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

CRS Report for Congress
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
In troduction ..................................................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 set1
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 credit2
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. 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 and5
enforcing legislation related to certain issues addressed in the FCRA. 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.

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
eemption of State Law
H.R. 2622, as passed by the HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
Makes the current expiring preemptionsMakes the current expiring preemptionsMakes the current expiring preemptions
permanent. (Sec. 101)permanent. (Sec. 611)permanent. (Sec. 711)
eemption of state identityAmends the FCRA’s preemptionNo similar provision.Amends the FCRA’s preemption
sprovisions to preempt state laws relatedprovisions to preempt state laws related
to specific identity theft provisionsto the truncation of credit and debit card
included in the FCRA, as amended byaccount numbers; fraud alerts; blocking
the legislation. (Sec. 201)of information in credit reports;
truncation of social security numbers on
credit reports; free annual credit
iki/CRS-RL32121reports; and other issues related to
g/widentity theft addressed in the FCRA, as
s.oramended. (Sec. 711)
leak
://wikity Theft Provisions
http
H.R. 2622, as passed by the HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
Requires the federal banking agenciesRequires the federal banking agencies,Similar to the Senate provision, except
and the National Credit Unionthe National Credit Unionrequires that certain procedures are
Administration to jointly prescribeAdministration, and the Federal Tradefollowed when the issuer receives a
regulations for credit card and debitCommission to prescribe regulationsrequest for an additional or replacement
card issuers to ensure that certainapplicable to card issuers to ensure thatcard within a short period of time
procedures are followed to verifycertain procedures are followed when(during at least the first 30 days)
changes of address when requests forthe issuer receives a request for anfollowing notification of a change of
additional cards are received. (Sec. 201)additional card not later than 30 daysaddress for the same account. (Sec.
after the issuer has received notification114)


of a change of address for the same
account. (Sec. 114)

CRS-4
H.R. 2622, as passed by the HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
Allows consumers, or persons acting onSimilar to H.R. 2622, as passed by theSimilar to the Senate provision, except
behalf of or as a personal representativeHouse, except that it requires theallows persons acting on behalf of or as
of the consumer, to have one-call fraudconsumer to personally make thea personal representative of the
alerts placed in their credit files if theyrequest for the fraud alert, and does notconsumer to place fraud alerts. Also
have been, or expect that they willinclude a provision requiring therequires that fraud alerts be provided
become, a victim of identity theft. consumer reporting agency toalong with any credit score generated in
Requires a consumer reporting agencyautomatically exclude the consumerusing that file. Consumer reporting
to: 1) maintain a fraud alert in the filefrom prescreened lists after an initialagencies are required to exclude
for at least 90 days, 2) disclose to thefraud alert is requested. Consumerconsumers from prescreened lists for
consumer that the consumer mayreporting agencies, however, arefive years after the date of request for
request a free copy of the file, 3)required to exclude consumers froman extended alert and two years for
exclude the consumer from anyprescreened lists for seven years afteractive duty alerts. (Sec. 112)


iki/CRS-RL32121prescreeened lists for two years afterthe date of request for an extended alert
g/wthe date the fraud alert is requested, andand 12 months for active duty alerts.
s.or4) refer the information regarding the(Sec. 112)
leakfraud alert to each of the other
nationwide consumer reporting
://wikiagencies.
http
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 HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
Prohibits the expiration date or moreSimilar to H.R. 2622, as passed by theSimilar to both the House and Senate
than the last 5 digits of a credit cardHouse. (Sec. 113)provisions. (Sec. 113)
number from appearing on a
cardholder’s electronically printed
receipt. (Sec. 203)
mary of rights of identityRequires the Federal TradeSimilar to H.R. 2622, as passed by theSimilar to both the House and Senate
sCommission, in consultation with theHouse. (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
iki/CRS-RL32121procedures for remedying the effects of
g/wfraud or identity theft. Such summary
s.ormust be provided to any consumer who
leakcontacts the consumer reporting agency
and expresses a belief that he/she is a
://wikivictim of identity theft. (Sec. 204)
http
No similar provision.Requires a business entity, upon requestSimilar to the Senate provision. (Sec.
sand subject to verification of the151)


