HR 5402 — Credit Access and Inclusion Act of 2025

changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets, new 
matter is printed in italics, and existing law in which no 
change is proposed is shown in roman):

 FAIR CREDIT REPORTING ACT

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 TITLE VI--CONSUMER CREDIT REPORTING

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SEC. 623. RESPONSIBILITIES OF FURNISHERS OF INFORMATION TO CONSUMER 
 REPORTING AGENCIES.

 (a) Duty of Furnishers of Information To Provide Accurate 
Information.--
 (1) Prohibition.--
 (A) Reporting information with actual 
 knowledge of errors.--A person shall not 
 furnish any information relating to a consumer 
 to any consumer reporting agency if the person 
 knows or has reasonable cause to believe that 
 the information is inaccurate.
 (B) Reporting information after notice and 
 confirmation of errors.--A person shall not 
 furnish information relating to a consumer to 
 any consumer reporting agency if--
 (i) the person has been notified by 
 the consumer, at the address specified 
 by the person for such notices, that 
 specific information is inaccurate; and
 (ii) the information is, in fact, 
 inaccurate.
 (C) No address requirement.--A person who 
 clearly and conspicuously specifies to the 
 consumer an address for notices referred to in 
 subparagraph (B) shall not be subject to 
 subparagraph (A); however, nothing in 
 subparagraph (B) shall require a person to 
 specify such an address.
 (D) Definition.--For purposes of subparagraph 
 (A), the term ``reasonable cause to believe 
 that the information is inaccurate'' means 
 having specific knowledge, other than solely 
 allegations by the consumer, that would cause a 
 reasonable person to have substantial doubts 
 about the accuracy of the information.
 (E) Rehabilitation of private education 
 loans.--
 (i) In general.--Notwithstanding any 
 other provision of this section, a 
 consumer may request a financial 
 institution to remove from a consumer 
 report a reported default regarding a 
 private education loan, and such 
 information shall not be considered 
 inaccurate, if--
 (I) the financial institution 
 chooses to offer a loan 
 rehabilitation program which 
 includes, without limitation, a 
 requirement of the consumer to 
 make consecutive on-time 
 monthly payments in a number 
 that demonstrates, in the 
 assessment of the financial 
 institution offering the loan 
 rehabilitation program, a 
 renewed ability and willingness 
 to repay the loan; and
 (II) the requirements of the 
 loan rehabilitation program 
 described in subclause (I) are 
 successfully met.
 (ii) Banking agencies.--
 (I) In general.--If a 
 financial institution is 
 supervised by a Federal banking 
 agency, the financial 
 institution shall seek written 
 approval concerning the terms 
 and conditions of the loan 
 rehabilitation program 
 described in clause (i) from 
 the appropriate Federal banking 
 agency.
 (II) Feedback.--An 
 appropriate Federal banking 
 agency shall provide feedback 
 to a financial institution 
 within 120 days of a request 
 for approval under subclause 
 (I).
 (iii) Limitation.--
 (I) In general.--A consumer 
 may obtain the benefits 
 available under this subsection 
 with respect to rehabilitating 
 a loan only 1 time per loan.
 (II) Rule of construction.--
 Nothing in this subparagraph 
 may be construed to require a 
 financial institution to offer 
 a loan rehabilitation program 
 or to remove any reported 
 default from a consumer report 
 as a consideration of a loan 
 rehabilitation program, except 
 as described in clause (i).
 (iv) Definitions.--For purposes of 
 this subparagraph--
 (I) the term ``appropriate 
 Federal banking agency'' has 
 the meaning given the term in 
 section 3 of the Federal 
 Deposit Insurance Act (12 
 U.S.C. 1813); and
 (II) the term ``private 
 education loan'' has the 
 meaning given the term in 
 section 140(a) of the Truth in 
 Lending Act (15 U.S.C. 
 1650(a)).
