Bill > HR3618

This bill, the Free Credit Scores for Consumers Act of 2019, establishes requirements related to credit scores and educational credit scores. The key provisions of the bill are: 1. It defines credit score, educational credit score, and related terms like key factors and credit scoring model. 2. It expands the explanatory information that consumer reporting agencies must provide to consumers about how their credit scores and educational credit scores are calculated. 3. It requires consumer reporting agencies to prominently disclose the differences and limitations between credit scores and educational credit scores before consumers obtain such scores. 4. It provides consumers with free credit score disclosures along with their free annual consumer reports upon request, and creates instances where consumers automatically receive free consumer reports and credit scores, such as when they have disputed information on their report. 5. It requires private educational lenders, motor vehicle lenders, and residential mortgage lenders to provide consumers with free copies of any consumer reports and credit scores used for underwriting before the consumer signs the loan agreement. Overall, the bill aims to improve transparency and access to credit score information for consumers.

Business and Industry

https://www.congress.gov/bill/116th-congress/house-bill/3618/all-info