (Sec. 508)
federal government, including curricula
and education in the United States.
for all Americans. (Title V)
(Title V)
Disclosures regarding
Requires credit card issuers to clearly
No similar provision.
No similar provision.
increase in APR
and conspicuously disclose to the
consumer the ability of the issuer to
increase any annual percentage rate
(APR) applicable to a credit card
account, or to remove or increase any
introductory APR for reasons other than
actions or omissions of the card holder
that are directly related to such account.
(Sec. 509)

CRS-20
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Affiliate information sharing
No similar provision.
Amends the FCRA to add a new section
Similar to the Senate provision, except
addressing the sharing of information
limits the effectiveness of the
among affiliates for marketing
consumer’s election to five years and
purposes. Provides that such
adds new exemptions for persons using
information may not be used to make a
the information for marketing
solicitation for marketing purposes,
solicitation purposes. Also includes a
unless it is clearly and conspicuously
provision exempting the use of
disclosed to the consumer that the
information to send a solicitation to a
information may be exchanged for such
consumer, if such information was
purposes, and the consumer is provided
received prior to the date on which
an opportunity and a simple method to
persons are required to comply with
prohibit the making of such
regulations implementing the opt-out
solicitations. Specifies that a
requirement. (Sec. 214)
consumer’s request to opt out be
effective permanently unless the
consumer revokes the request. Allows
for some exemptions, including persons
using information for marketing
solicitation purposes to consumers with
whom persons have a pre-existing
business relationship. (Sec. 214)
Disposal of consumer report
No similar provision.
Requires the Federal Trade
Similar to the Senate provision, except
information and records
Commission to promulgate regulations
also requires the participation by and
requiring any person that maintains or
coordination with the federal banking
otherwise possesses consumer
agencies, National Credit Union
information or any compilation of
Administration and the Securities and
consumer information derived from
Exchange Commission. (Sec. 216)
consumer reports for a business purpose
to properly dispose of any such
information or compilation. (Sec. 216)

CRS-21
Use and Sharing of Medical Information
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Definition of medical
No similar provision.
Amends the definition of medical
Similar to the Senate provision. (Sec.
information
information in the FCRA to read as
411)
follows: “The term medical information
means information or data, other than
age or gender, whether oral or recorded,
in any form or medium, created by or
derived from a health care provider or
the consumer, that relates to (1) the
past, present, or future physical, mental,
or behavioral health or condition of an
individual; (2) the provision of health
care to an individual; or (3) the
payment for the provision of health care
to an individual.” (Sec. 411)

CRS-22
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Protection of medical
Prohibits consumer reporting agencies
Prohibits consumer reporting agencies
Same as the House provision. (Sec.
information
from issuing reports containing medical
from issuing reports containing medical
411)
information for employment purposes,
information for employment purposes,
or in connection with a credit or
or in connection with a credit or
insurance transaction, unless (1) if the
insurance transaction, unless (1) if the
report is furnished in connection with
report is furnished in connection with
an insurance transaction, the consumer
an insurance transaction, the consumer
affirmatively consents; (2) if the report
affirmatively consents; (2) if the report
is for employment purposes or in
is for employment purposes or in
connection with a credit transaction, the
connection with a credit transaction, the
information is relevant to the
information is relevant to the
employment or credit transaction, and
employment or credit transaction, and
the consumer provides specific written
the consumer provides specific written
consent; or (3) the information pertains
consent; or (3) such information is
solely to debts arising from the receipt
restricted or reported using codes that
of medical services, products, or
do not identify, or provide information
devices and such information is
sufficient to infer, the specific provider
restricted or reported using codes that
or the nature of such services, products,
do not identify, or provide information
or devices; or the report is being
sufficient to infer, the specific provider
provided to an insurance company for a
or the nature of such services, products,
purpose relating to engaging in the
or devices. (Sec. 701)
business of insurance other than
property and casualty insurance. (Sec.
411)
Use of medical information
Prohibits creditors from obtaining or
Similar to H.R. 2622, as passed by
Similar to the House and Senate
by creditors
using medical information about a
the House. (Sec. 411)
provisions. (Sec. 411)
consumer when determining
eligibility for credit. (Sec. 701)
Exchange of medical
Prohibits the exchange of medical
Similar to H.R. 2622, as passed by
Similar to the House and Senate
information among
information among affiliates. (Sec.
the House. (Sec. 411)
provisions. (Sec. 411)
affiliates
701)

CRS-23
H.R. 2622, as passed by the House
H.R. 2622, as passed by the Senate
Conference Report (P. L. 108-159)
Confidentiality of medical
Requires a person whose primary
Same as H.R. 2622, as passed by the
Same as both the House and Senate
information in credit
business is providing medical
House. (Sec. 412)
provisions. (Sec. 412)
reports
services, products, or devices and
who furnishes information to a
consumer reporting agency to notify
the agency of his or her status as a
medical information furnisher.
Prohibits the inclusion of the name,
address, and telephone number of
any medical information furnisher in
a credit report provided to a person
other than the consumer, unless (1)
such information is restricted or
reported using codes that do not
identify, or provide information
sufficient to infer, the specific
provider or the nature of such
services, products, or devices; or (2)
the report is being provided to an
insurance company for a purpose
relating to engaging in the business
of insurance other than property and
casualty insurance. (Sec. 702)