To improve consumer notification of numerical credit scores used in certain lending transactions.

SA 4016. Mr. UDALL of Colorado (for himself, Mr. Lugar, Mr.
Lautenberg, Mr. Bond, Mr. Begich, Mr. Schumer, and Mr. Levin) submitted
an amendment intended to be proposed to amendment SA 3739 proposed by
Mr. Reid (for Mr. Dodd (for himself and Mrs. Lincoln)) to the bill S.
3217, to promote the financial stability of the United States by
improving accountability and transparency in the financial system, to
end ``too big to fail,'' to protect the American taxpayer by ending
bailouts, to protect consumers from abusive financial services
practices, and for other purposes; which was ordered to lie on the
table; as follows:

On page 1455, after line 25, insert the following:

SEC. 1077. USE OF CONSUMER REPORTS.

Section 615 of the Fair Credit Reporting Act (15 U.S.C.
1681m) is amended--
(1) in subsection (a)--
(A) by redesignating paragraphs (2) and (3) as paragraphs
(3) and (4), respectively;
(B) by inserting after paragraph (1) the following:
``(2) provide to the consumer written or electronic
disclosure--
``(A) of a numerical credit score as defined in section
609(f)(2)(A) used by such person in taking any adverse action
based in whole or in part on any information in a consumer
report; and
``(B) of the information set forth in subparagraphs (B)
through (E) of section 609(f)(1);''; and
(C) in paragraph (4) (as so redesignated), by striking
``paragraph (2)'' and inserting ``paragraph (3)''; and
(2) in subsection (h)(5)--

[[Page S3732]]

(A) in subparagraph (C), by striking ``; and'' and
inserting a semicolon;
(B) in subparagraph (D), by striking the period and
inserting ``; and''; and
(C) by inserting at the end the following:
``(E) include a statement informing the consumer of--
``(i) a numerical credit score as defined in section
609(f)(2)(A), used by such person in connection with the
credit decision described in paragraph (1) based in whole or
in part on any information in a consumer report; and
``(ii) the information set forth in subparagraphs (B)
through (E) of section 609(f)(1).''.
______