 (F) Reporting information during covid-19 
 pandemic.--
 (i) Definitions.--In this subsection:
 (I) Accommodation.--The term 
 ``accommodation'' includes an 
 agreement to defer 1 or more 
 payments, make a partial 
 payment, forbear any delinquent 
 amounts, modify a loan or 
 contract, or any other 
 assistance or relief granted to 
 a consumer who is affected by 
 the coronavirus disease 2019 
 (COVID-19) pandemic during the 
 covered period.
 (II) Covered period.--The 
 term ``covered period'' means 
 the period beginning on January 
 31, 2020 and ending on the 
 later of--
 (aa) 120 days after 
 the date of enactment 
 of this subparagraph; 
 or
 (bb) 120 days after 
 the date on which the 
 national emergency 
 concerning the novel 
 coronavirus disease 
 (COVID-19) outbreak 
 declared by the 
 President on March 13, 
 2020 under the National 
 Emergencies Act (50 
 U.S.C. 1601 et seq.) 
 terminates.
 (ii) Reporting.--Except as provided 
 in clause (iii), if a furnisher makes 
 an accommodation with respect to 1 or 
 more payments on a credit obligation or 
 account of a consumer, and the consumer 
 makes the payments or is not required 
 to make 1 or more payments pursuant to 
 the accommodation, the furnisher 
 shall--
 (I) report the credit 
 obligation or account as 
 current; or
 (II) if the credit obligation 
 or account was delinquent 
 before the accommodation--
 (aa) maintain the 
 delinquent status 
 during the period in 
 which the accommodation 
 is in effect; and
 (bb) if the consumer 
 brings the credit 
 obligation or account 
 current during the 
 period described in 
 item (aa), report the 
 credit obligation or 
 account as current.
 (iii) Exception.--Clause (ii) shall 
 not apply with respect to a credit 
 obligation or account of a consumer 
 that has been charged-off.
 (2) Duty to correct and update information.--A person 
 who--
 (A) regularly and in the ordinary course of 
 business furnishes information to one or more 
 consumer reporting agencies about the person's 
 transactions or experiences with any consumer; 
 and
 (B) has furnished to a consumer reporting 
 agency information that the person determines 
 is not complete or accurate,
 shall promptly notify the consumer reporting agency of 
 that determination and provide to the agency any 
 corrections to that information, or any additional 
 information, that is necessary to make the information 
 provided by the person to the agency complete and 
 accurate, and shall not thereafter furnish to the 
 agency any of the information that remains not complete 
 or accurate.
 (3) Duty to provide notice of dispute.--If the 
 completeness or accuracy of any information furnished 
 by any person to any consumer reporting agency is 
 disputed to such person by a consumer, the person may 
 not furnish the information to any consumer reporting 
 agency without notice that such information is disputed 
 by the consumer.
 (4) Duty to provide notice of closed accounts.--A 
 person who regularly and in the ordinary course of 
 business furnishes information to a consumer reporting 
 agency regarding a consumer who has a credit account 
 with that person shall notify the agency of the 
 voluntary closure of the account by the consumer, in 
 information regularly furnished for the period in which 
 the account is closed.
 (5) Duty to provide notice of delinquency of 
 accounts.--(A) In general.--A person who furnishes 
 information to a consumer reporting agency regarding a 
 delinquent account being placed for collection, charged 
 to profit or loss, or subjected to any similar action 
 shall, not later than 90 days after furnishing the 
 information, notify the agency of the date of 
 delinquency on the account, which shall be the month 
 and year of the commencement of the delinquency on the 
 account that immediately preceded the action.
