S.Amdt. 2208

SA 2208. Mr. KENNEDY (for himself and Mr. Schatz) submitted an
amendment intended to be proposed to amendment SA 2152 proposed by Mr.
Crapo (for himself, Mr. Donnelly, Ms. Heitkamp, Mr. Tester, and Mr.
Warner) to the amendment SA 2151 proposed by Mr. McConnell (for Mr.
Crapo (for himself, Mr. Donnelly, Ms. Heitkamp, Mr. Tester, and Mr.
Warner)) to the bill S. 2155, to promote economic growth, provide
tailored regulatory relief, and enhance consumer protections, and for
other purposes; which was ordered to lie on the table; as follows:

At the appropriate place, insert the following:

SEC. ___. FAIR AND ACCURATE INFORMATION REPORTING FOR
CONSUMERS.

(a) Free and Easy Access to Personal Data.--Section
612(a)(1) of the Fair Credit Reporting Act (15 U.S.C.
1681j(a)(1)) is amended by adding at the end the following:
``(D) Online consumer portal.--
``(i) In general.--Not later than 180 days after the date
of enactment of this subparagraph, each consumer reporting
agency described in section 603(p) shall develop an online
consumer portal that gives each consumer--

``(I) unlimited free access to--

``(aa) the consumer report of the consumer;
``(bb) the means by which the consumer may exercise the
rights of the consumer under subparagraph (E) and section
604(e)(2)(B);
``(cc) the ability to initiate a dispute with the consumer
reporting agency regarding the accuracy or completeness of
any information in a report in accordance with section
623(a)(3);
``(dd) the ability to freeze a consumer report for free;
``(ee) if the consumer reporting agency offers a product to
consumers to prevent access to the consumer report of the
consumer for the purpose of preventing identity theft, a
disclosure to the consumer regarding the differences between
that product and a credit freeze; and
``(ff) information on who has accessed the consumer report
of the consumer and for what permissible purpose the consumer
report was furnished in accordance with section 604 and
section 609; and

``(II) access to a free, annual credit score of the
consumer in accordance with section 609(f)(7)(A).

``(ii) No waiver.--A consumer reporting agency described in
section 603(p) may not require a consumer to waive any legal
or privacy rights to access--

``(I) a portal established under this subparagraph; or
``(II) any of the services described in subclauses (I) or
(II) of clause (i) that are provided through a portal
established under this subparagraph.

``(iii) No advertising or solicitations.--A portal
established under this subparagraph may not contain any
advertising, marketing offers, or other solicitations.
``(E) Opt-out options.--
``(i) In general.--If a consumer reporting agency sells or
shares consumer information in a manner that is not a
consumer report, the consumer reporting agency shall provide
each consumer with a clear, free method, through a website,
by phone, or in writing, by which the consumer may elect not
to have the information of the consumer so sold or shared.
``(ii) No expiration.--An election made by a consumer under
regulations promulgated under clause (i) shall expire on the
date on which the consumer expressly revokes the election
through a website, by phone, or in writing.''.
(b) Accuracy in Credit Reports.--Section 607 of the Fair
Credit Reporting Act (15

[[Page S1641]]

U.S.C. 1681e) is amended by striking subsection (b) and
inserting the following:
``(b) Ensuring Accuracy.--
``(1) In general.--Whenever a consumer reporting agency
prepares a consumer report it shall follow reasonable
procedures to assure maximum possible accuracy of the
information concerning the individual about whom the report
relates.
``(2) Matching.--In assuring the maximum possible accuracy
under paragraph (1), each consumer reporting agency described
in section 603(p) shall ensure that, when including
information in the file of a consumer, the consumer reporting
agency matches all 9 digits of the social security number of
the consumer with the information that the consumer reporting
agency is including in the file.
``(3) Periodic audits.--Each consumer reporting agency
shall perform periodic audits on a representative sample of
consumer reports to check for accuracy.''.
(c) Improved Dispute Process for Consumer Reporting
Agencies.--
(1) Responsibilities of furnishers of information to
consumer reporting agencies.--Section 623(a)(8)(F)(i)(II) of
the Fair Credit Reporting Act (15 U.S.C. 1681s-
2(a)(8)(F)(i)(II)) is amended by inserting ``, and does not
include any new or additional information that would be
relevant to a reinvestigation'' before the period at the end.
(2) FTC obmudsperson.--Section 611(a) of the Fair Credit
Reporting Act (15 U.S.C. 1681i(a)) is amended by adding at
the end the following:
``(9) FTC ombudsperson.--
``(A) In general.--Not later than 180 days after the date
of enactment of this paragraph, the Federal Trade Commission
shall create the position of ombudsperson for the purpose of
resolving persistent errors that are not resolved in a timely
manner by a consumer reporting agency or addressing
violations of paragraph (5).
``(B) Civil fines.--The ombudsperson described in
subparagraph (A) may levy a civil fine of not more than
$3,500 per violation on a consumer reporting agency if the
consumer reporting agency repeatedly fails to resolve
disputes in a timely manner or to comply with paragraph
(5).''.
(3) Provision and consideration of documentation provided
by consumers.--The Fair Credit Reporting Act (15 U.S.C. 1681
et seq.) is amended--
(A) in section 611 (15 U.S.C. 1681i)--
(i) in subsection (a)--