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 HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
Requires consumer reporting agenciesRequires consumer reporting agenciesSimilar to both the House and Senate
identity theftto block the reporting of anyto block the reporting of anyprovisions, 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 asthat the consumer identifies asdays after the receipt of the following
information that resulted from aninformation that resulted from aninformation: appropriate proof of the
alleged identity theft, not later than 5alleged identity theft, not later than 3identity of the consumer, a copy of an
business days after the receipt of thebusiness days after the receipt of theidentity theft report, the identification
following information: proof of identityfollowing information: appropriateof such information by the consumer,
of the consumer, a police report,proof of the identity of the consumer, aand a statement by the consumer that
identification of information incopy of the identity theft report, and thethe information is not information
question, and confirmation that theidentification of such information byrelating to any transaction by the
information is not information relatingthe consumer. consumer. (Sec. 152)
iki/CRS-RL32121to any transaction by the consumer.


g/wThe consumer reporting agency must
s.orThe consumer reporting agency mustalso notify the furnisher of the
leakalso notify the furnisher of theinformation in question that it may be
information in question that it may bethe result of identity theft. The
://wikithe result of identity theft. Theconsumer reporting agency has the
httpconsumer reporting agency has theauthority to rescind or decline to block
authority to rescind or decline to blockunder certain circumstances. (Sec. 152)
under certain circumstances. (Sec. 205)

CRS-7
H.R. 2622, as passed by the HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
ocedures for identifyingRequires the federal banking agenciesRequires the federal banking agencies,Requires the federal banking agencies,
and the National Credit Unionthe National Credit Unionthe National Credit Union
Administration, in consultation with theAdministration, and the Federal TradeAdministration, and the Federal Trade
Federal Trade Commission, to jointlyCommission to establish and maintainCommission to jointly establish and
establish and maintain guidelines forguidelines for use by financialmaintain guidelines for use by each
use by insured depository institutions ininstitutions, creditors and other users offinancial institution and each creditor
identifying patterns, practices, andconsumer reports regarding identityregarding identity theft; prescribe
specific forms of activity that indicatetheft, including regulations requiringregulations requiring each financial
the possible existence of identity theftfinancial institutions, creditors, andinstitution and each creditor to establish
with respect to accounts, and updateother users of consumer reports toreasonable policies and procedures for
such guidelines as often as necessary.notify the Federal Trade Commission inimplementing the guidelines; and
Also requires these entities to prescribeany case in which there has been, or isprescribe regulations regarding changes
iki/CRS-RL32121regulations requiring insured depositoryreasonably believed to have beenof address and requests for new cards
g/winstitutions to establish reasonableunauthorized access to computerized or(discussed supra). Requires the
s.orpolicies and procedures forphysical records which compromisesguidelines to identify patterns, practices
leakimplementing the guidelines to identifythe security, confidentiality, or integrityand specific forms of activity that
possible risks to customer accounts orof consumer information maintained byindicate the possible existence of
://wikito the safety and soundness ofthe entity. Also, requires these agenciesidentity theft. (Sec. 114)
httpinstitutions. (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)
on the use ofRequires the Secretary of the TreasuryNo similar provision.Similar to the House provision. (Sec.
bat identityto conduct a study on the use of157)


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 HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
No similar provision.Extends the statute of limitations underSimilar to the Senate provision. (Sec.
the FCRA to allow suit to be brought156)
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)
No similar provision.Allows a consumer to request that theSimilar to the Senate provision. (Sec.
rsfirst five digits of his or her social115)


security number not be included on a
iki/CRS-RL32121credit report provided to the consumer
g/wby a consumer reporting agency. (Sec.
s.or 116)
leak
://wiki
http

CRS-9
ution of Consumer Disputes
H.R. 2622, as passed by the HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
Requires consumer reportingSimilar to H.R. 2622, as passed bySimilar to both the House and Senate
mplaint investigationsagencies to develop and maintainthe 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)
Requires resellers, upon notificationNo similar provision.Similar to the House provision, but
of a consumer, to determine whetheralso requires consumer reporting
iki/CRS-RL32121disputed information is incompleteagencies to notify the reseller in lieu
g/wor inaccurate as a result of theof the consumer upon the completion
s.orreseller’s act or omission, and if theof a reinvestigation and the reseller
leakinformation is incomplete orshall immediately reconvey such
://wikiinaccurate as a result of the reseller’sact or omission, correct thenotice to the consumer. (Sec. 316)
http
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)
Requires consumer reportingNo similar provision.Same as the House provision. (Sec.
agencies to conduct a reasonable317)


reinvestigation of the disputed
accuracy of any information in a
consumer’s file. (Sec. 303)

