H.R. 9639

FAIR Credit Act

Sponsor: Rashida Tlaib

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

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

III Miscellaneous

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

(a) FCRA findings and purpose. Section 602 of the Fair Credit Reporting Act (15 U.S.C. 1681) is amended—

(1) in subsection (a)—

(A) by amending paragraph (1) to read as follows:

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(1) Many financial and non-financial decisions affecting consumers’ lives depend upon fair, complete, and accurate credit reporting. Inaccurate and incomplete credit reports directly impair the efficiency of the financial system and undermine the integrity of using credit reports in other circumstances, and unfair credit reporting and credit scoring methods undermine the public confidence which is essential to the continued functioning of the financial services system and the provision of many other consumer products and services.

; and

(B) in paragraph (4), by inserting after agencies the following: , furnishers, and credit scoring developers; and

(2) in subsection (b)—

(A) by striking It is the purpose of this title to require and inserting the following:

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The purpose of this title is the following:

(1) To require

; and

(B) by adding at the end the following:

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(2) To prohibit any practices and procedures with respect to credit reports and credit scores that are not in the public interest.

(b) Voiding of certain contracts not in the public interest. The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), as amended by section 107, is further amended—

(1) by adding at the end the following new section:

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631. Voiding of certain contracts not in the public interest

(a) In general. Any provision contained in a contract that requires a person to not follow a provision of this title, that is against the public interest, or that otherwise circumvents the purposes of this title shall be null and void.

(b) Rule of construction. Nothing in subsection (a) shall be construed as affecting other provisions of a contract that are not described under subsection (a).

; and

(2) in the table of contents for such Act, by adding at the end the following new item:

Text this section adds to the law

631. Voiding of certain contracts not in the public interest.