 (B) Rule of construction.--For purposes of 
 this paragraph only, and provided that the 
 consumer does not dispute the information, a 
 person that furnishes information on a 
 delinquent account that is placed for 
 collection, charged for profit or loss, or 
 subjected to any similar action, complies with 
 this paragraph, if--
 (i) the person reports the same date 
 of delinquency as that provided by the 
 creditor to which the account was owed 
 at the time at which the commencement 
 of the delinquency occurred, if the 
 creditor previously reported that date 
 of delinquency to a consumer reporting 
 agency;
 (ii) the creditor did not previously 
 report the date of delinquency to a 
 consumer reporting agency, and the 
 person establishes and follows 
 reasonable procedures to obtain the 
 date of delinquency from the creditor 
 or another reliable source and reports 
 that date to a consumer reporting 
 agency as the date of delinquency; or
 (iii) the creditor did not previously 
 report the date of delinquency to a 
 consumer reporting agency and the date 
 of delinquency cannot be reasonably 
 obtained as provided in clause (ii), 
 the person establishes and follows 
 reasonable procedures to ensure the 
 date reported as the date of 
 delinquency precedes the date on which 
 the account is placed for collection, 
 charged to profit or loss, or subjected 
 to any similar action, and reports such 
 date to the credit reporting agency.
 (6) Duties of furnishers upon notice of identity 
 theft-related information.--
 (A) Reasonable procedures.--A person that 
 furnishes information to any consumer reporting 
 agency shall have in place reasonable 
 procedures to respond to any notification that 
 it receives from a consumer reporting agency 
 under section 605B relating to information 
 resulting from identity theft, to prevent that 
 person from refurnishing such blocked 
 information.
 (B) Information alleged to result from 
 identity theft.--If a consumer submits an 
 identity theft report to a person who furnishes 
 information to a consumer reporting agency at 
 the address specified by that person for 
 receiving such reports stating that information 
 maintained by such person that purports to 
 relate to the consumer resulted from identity 
 theft, the person may not furnish such 
 information that purports to relate to the 
 consumer to any consumer reporting agency, 
 unless the person subsequently knows or is 
 informed by the consumer that the information 
 is correct.
 (7) Negative information.--
 (A) Notice to consumer required.--
 (i) In general.--If any financial 
 institution that extends credit and 
 regularly and in the ordinary course of 
 business furnishes information to a 
 consumer reporting agency described in 
 section 603(p) furnishes negative 
 information to such an agency regarding 
 credit extended to a customer, the 
 financial institution shall provide a 
 notice of such furnishing of negative 
 information, in writing, to the 
 customer.
 (ii) Notice effective for subsequent 
 submissions.--After providing such 
 notice, the financial institution may 
 submit additional negative information 
 to a consumer reporting agency 
 described in section 603(p) with 
 respect to the same transaction, 
 extension of credit, account, or 
 customer without providing additional 
 notice to the customer.
 (B) Time of notice.--
 (i) In general.--The notice required 
 under subparagraph (A) shall be 
 provided to the customer prior to, or 
 no later than 30 days after, furnishing 
 the negative information to a consumer 
 reporting agency described in section 
 603(p).
 (ii) Coordination with new account 
 disclosures.--If the notice is provided 
 to the customer prior to furnishing the 
 negative information to a consumer 
 reporting agency, the notice may not be 
 included in the initial disclosures 
 provided under section 127(a) of the 
 Truth in Lending Act.
 (C) Coordination with other disclosures.--The 
 notice required under subparagraph (A)--
 (i) may be included on or with any 
 notice of default, any billing 
 statement, or any other materials 
 provided to the customer; and
 (ii) must be clear and conspicuous.
 (D) Model disclosure.--
 (i) Duty of bureau.--The Bureau shall 
 prescribe a brief model disclosure that 
 a financial institution may use to 
 comply with subparagraph (A), which 
 shall not exceed 30 words.
 (ii) Use of model not required.--No 
 provision of this paragraph may be 
 construed to require a financial 
 institution to use any such model form 
 prescribed by the Bureau.
 (iii) Compliance using model.--A 
 financial institution shall be deemed 
 to be in compliance with subparagraph 
 (A) if the financial institution uses 
 any model form prescribed by the Bureau 
 under this subparagraph, or the 
 financial institution uses any such 
 model form and rearranges its format.
