Fair Credit Full Disclosure Act(if you are interested)..... - Posted by chris

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

Fair Credit Full Disclosure Act(if you are interested)… - Posted by chris

Posted by chris on March 20, 2000 at 06:37:29:

The Fair Credit Full Disclosure Act (H.R. 2856), sponsored by Rep. Chris Cannon, R-Utah, would amend the Fair Credit Reporting Act to require the credit agencies to provide consumers the same credit report they give financial institutions. This would include credit scores, risk scores and any other predictors. Here’s how you can get involved.
? Write your local representative. The easiest way is through www.house.gov/writerep.
? You can also contact the Subcommittee on Financial Institutions and Consumer Credit at (202) 225-2258 or the full committee on Banking and Financial Services at (202) 225-7502.

Also Fannie Mae plans to stop using FICO. More on that at:

?? - Posted by tang-0-rang

Posted by tang-0-rang on March 20, 2000 at 11:08:45:

please give some details as to what the amendment will do and how investers could benefit from it. thanks for your time
Todd Williamson(CO)