CRS-10
H.R. 2622, as passed by the HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
Requires the Board of Governors ofNo similar provision.Similar to the House provision. (Sec.
the Federal Reserve System and the313)
Federal Trade Commission to
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
iki/CRS-RL32121consumer information. (Sec. 305)
g/w
s.or
leak
://wiki
http
of Consumer Records
H.R. 2622, as passed by the HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
Requires consumer reporting agenciesSimilar to H.R. 2622, as passed by theSimilar to both the House and Senate
to notify requesters of any substantialHouse. (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 HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
Prohibits furnishers of information fromRequires furnishers of information toRequires furnishers of information to
furnishing information identified by thehave in place reasonable procedures tohave in place reasonable procedures to
consumer as resulting from identityrespond to any notification from arespond to any notification from a
theft, unless the furnisher subsequentlyconsumer reporting agency regardingconsumer reporting agency regarding
knows or is informed by the consumerthe blocking of information resultingthe blocking of information resulting
that the information is correct. (Sec.from identity theft, to prevent suchfrom identity theft, to prevent such

402)information from being refurnished.information from being refurnished.


Also requires furnishers to conduct anAlso prohibits furnishers of information
investigation when the furnisherfrom furnishing information identified
receives, directly from the consumer, anby the consumer as resulting from
identity theft report or a properlyidentity theft, unless the furnisher
completed copy of a standardizedsubsequently knows or is informed by
iki/CRS-RL32121affidavit of identity theft developed bythe consumer that the information is
g/wthe Federal Trade Commission. (Sec.correct. (Sec. 154)
s.or 154)
leak
Requires the disclosure of the addressesNo similar provision.No similar provision.
://wikiationand telephone numbers of sources of
httpinformation in consumer credit reports.
(Sec. 404)
No similar provision.Requires the Federal TradeSame as the Senate provision. (Sec.
air Credit ReportingCommission to conduct a study on318)


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 HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
of the accuracy ofRequires the Federal TradeNo similar provision.Same as the House provision. (Sec.
Commission to conduct an ongoing319)
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)
No similar provision.Requires users who grant, extend, orSimilar to the Senate provision, but also
otherwise provide credit on materialincludes that the notice may be
terms that are materially less favorableprovided at the time of application for,
than the most favorable terms availableor a grant, extension, or other provision
iki/CRS-RL32121to a substantial proportion of consumersof, credit or the time of communication
g/wfrom or through that user, to provide aof an approval, except as provided by
s.orspecial notice to the consumer. regulation. (Sec. 311)


leakProvides that the notice must include a
statement informing the consumer that
://wikithe terms offered to the consumer were
httpset 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 HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
Requires furnishers of information toRequires the federal banking agencies,Combines provisions similar to both the
maintain reasonable proceduresthe National Credit UnionHouse and the Senate. Accuracy
ation furnished todesigned to ensure that the informationAdministration, and the Federal Tradeguidelines are similar to the Senate
furnished is accurate. AllowsCommission to establish and maintainprovision. Ability of consumers to
consumers to dispute the accuracy ofguidelines for furnishers of informationdispute information directly with
information directly with the furnisher. regarding the accuracy andfurnishers, and the duties of furnishers
Requires furnishers to investigate thecompleteness of the information theyafter receiving notice of dispute are
disputed information and report resultsprovide, and prescribe regulationssimilar to the House provision, except
to the consumer within a specifiedrequiring furnishers to establishthe federal banking agencies, the
period of time. If the information isreasonable policies and procedures forNational Credit Union Administration
found to be inaccurate, the furnisherimplementing the guidelines. (Sec. 312)and the Federal Trade Commission
must notify each consumer reportingmust jointly prescribe regulations that
iki/CRS-RL32121agency where the information wasidentify the circumstances under which
g/wfurnished and provide the correcta furnisher is required to reinvestigate a
s.orinformation. (Sec. 304)dispute. (Sec. 312)
leak
No similar provision.Requires the Federal TradeSimilar to the Senate provision. (Sec.
://wikiplaintsCommission to compile all complaints313)


httpthat 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 HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
No similar provision.Requires the Board of Governors of theNo 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)
iki/CRS-RL32121sclosure of results ofNo similar provision.Requires consumer reporting agenciesSimilar to the Senate provision, but also
g/wto notify furnishers of informationallows furnishers to permanently block
s.orwhen information they have providedthe reporting of an item of information
leakhas been modified or deleted from thedisputed by the consumer, based on the
file of the consumer following aresults of the reinvestigation. (Sec. 314)