 (E) Use of notice without submitting negative 
 information.--No provision of this paragraph 
 shall be construed as requiring a financial 
 institution that has provided a customer with a 
 notice described in subparagraph (A) to furnish 
 negative information about the customer to a 
 consumer reporting agency.
 (F) Safe harbor.--A financial institution 
 shall not be liable for failure to perform the 
 duties required by this paragraph if, at the 
 time of the failure, the financial institution 
 maintained reasonable policies and procedures 
 to comply with this paragraph or the financial 
 institution reasonably believed that the 
 institution is prohibited, by law, from 
 contacting the consumer.
 (G) Definitions.--For purposes of this 
 paragraph, the following definitions shall 
 apply:
 (i) Negative information.--The term 
 ``negative information'' means 
 information concerning a customer's 
 delinquencies, late payments, 
 insolvency, or any form of default.
 (ii) Customer; financial 
 institution.--The terms ``customer''and 
 ``financial institution'' have the same 
 meanings as in section 509 Public Law 
 106-102.
 (8) Ability of consumer to dispute information 
 directly with furnisher.--
 (A) In general.--The Bureau shall, in 
 consultation with the Federal Trade Commission, 
 the Federal banking agencies, and the National 
 Credit Union Administration, prescribe 
 regulations that shall identify the 
 circumstances under which a furnisher shall be 
 required to reinvestigate a dispute concerning 
 the accuracy of information contained in a 
 consumer report on the consumer, based on a 
 direct request of a consumer.
 (B) Considerations.--In prescribing 
 regulations under subparagraph (A), the 
 agencies shall weigh--
 (i) the benefits to consumers with 
 the costs on furnishers and the credit 
 reporting system;
 (ii) the impact on the overall 
 accuracy and integrity of consumer 
 reports of any such requirements;
 (iii) whether direct contact by the 
 consumer with the furnisher would 
 likely result in the most expeditious 
 resolution of any such dispute; and
 (iv) the potential impact on the 
 credit reporting process if credit 
 repair organizations, as defined in 
 section 403(3), including entities that 
 would be a credit repair organization, 
 but for section 403(3)(B)(i), are able 
 to circumvent the prohibition in 
 subparagraph (G).
 (C) Applicability.--Subparagraphs (D) through 
 (G) shall apply in any circumstance identified 
 under the regulations promulgated under 
 subparagraph (A).
 (D) Submitting a notice of dispute.--A 
 consumer who seeks to dispute the accuracy of 
 information shall provide a dispute notice 
 directly to such person at the address 
 specified by the person for such notices that--
 (i) identifies the specific 
 information that is being disputed;
 (ii) explains the basis for the 
 dispute; and
 (iii) includes all supporting 
 documentation required by the furnisher 
 to substantiate the basis of the 
 dispute.
 (E) Duty of person after receiving notice of 
 dispute.--After receiving a notice of dispute 
 from a consumer pursuant to subparagraph (D), 
 the person that provided the information in 
 dispute to a consumer reporting agency shall--
 (i) conduct an investigation with 
 respect to the disputed information;
 (ii) review all relevant information 
 provided by the consumer with the 
 notice;
 (iii) complete such person's 
 investigation of the dispute and report 
 the results of the investigation to the 
 consumer before the expiration of the 
 period under section 611(a)(1) within 
 which a consumer reporting agency would 
 be required to complete its action if 
 the consumer had elected to dispute the 
 information under that section; and
 (iv) if the investigation finds that 
 the information reported was 
 inaccurate, promptly notify each 
 consumer reporting agency to which the 
 person furnished the inaccurate 
 information of that determination and 
 provide to the agency any correction to 
 that information that is necessary to 
 make the information provided by the 
 person accurate.
