Posted by chris on March 20, 2000 at 12:13:47:
Todd- Currently this is how it is worded keeping some folks who do not have a friendly mortgage broker to give them this info in the dark. Since credit scoring is widely used by lenders for investors and homeowners I believe we should be able to see what the lenders see.
15 USC Sec. 1681g 01/05/99
-EXPCITE-
TITLE 15 - COMMERCE AND TRADE
CHAPTER 41 - CONSUMER CREDIT PROTECTION
SUBCHAPTER III - CREDIT REPORTING AGENCIES
-HEAD-
Sec. 1681g. Disclosures to consumers
-STATUTE-
(a) Information on file; sources; report recipients
Every consumer reporting agency shall, upon request, and subject
to section 1681h(a)(1) of this title, clearly and accurately
disclose to the consumer:
(1) All information in the consumer’s file at the time of the
request, except that nothing in this paragraph shall be construed
to require a consumer reporting agency to disclose to a consumer
any information concerning credit scores or any other risk scores
or predictors relating to the consumer.
The change proposed is:
Fair Credit Full Disclosure Act (Introduced in the House)
HR 2856 IH
106th CONGRESS
1st Session
H. R. 2856
To amend the Fair Credit Reporting Act to require the disclosure of all information in a consumer’s file, including credit scores, risk scores, and any other predictors.
IN THE HOUSE OF REPRESENTATIVES
September 14, 1999
Mr. CANNON introduced the following bill; which was referred to the Committee on Banking and Financial Services
A BILL
To amend the Fair Credit Reporting Act to require the disclosure of all information in a consumer’s file, including credit scores, risk scores, and any other predictors.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Fair Credit Full Disclosure Act’.
SEC. 2. ALL INFORMATION IN CONSUMER’S FILE REQUIRED TO BE DISCLOSED.
Section 609(a)(1) of the Fair Credit Reporting Act (15 U.S.C. 1681g(a)(1)) is amended to read as follows:
`(1) All information in the consumer’s file at the time of the request, including any information concerning credit scores or any other risk scores or predictors relating to the consumer.'.
-Chris