H.R. 9639

FAIR Credit Act

3 cosponsors

Where it stands

Sponsor introductory remarks on measure. (CR H4694-4695) (Jul 21)

No roll-call votes yet.

No official summary yet.

Sec. 1. Short title; table of contents

Sec. 2. Findings

Sec. 3. Effective date

Sec. 4. General Bureau rulemaking

I Restoring the Impaired Credit of Victims of Predatory Activities and Unfair Consumer Reporting Practices

Sec. 101. Shortens the time period that most adverse credit information stays on consumer reports

Sec. 102. Mandates the expedited removal of fully paid or settled debt from consumer reports

Sec. 103. Prohibits the appearance of medical debt on consumer reports

Sec. 104. Provides credit restoration for victims of predatory mortgage lending and servicing

Sec. 105. Provides credit relief for education loan borrowers who were defrauded or mislead by proprietary education institution or career education programs

Sec. 106. Establishes right for victims of economic abuse to have adverse information removed from their consumer reports

Sec. 107. Prohibits treatment of credit restoration or rehabilitation as adverse information

II Expanding Access to Tools to Protect Vulnerable Consumers From Identity Theft, Fraud, or a Related Crime, and Protect Victims From Further Harm

Sec. 201. Medical debt definition

Sec. 202. Identity theft definition

Sec. 203. Identity theft report definition

Sec. 204. Amendment to protection for files and credit records of protected consumers

Sec. 205. Enhances fraud alert protections

Sec. 206. Amendment to security freezes for consumer reports

Sec. 207. Clarification of information to be included with agency disclosures

Sec. 208. Provides access to fraud records for victims

Sec. 209. Requires Bureau to set procedures for reporting identity theft, fraud, and other related crime

Sec. 210. Establishes the right to free credit monitoring and identity theft protection services for certain consumers

Sec. 211. Ensures removal of inquiries resulting from identity theft, fraud, or other related crime from consumer reports

III Miscellaneous

Sec. 301. Definitions

Section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a) is further amended by adding at the end the following:

Text this section adds to the law

(cc) Definitions related to days

(1) Calendar day; day. The term calendar day or day means a calendar day, excluding any federally recognized holiday.

(2) Business day. The term business day means a day between and including Monday to Friday, and excluding any federally recognized holiday.

Sec. 302. Technical correction related to risk-based pricing notices

Sec. 303. FCRA findings and purpose; voids certain contracts not in the public interest