 (F) Frivolous or irrelevant dispute.--
 (i) In general.--This paragraph shall 
 not apply if the person receiving a 
 notice of a dispute from a consumer 
 reasonably determines that the dispute 
 is frivolous or irrelevant, including--
 (I) by reason of the failure 
 of a consumer to provide 
 sufficient information to 
 investigate the disputed 
 information; or
 (II) the submission by a 
 consumer of a dispute that is 
 substantially the same as a 
 dispute previously submitted by 
 or for the consumer, either 
 directly to the person or 
 through a consumer reporting 
 agency under subsection (b), 
 with respect to which the 
 person has already performed 
 the person's duties under this 
 paragraph or subsection (b), as 
 applicable.
 (ii) Notice of determination.--Upon 
 making any determination under clause 
 (i) that a dispute is frivolous or 
 irrelevant, the person shall notify the 
 consumer of such determination not 
 later than 5 business days after making 
 such determination, by mail or, if 
 authorized by the consumer for that 
 purpose, by any other means available 
 to the person.
 (iii) Contents of notice.--A notice 
 under clause (ii) shall include--
 (I) the reasons for the 
 determination under clause (i); 
 and
 (II) identification of any 
 information required to 
 investigate the disputed 
 information, which may consist 
 of a standardized form 
 describing the general nature 
 of such information.
 (G) Exclusion of credit repair 
 organizations.--This paragraph shall not apply 
 if the notice of the dispute is submitted by, 
 is prepared on behalf of the consumer by, or is 
 submitted on a form supplied to the consumer 
 by, a credit repair organization, as defined in 
 section 403(3), or an entity that would be a 
 credit repair organization, but for section 
 403(3)(B)(i).
 (9) Duty to provide notice of status as medical 
 information furnisher.--A person whose primary business 
 is providing medical services, products, or devices, or 
 the person's agent or assignee, who furnishes 
 information to a consumer reporting agency on a 
 consumer shall be considered a medical information 
 furnisher for purposes of this title, and shall notify 
 the agency of such status.
 (b) Duties of Furnishers of Information Upon Notice of 
Dispute.--
 (1) In general.--After receiving notice pursuant to 
 section 611(a)(2) of a dispute with regard to the 
 completeness or accuracy of any information provided by 
 a person to a consumer reporting agency, the person 
 shall--
 (A) conduct an investigation with respect to 
 the disputed information;
 (B) review all relevant information provided 
 by the consumer reporting agency pursuant to 
 section 611(a)(2);
 (C) report the results of the investigation 
 to the consumer reporting agency;
 (D) if the investigation finds that the 
 information is incomplete or inaccurate, report 
 those results to all other consumer reporting 
 agencies to which the person furnished the 
 information and that compile and maintain files 
 on consumers on a nationwide basis; and
 (E) if an item of information disputed by a 
 consumer is found to be inaccurate or 
 incomplete or cannot be verified after any 
 reinvestigation under paragraph (1), for 
 purposes of reporting to a consumer reporting 
 agency only, as appropriate, based on the 
 results of the reinvestigation promptly--
 (i) modify that item of information;
 (ii) delete that item of information; 
 or
 (iii) permanently block the reporting 
 of that item of information.
 (2) Deadline.--A person shall complete all 
 investigations, reviews, and reports required under 
 paragraph (1) regarding information provided by the 
 person to a consumer reporting agency, before the 
 expiration of the period under section 611(a)(1) within 
 which the consumer reporting agency is required to 
 complete actions required by that section regarding 
 that information.
 (c) Limitation on Liability.--Except as provided in section 
621(c)(1)(B), sections 616 and 617 do not apply to any 
violation of--
 (1) subsection (a) of this section, including any 
 regulations issued thereunder;
 (2) subsection (e) of this section, except that 
 nothing in this paragraph shall limit, expand, or 
 otherwise affect liability under section 616 or 617, as 
 applicable, for violations of subsection (b) of this 
 section; [or]
 (3) subsection (f) of this section, including any 
 regulations issued thereunder; or
 [(3)] (4) subsection (e) of section 615.
