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S 1242 107th Congress Senate Finance and Financial Sector Commerce Consumer behavior Consumer credit Consumer education Contracts Federal preemption Government Operations and Politics Government paperwork Home equity loans Housing and Community Development Loan defaults State laws

Consumer Credit Score Disclosure Act of 2001

Introduced: July 25, 2001 Introduced by: Schumer, Charles E. Democratic · New York See on congress.gov
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 25, 2001
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 25, 2001
Introduced in Senate
 Plain-English summary Congressional Research Service
Consumer Credit Score Disclosure Act of 2001 - Amends the Fair Credit Reporting Act to cite specified consumer credit scoring information that a consumer reporting agency must disclose upon consumer request in connection with an application for an extension of consumer credit secured by a dwelling, including a credit score: (1) derived from a model widely distributed to users of credit scores; or (2) that assists the consumer in understanding the credit scoring assessment of the consumer's credit behavior and predictions about future credit behavior.

Requires any person that makes or arranges extensions of consumer credit that are to be secured by a dwelling, and that uses credit scores for that purpose, to provide the consumer with a copy of: (1) the information obtained from a consumer reporting agency or that was developed and used by that user of the credit score information; or (2) a copy of the information provided to the user by a third party that developed the credit score, plus a general description of credit scores, their use, and the sources and kinds of data used to generate credit scores.

Declares void any contract provision that prohibits such mandated disclosures. Exempts from contractual liability any user of a credit score for making such a disclosure.

What's happening now July 25, 2001

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1