United States 116th Congress Status: In Committee 1 D cosponsors

HR 3642 — Improving Credit Reporting for All Consumers Act

Last action — Placed on the Union Calendar, Calendar No. 288.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Summary

Improving Credit Reporting for All Consumers Act This bill generally modifies requirements related to consumer credit reporting. Specifically, it revises the dispute process for consumers challenging information contained on their credit report, establishes an appeals process for disputed information, and establishes the right to injunctive relief. The bill also requires additional disclosures from credit reporting agencies and furnishers of credit information, prohibits automatic renewals for promotional consumer credit products and services, and makes other related changes. Additionally, the bill directs the Consumer Financial Protection Bureau to issue rules under this bill, including rules to provide for (1) accuracy and completeness in credit reports; (2) access to consumer reporting information for nonnative English speakers, the visually impaired, and the hearing impaired; and (3) the registration of consumer reporting agencies.

Bill Text

What changed in the latest version

22 added · 9 removed

Plain-language change summary

The amendment updates Section 4 of the bill from "General Bureau rulemaking" to "Consumer Bureau rulemaking," indicating a focus specifically on consumer-related issues. It also replaces the clause regarding increased consumer awareness of dispute rights from "(h)" to "(i)" and introduces new language encouraging consumers to comparison shop for loans. This change emphasizes the importance of consumer awareness and access to information when selecting loan options, potentially leading to more informed financial decisions.

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3642 Introduced in House (IH)] <DOC> 116th CONGRESS 1st Session H.
3642 Reported in House (RH)] <DOC> Union Calendar No.
288 116th CONGRESS 1st Session H.
3642 To amend the Fair Credit Reporting Act to fix the consumer report dispute process, to ban misleading and unfair consumer reporting practices, and for other purposes.
3642 [Report No.
116-363] To amend the Fair Credit Reporting Act to fix the consumer report dispute process, to ban misleading and unfair consumer reporting practices, and for other purposes.
which was referred to the Committee on Financial Services _______________________________________________________________________ A BILL To amend the Fair Credit Reporting Act to fix the consumer report dispute process, to ban misleading and unfair consumer reporting practices, and for other purposes.
which was referred to the Committee on Financial Services December 23, 2019 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed [Strike out all after the enacting clause and insert the part printed in italic] [For text of introduced bill, see copy of bill as introduced on July 9, 2019] _______________________________________________________________________ A BILL To amend the Fair Credit Reporting Act to fix the consumer report dispute process, to ban misleading and unfair consumer reporting practices, and for other purposes.
General Bureau rulemaking.
Consumer Bureau rulemaking.
GENERAL BUREAU RULEMAKING.
CONSUMER BUREAU RULEMAKING.
1681i(e)) is amended by inserting ``or 603(x)'' after ``section 603(p)''.
1681i(e)) is amended by inserting ``or 603(x)'' after ``section 603(p)'' each place such term appears.
``(h) Increased Consumer Awareness of Dispute Rights.-- ``(1) In general.--Not later than 180 days after the date of enactment of this subsection, each consumer reporting agency described under subsection (p) or (x) of section 603 shall-- ``(A) establish an Internet website accessible to consumers;
``(i) Increased Consumer Awareness of Dispute Rights.-- ``(1) In general.--Not later than 180 days after the date of enactment of this subsection, each consumer reporting agency described under subsection (p) or (x) of section 603 shall-- ``(A) establish an Internet website accessible to consumers;
``(2) Retention period.--Records described under paragraph (1) shall be maintained until the information with respect to which the records relate may no longer be included in a consumer report pursuant to sections 605.
``(2) Retention period.--Records described under paragraph (1) shall be maintained until the information with respect to which the records relate may no longer be included in a consumer report pursuant to section 605.
and (V) by adding at the end the following new clauses:
and (V) by adding at the end the following new clause:
``(h) Encouraging Consumers To Comparison Shop for Loans by Treating Grouped Enquiries of the Same Type Within a Reasonable Period as a Single Enquiry.-- ``(1) In general.--With respect to multiple enquiries of the same type made to a consumer reporting agency for a consumer report or credit score with respect to a consumer, any credit scoring model shall treat such enquiries as a single enquiry if the enquiries are made within a 120-day period.
``(i) Encouraging Consumers To Comparison Shop for Loans by Treating Grouped Enquiries of the Same Type Within a Reasonable Period as a Single Enquiry.-- ``(1) In general.--With respect to multiple enquiries of the same type made to a consumer reporting agency for a consumer report or credit score with respect to a consumer, any credit scoring model shall treat such enquiries as a single enquiry if the enquiries are made within a 120-day period.
<all>
Union Calendar No.
288 116th CONGRESS 1st Session H.
R.
3642 [Report No.
116-363] _______________________________________________________________________ A BILL To amend the Fair Credit Reporting Act to fix the consumer report dispute process, to ban misleading and unfair consumer reporting practices, and for other purposes.
_______________________________________________________________________ December 23, 2019 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
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Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Financial Services.

  4. Committee Consideration and Mark-up Session Held.

  5. Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 26.

  6. Reported (Amended) by the Committee on Financial Services. H. Rept. 116-363.

  7. Reported (Amended) by the Committee on Financial Services. H. Rept. 116-363.

  8. Placed on the Union Calendar, Calendar No. 288.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

Show all 546 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

finance
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Frequently asked questions

What does HR 3642 do?
Improving Credit Reporting for All Consumers Act This bill generally modifies requirements related to consumer credit reporting. Specifically, it revises the dispute process for consumers challenging information contained on their credit report, establishes an appeals process for disputed information, and establishes the right to injunctive relief. The bill also requires additional disclosures from credit reporting agencies and furnishers of credit information, prohibits automatic renewals for promotional consumer credit products and services, and makes other related changes. Additionally, the bill directs the Consumer Financial Protection Bureau to issue rules under this bill, including rules to provide for (1) accuracy and completeness in credit reports; (2) access to consumer reporting information for nonnative English speakers, the visually impaired, and the hearing impaired; and (3) the registration of consumer reporting agencies.
Who sponsors HR 3642?
HR 3642 is sponsored by Adams, Alma S. (Democratic).
What is the current status of HR 3642?
This bill died with 116th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 3642?
Track HR 3642 free on One Click Politics — get push/email alerts when it moves.

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