 (d) Limitation on Enforcement.--The provisions of law 
described in paragraphs (1) through (3) of subsection (c) 
(other than with respect to the exception described in 
paragraph (2) of subsection (c)) shall be enforced exclusively 
as provided under section 621 by the Federal agencies and 
officials and the State officials identified in section 621.
 (e) Accuracy Guidelines and Regulations Required.--
 (1) Guidelines.--The Bureau shall, with respect to 
 persons or entities that are subject to the enforcement 
 authority of the Bureau under section 621--
 (A) establish and maintain guidelines for use 
 by each person that furnishes information to a 
 consumer reporting agency regarding the 
 accuracy and integrity of the information 
 relating to consumers that such entities 
 furnish to consumer reporting agencies, and 
 update such guidelines as often as necessary; 
 and
 (B) prescribe regulations requiring each 
 person that furnishes information to a consumer 
 reporting agency to establish reasonable 
 policies and procedures for implementing the 
 guidelines established pursuant to subparagraph 
 (A).
 (2) Criteria.--In developing the guidelines required 
 by paragraph (1)(A), the Bureau shall--
 (A) identify patterns, practices, and 
 specific forms of activity that can compromise 
 the accuracy and integrity of information 
 furnished to consumer reporting agencies;
 (B) review the methods (including 
 technological means) used to furnish 
 information relating to consumers to consumer 
 reporting agencies;
 (C) determine whether persons that furnish 
 information to consumer reporting agencies 
 maintain and enforce policies to ensure the 
 accuracy and integrity of information furnished 
 to consumer reporting agencies; and
 (D) examine the policies and processes that 
 persons that furnish information to consumer 
 reporting agencies employ to conduct 
 reinvestigations and correct inaccurate 
 information relating to consumers that has been 
 furnished to consumer reporting agencies.
 (f) Full-file Credit Reporting.--
 (1) Definitions.--In this subsection:
 (A) Energy utility firm.--The term ``energy 
 utility firm'' means an entity that provides 
 gas or electric utility services to the public.
 (B) Utility or telecommunication firm.--The 
 term ``utility or telecommunication firm'' 
 means an entity that provides utility services 
 to the public through pipe, wire, landline, 
 wireless, cable, or other connected facilities, 
 or radio, electronic, or similar transmission 
 (including the extension of such facilities).
 (2) Information relating to lease agreements, 
 utilities, and telecommunications services.--Subject to 
 the limitations in paragraph (3), and notwithstanding 
 any other provision of law, a person or the Secretary 
 of Housing and Urban Development may furnish to a 
 consumer reporting agency information relating to the 
 performance of a consumer in making payments--
 (A) under a lease agreement with respect to a 
 dwelling, including such a lease in which the 
 Department of Housing and Urban Development 
 provides subsidized payments for occupancy in a 
 dwelling; or
 (B) pursuant to a contract for a utility or 
 telecommunications service.
 (3) Limitation.--Information about the usage by a 
 consumer of any utility service provided by a utility 
 or telecommunication firm may be furnished to a 
 consumer reporting agency only to the extent that the 
 information relates to the payment by the consumer for 
 the service of the utility or telecommunication service 
 or other terms of the provision of the services to the 
 consumer, including any deposit, discount, or 
 conditions for interruption or termination of the 
 service.
 (4) Payment plan.--An energy utility firm may not 
 report payment information to a consumer reporting 
 agency with respect to an outstanding balance of a 
 consumer as late if--
 (A) the energy utility firm and the consumer 
 have entered into a payment plan (including a 
 deferred payment agreement, an arrearage 
 management program, or a debt forgiveness 
 program) with respect to such outstanding 
 balance; and
 (B) the consumer is meeting the obligations 
 of the payment plan, as determined by the 
 energy utility firm.

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