(I) in paragraph (1), by adding at the end the following:

``(D) Obligations of consumer reporting agencies relating
to reinvestigations.--Commensurate with the volume and
complexity of disputes about which a consumer reporting
agency receives notice, or reasonably anticipates to receive
notice, under this paragraph, each consumer reporting agency
shall--
``(i) maintain sufficient personnel to conduct
reinvestigations of those disputes; and
``(ii) provide training with respect to the personnel
described in clause (i).'';

(II) in paragraph (2)--

(aa) in subparagraph (A), in the second sentence, by
inserting ``, including all documentation provided by the
consumer'' after ``received from the consumer or reseller'';
and
(bb) in subparagraph (B), by inserting ``, including all
documentation provided by the consumer,'' after ``from the
consumer or the reseller'';

(III) in paragraph (4), by inserting ``, including all
documentation,'' after ``relevant information''; and
(IV) in paragraph (6)(B)--

(aa) by striking clause (iii) and inserting the following:
``(iii) a description of the actions taken by the consumer
reporting agency regarding the dispute;
``(iv) if applicable, contact information for any furnisher
involved in responding to the dispute and a description of
the role played by the furnisher in the reinvestigation
process;
``(v) a description of the results of the dispute,
including if applicable the specific modification or deletion
of information that was made to the file of the consumer
following the reinvestigation; and
``(vi) the options available to the consumer if the
consumer is dissatisfied with the result, including--

``(I) submitting documents in support of the dispute;
``(II) adding a consumer statement to the file;
``(III) filing a dispute with the furnisher; and
``(IV) submitting a complaint against the consumer
reporting agency or furnishers through the consumer complaint
database of the Bureau, the ombudsperson of the Federal Trade
Commission, or the State attorney general for the State in
which the consumer resides.'';

(ii) in subsection (e), by adding at the end the following:
``(6) Notification of deletion of information.--A consumer
reporting agency described in section 603(p) shall
communicate with other consumer reporting agencies described
in section 603(p) to ensure that a dispute initiated with one
consumer reporting agency is reflected in a file maintained
by the other consumer reporting agencies described in section
603(p).'';
(iii) in subsection (f)(2)(B)(ii), by inserting ``,
including all documentation,'' after ``relevant
information''; and
(B) in section 623 (15 U.S.C. 1681s-2)--
(i) in subsection (a)(8)(E), by striking clause (ii) and
inserting the following:
``(ii) review and consider all relevant information,
including all documentation, provided by the consumer with
the notice;''; and
(ii) in subsection (b)(1), by striking subparagraph (B) and
inserting the following:
``(B) review and consider all relevant information,
including all documentation, provided by the consumer
reporting agency under section 611(a)(2);''.
(4) Injunctive relief.--The Fair Credit Reporting Act (15
U.S.C. 1681 et seq.) is amended--
(A) in section 616 (15 U.S.C. 1681n)--
(i) in subsection (a), in the subsection heading, by
striking ``(a) In General.--'' and inserting ``(a) Damages.--
'';
(ii) by redesignating subsections (c) and (d) as
subsections (d) and (e), respectively; and
(iii) by inserting after subsection (b) the following:
``(c) Injunctive Relief.--
``(1) In general.--In addition to any other remedy under
this section, a court may award injunctive relief to require
compliance with the requirements imposed under this title
with respect to any consumer.
``(2) Costs and attorney's fees.--In the event of any
successful action for injunctive relief under this
subsection, a court may award to the prevailing party costs
and reasonable attorney's fees (as determined by the court)
incurred by the prevailing party during the action.''; and
(B) in section 617 (15 U.S.C. 1681o)--
(i) in subsection (a), in the subsection heading, by
striking ``(a) In General.--'' and inserting ``(a) Damages.--
'';
(ii) by redesignating subsection (b) as subsection (c); and
(iii) by inserting after subsection (a) the following:
``(b) Injunctive Relief.--
``(1) In general.--In addition to any other remedy under
this section, a court may award injunctive relief to require
compliance with the requirements imposed under this title
with respect to any consumer.
``(2) Costs and attorney's fees.--In the event of any
successful action for injunctive relief under this
subsection, a court may award to the prevailing party costs
and reasonable attorney's fees (as determined by the court)
incurred by the prevailing party during the action.''.
(5) Enforcement.--Section 615(h)(8) of the Fair Credit
Reporting Act (15 U.S.C. 1681m(h)(8)) is amended--
(A) in subparagraph (A), by striking ``section'' and
inserting ``subsection''; and
(B) in subparagraph (B), by striking ``This section'' and
inserting ``This subsection''.
(d) Increased Transparency.--
(1) Disclosures to consumers.--Section 609 of the Fair
Credit Reporting Act (15 U.S.C. 1681g) is amended--
(A) in subsection (a)(3)(B)--
(i) in clause (i), by striking ``and'' at the end; and
(ii) by striking clause (ii) and inserting the following:
``(ii) the address and telephone number of the person; and
``(iii) the permissible purpose of the person for obtaining
the consumer report, including the specific type of credit
product that is extended, reviewed, or collected, as
described in section 604(a)(3)(A).'';
(B) in subsection (f)--
(i) by amending paragraph (7)(A) to read as follows:
``(A) supply the consumer with a credit score through the
portal established under section 612(a)(1)(D) or as requested
by the consumer, as applicable, that--
``(i) is derived from a credit scoring model that is widely
distributed to users by the consumer reporting agency for the
purpose of any extension of credit or other transaction
designated by the consumer who is requesting the credit
score; or
``(ii) is widely distributed to lenders of common consumer
loan products and predicts the future credit behavior of the
consumer; and''; and
(ii) in paragraph (8), by inserting ``, except that a
credit score shall be provided free of charge to the consumer
if requested in connection with a free annual consumer report
described in section 612(a)'' before the period at the end;
and
(C) in subsection (g)(1)--
(i) in subparagraph (A)(ii), by striking ``subparagraph
(D)'' and inserting ``subparagraph (C)'';
(ii) in subparagraph (B)(ii), by striking ``consistent with
subparagraph (C)'';
(iii) by striking subparagraph (C); and
(iv) by redesignating subparagraphs (D) through (G) as
subparagraphs (C) through (F), respectively.
(2) Notification requirements.--
(A) Adverse information notification.--The Fair Credit
Reporting Act (15 U.S.C. 1681 et seq.) is amended--
(i) in section 612 (15 U.S.C. 1681j), by striking
subsection (b) and inserting the following:
``(b) Free Disclosure After Notice of Adverse Action or
Offer of Credit on Materially Less Favorable Terms.--Not
later than 14 days after the date on which a consumer
reporting agency receives a notification under subsection
(a)(2) or (h)(6) of section 615, or from a debt collection
agency affiliated with the consumer reporting agency, the
consumer reporting agency shall make,