://wikireinvestigation. Also requires
httpfurnishers 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
ccess to Credit Information
H.R. 2622, as passed by the HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
Requires the free annual disclosure ofRequires the free annual disclosure ofRequires the free annual disclosure of
consumer reports, by a consumerconsumer reports by nationwideconsumer reports by nationwide
reporting agency that compiles andconsumer reporting agencies only if theconsumer reporting agencies upon
maintains files on a nationwide orrequest is made by mail or through anrequest, but only if the request from the
regional basis, upon request. (Sec. 501)Internet website using the centralizedconsumer is made using the centralized
system and standardized formsource established for such purpose by
established for such requests pursuantthe 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
iki/CRS-RL32121making requests, and provide for
g/wrequests by mail. (Sec. 211)
s.or
leakAlso requires the free annual disclosure
://wikiof consumer reports by nationwidespecialty consumer reporting agencies
httpupon 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 HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
sclosure of credit scoresRequires consumer reporting agencies,Requires the disclosure of credit scoreSimilar to the House provision. (Sec.
upon the request of a consumer for ainformation in connection with an212)


credit score, to provide the consumerapplication for an extension of credit
with a statement indicating that thefor a consumer purpose that is to be
information and credit scoring modelsecured by a dwelling. Requires the
may be different from the credit scoredisclosure of information similar to that
used by the lender. Requires therequired in the disclosure notice under
consumer reporting agency to alsoH.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
iki/CRS-RL32121possible credit scores under the model
g/wused, the key factors that adversely
s.oraffected the consumer’s credit score,
leakthe date the credit score was created,
and the name of the person or entity
://wikithat provided the credit score or credit
httpfile 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 HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
sclosures regarding theExpands on the current notificationExpands on the current notificationSimilar to the Senate provision, except
provisions under the FCRA to requireprovisions under the FCRA to requirethat duration of election is five years.
persons who use consumer reports forpersons who use consumer reports for(Sec. 213)
prescreening purposes to notifyprescreening purposes to provide to the
consumers, in a simple and easy toconsumer a statement including the
understand format, of their right to optaddress 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
iki/CRS-RL32121federal banking agencies and the
g/wNational Credit Union Administration.
s.orThe consumer’s election to be excluded
leakfrom such lists shall be effective for
seven years. (Sec. 213)
://wiki
httpsclosures to consumersRequires furnishers of information toNo similar provision.Same as the House provision. (Sec.
notify consumers in writing when217)


ation 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 HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
Requires the Federal TradeRequires the Federal TradeSimilar to both the House and Senate
Commission, in consultation with theCommission to conduct a similar studyprovisions, but also includes
Department of Housing and Urbanon the effects of credit scores andparticipation by the Board of Governors
Development, to conduct a study of (1)credit-based insurance scores on theof the Federal Reserve System. (Sec.
the effects of the use of credit andavailability and affordability of215)
credit-based insurance scores on thefinancial 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
iki/CRS-RL32121credit and credit-based insurance scores
g/wresult in disparate impact on a variety
s.orof social groups, and (4) the extent to
leakwhich businesses use credit scoring
systems, the factors considered by these
://wikisystems, and the effects of variables not
httpconsidered. (Sec. 505)
Requires the Comptroller General toNo similar provision.No similar provision.
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)


Requires the Board of Governors of theNo similar provision.Similar to the House provision. (Sec.
Federal Reserve System to conduct a213)


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 HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
Requires the Comptroller General toEstablishes a financial literacy andSimilar to the Senate provision, but also
conduct a study on methods foreducation commission which shall takeincludes a provision for the Secretary of
improving financial literacy amongsuch actions as it deems necessary tothe Treasury to develop, implement,
consumers, and to assess the extent ofstreamline, improve, or augment theand conduct a pilot national public
consumers’ knowledge and awarenessfinancial literacy and educationservice multimedia campaign to
of credit reports, credit scores, and theprograms, grants, and materials of theenhance the state of financial literacy
dispute resolution process. (Sec. 508)federal government, including curriculaand education in the United States.
for all Americans. (Title V)(Title V)
sclosures regardingRequires credit card issuers to clearlyNo similar provision.No similar provision.


and conspicuously disclose to the
consumer the ability of the issuer to
iki/CRS-RL32121increase any annual percentage rate
g/w(APR) applicable to a credit card
s.oraccount, or to remove or increase any
leakintroductory APR for reasons other than
actions or omissions of the card holder
://wikithat are directly related to such account.
http(Sec. 509)

