SECURE Act

Stop Errors in Credit Use and Reporting Act or the SECURE Act

This bill amends the Fair Credit Reporting Act, with respect to civil liability for either willful or negligent noncompliance by a consumer reporting agency with respect to consumer credit protection requirements, to authorize a court to award: (1) injunctive relief to require compliance with that Act, and (2) costs and reasonable attorney fees to the prevailing party in any successful action for injunctive relief.

A consumer reporting agency shall include, in its mandatory notification to a furnisher of disputed information in a consumer's file, all documentation provided by the consumer.

The furnisher of disputed information, upon notification of a dispute, shall review and consider all documentation provided by the consumer.

The Consumer Financial Protection Bureau (CFPB) shall: (1) prepare, and deliver to appropriate parties, reports concerning disputed information received by consumer reporting agencies; and (2) prescribe rules for the gathering of information relating to such disputes.

The CFPB shall also establish mandatory procedures for a consumer reporting agency to follow to assure maximum possible accuracy of all consumer reports.

A consumer reporting agency must give a consumer a credit score free of charge if one is requested in connection with a free annual consumer report.

A consumer reporting agency must also provide free disclosures, even without consumer request, to any consumer who has received either a notice of adverse action or an offer of credit on materially less favorable terms. (Present law requires such disclosure only if the consumer so requests).

The CFPB shall establish three publicly available registries of consumer reporting agencies, including registries of: (1) nationwide consumer reporting agencies; and (2) nationwide specialty consumer reporting agencies.

Upon request by a consumer under age 16 (minor consumer) or the consumer's legal guardian or custodian, a consumer reporting agency must create a blocked file (with name, Social Security number, date of birth, and any credit information) for the minor consumer, or convert to a blocked file a file of the minor consumer already in existence.

The Government Accountability Office shall study: (1) credit systems in the international credit system with government-administered consumer credit reporting systems; and (2) the feasibility of a national, U.S. government-administered consumer credit reporting system.