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without charge to the consumer, all disclosures required in
accordance with the rules prescribed by the Bureau.''; and
(ii) in section 615(a) (15 U.S.C. 1681m(a))--

(I) by redesignating paragraphs (2), (3), and (4) as
paragraphs (3), (4), and (5), respectively;
(II) by inserting after paragraph (1) the following:

``(2) direct the consumer reporting agency that provided
the consumer report that was used in the decision to take the
adverse action to provide the consumer with the disclosures
described in section 612(b);''; and

(III) in paragraph (5), as so redesignated--

(aa) in the matter preceding subparagraph (A), by striking
``of the consumer's right'';
(bb) by striking subparagraph (A) and inserting the
following:
``(A) that the consumer shall receive a copy of the
consumer report with respect to the consumer, free of charge,
from the consumer reporting agency that furnished the
consumer report; and''; and
(cc) in subparagraph (B), by inserting ``of the right of
the consumer'' before ``to dispute''.
(B) Notification in cases of less favorable terms.--Section
615(h) of the Fair Credit Reporting Act (15 U.S.C. 1681m(h))
is amended--
(i) in paragraph (1), by striking ``paragraph (6)'' and
inserting ``paragraph (7)'';
(ii) in paragraph (2), by striking ``paragraph (6)'' and
inserting ``paragraph (7)'';
(iii) in paragraph (5)(C), by striking ``may obtain'' and
inserting ``shall receive'';
(iv) by redesignating paragraphs (6), (7), and (8) as
paragraphs (7), (8), and (9), respectively; and
(v) by inserting after paragraph (5) the following:
``(6) Reports provided to consumers.--A person who uses a
consumer report as described in paragraph (1) shall notify
and direct the consumer reporting agency that provided the
consumer report to provide the consumer with the disclosures
described in section 612(b).''.
(C) Notification of subsequent submissions of negative
information.--Section 623(a)(7)(A)(ii) of the Fair Credit
Reporting Act (15 U.S.C. 1681s-2(a)(7)(A)(ii)) is amended by
striking ``account, or customer'' and inserting ``or
account''.
(3) Regulatory reform.--Section 621 of the Federal Credit
Reporting Act (15 U.S.C. 1681s) is amended by adding at the
end the following:
``(h) Consumer Reporting Agency Registry.--
``(1) Establishment of registry.--Not later than 180 days
after the date of enactment of this subsection, the Federal
Trade Commission shall establish a publicly available
registry of consumer reporting agencies that includes--
``(A) each consumer reporting agency that compiles and
maintains files on consumers on a nationwide basis;
``(B) each nationwide specialty consumer reporting agency;
``(C) all other consumer reporting agencies that are not
included under section 603(p) or 603(x); and
``(D) links to any relevant websites.
``(2) Registration requirement.--Each consumer reporting
agency shall register with a registry established by the
Federal Trade Commission under this subsection in a timeframe
established by the Commission.''.

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