CRS-20
H.R. 2622, as passed by the HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
ation sharingNo similar provision.Amends the FCRA to add a new sectionSimilar to the Senate provision, except
addressing the sharing of informationlimits the effectiveness of the
among affiliates for marketingconsumer’s election to five years and
purposes. Provides that suchadds new exemptions for persons using
information may not be used to make athe information for marketing
solicitation for marketing purposes,solicitation purposes. Also includes a
unless it is clearly and conspicuouslyprovision exempting the use of
disclosed to the consumer that theinformation to send a solicitation to a
information may be exchanged for suchconsumer, if such information was
purposes, and the consumer is providedreceived prior to the date on which
an opportunity and a simple method topersons are required to comply with
prohibit the making of suchregulations implementing the opt-out
iki/CRS-RL32121solicitations. Specifies that arequirement. (Sec. 214)
g/wconsumer’s request to opt out be
s.oreffective permanently unless the
leakconsumer revokes the request. Allows
for some exemptions, including persons
://wikiusing information for marketing
httpsolicitation purposes to consumers with
whom persons have a pre-existing
business relationship. (Sec. 214)
No similar provision.Requires the Federal TradeSimilar to the Senate provision, except
Commission to promulgate regulationsalso requires the participation by and
requiring any person that maintains orcoordination with the federal banking
otherwise possesses consumeragencies, National Credit Union
information or any compilation ofAdministration and the Securities and
consumer information derived fromExchange Commission. (Sec. 216)


consumer reports for a business purpose
to properly dispose of any such
information or compilation. (Sec. 216)

CRS-21
ing of Medical Information
H.R. 2622, as passed by the HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
No similar provision.Amends the definition of medicalSimilar to the Senate provision. (Sec.
ationinformation in the FCRA to read as411)


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
iki/CRS-RL32121individual; (2) the provision of health
g/wcare to an individual; or (3) the
s.orpayment for the provision of health care
leakto an individual.” (Sec. 411)
://wiki
http

CRS-22
H.R. 2622, as passed by the HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
Prohibits consumer reporting agenciesProhibits consumer reporting agenciesSame as the House provision. (Sec.
ationfrom issuing reports containing medicalfrom issuing reports containing medical411)
information for employment purposes,information for employment purposes,
or in connection with a credit oror in connection with a credit or
insurance transaction, unless (1) if theinsurance transaction, unless (1) if the
report is furnished in connection withreport is furnished in connection with
an insurance transaction, the consumeran insurance transaction, the consumer
affirmatively consents; (2) if the reportaffirmatively consents; (2) if the report
is for employment purposes or inis for employment purposes or in
connection with a credit transaction, theconnection with a credit transaction, the
information is relevant to theinformation is relevant to the
employment or credit transaction, andemployment or credit transaction, and
iki/CRS-RL32121the consumer provides specific writtenthe consumer provides specific written
g/wconsent; or (3) the information pertainsconsent; or (3) such information is
s.orsolely to debts arising from the receiptrestricted or reported using codes that
leakof medical services, products, ordo not identify, or provide information
devices and such information issufficient to infer, the specific provider
://wikirestricted or reported using codes thator the nature of such services, products,
httpdo not identify, or provide informationor devices; or the report is being
sufficient to infer, the specific providerprovided 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)


of medical informationProhibits creditors from obtaining orSimilar to H.R. 2622, as passed bySimilar to the House and Senate
torsusing medical information about athe House. (Sec. 411)provisions. (Sec. 411)
consumer when determining
eligibility for credit. (Sec. 701)
Prohibits the exchange of medicalSimilar to H.R. 2622, as passed bySimilar to the House and Senate
information among affiliates. (Sec.the House. (Sec. 411)provisions. (Sec. 411)


s701)

CRS-23
H.R. 2622, as passed by the HouseH.R. 2622, as passed by the SenateConference Report (P. L. 108-159)
ntiality of medicalRequires a person whose primarySame as H.R. 2622, as passed by theSame as both the House and Senate
reditbusiness is providing medicalHouse. (Sec. 412)provisions. (Sec. 412)


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
iki/CRS-RL32121a credit report provided to a person
g/wother than the consumer, unless (1)
s.orsuch information is restricted or
leakreported using codes that do not
://wikiidentify, or provide information
httpsufficient 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)