text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Fair Credit Reporting Act Amendments 
  of 2000''.
  
  SEC. 2. FREE CREDIT REPORT ANNUALLY UPON REQUEST OF CONSUMER.
  
      Section 612 of the Fair Credit Reporting Act (15 U.S.C. 1681j) is 
  amended--
              (1) by redesignating subsections (c) and (d) as subsections 
          (d) and (e), respectively; and
              (2) by inserting after subsection (b) the following new 
          subsection:
      ``(c) Free Credit Report Annually Upon Request of Consumer.--Upon 
  the request of any consumer, each consumer reporting agency shall make 
  all disclosures pursuant to section 609 without charge to such consumer 
  at least once each calendar year.''.
      (b) Technical and Conforming Amendment.--Section 612(a)(1) of the 
  Fair Credit Reporting Act (15 U.S.C. 1681j(a)(1)) is amended by 
  striking ``(c), and (d)'' and inserting ``(c), (d), and (e)''.
  
  SEC. 3. DISCLOSURE OF WORLD WIDE WEB SITE.
  
      Section 609(c)(9)(1)(B) of the Fair Credit Reporting Act (15 U.S.C. 
  1681(c)(1)(B)) is amended by inserting ``and information sufficient to 
  allow the consumer to contact the agency, or request a consumer report 
  relating to the consumer from the agency, through the Internet or the 
  World Wide Web'' before the period at the end.
  
  SEC. 4. DISCLOSURE OF CREDIT SCORES AND EXPLANATION OF CREDIT SCORES.
  
      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, together with--
                      ``(A) a clear and concise summary of how the scores 
                  and predictors are derived;
                      ``(B) the factors taken into account in deriving a 
                  score or predictor;
                      ``(C) how such factors are applied to the consumer;
                      ``(D) the relative weight given to each factor; and
                      ``(E) the manner and extent to which such factors 
                  raise or lower the score or predictor.''
  
  SEC. 5. SHORTER PERIOD FOR INCLUSION OF SMALL DEBTS UNDER CERTAIN 
                CIRCUMSTANCES.
  
      Section 605(a) of the Fair Credit Reporting Act (15 U.S.C. 
  1681c(a)) is amended by adding at the end the following new paragraph:
              ``(6) Notwithstanding paragraph (4), any account placed for 
          collection or charged to profit and loss in which the amount 
          placed to collection or charged to profit and loss did not 
          exceed $100 and which antedates the report by more than 3 
          years, if--
                      ``(A) the consumer to whom the report relates 
                  completed a credit and financial management class 
                  during such 3-year period; and
                      ``(B) the consumer has not previously had an 
                  account excluded from paragraph (4) by virtue of this 
                  paragraph.''.
  
  SEC. 6. PROMPT INVESTIGATION AND CORRECTION OR DELETION OF INACCURATE, 
                INCOMPLETE, OR UNVERIFIABLE CONSUMER INFORMATION.
  
      (A) Review and Monitoring Required.--The Board of Governors of the 
  Federal Reserve System and the Federal Trade Commission shall each 
  review and monitor the extent to which, and the manner in which, 
  consumer reporting agencies and furnishers of consumer information to 
  consumer reporting agencies are complying with the procedures, time 
  lines, and requirements under the Fair Credit Reporting Act for the 
  prompt investigation of the disputed accuracy of any consumer 
  information and the prompt correction or deletion, in accordance with 
  such Act, of any inaccurate or incomplete information or information 
  that cannot be verified.
      (b) Report Required.--Before the end of the 6-month period 
  beginning on the date of the enactment of this Act, the Board of 
  Governors of the Federal Reserve System and the Federal Trade 
  Commission shall each submit a progress report to the Congress on the 
  results of the review required under subsection (a).
      (c) Recommendations.--The report under subsection (b) shall include 
  such recommendations as the Board and the Commission determine to be 
  appropriate for legislative or administrative action to ensure that--
              (1) consumer disputes with consumer reporting agencies over 
          the accuracy or completeness of information in a consumer's 
          file are promptly and fully investigated and any incorrect, 
          incomplete, or unverifiable information is immediately 
          corrected or deleted;
              (2) furnishers of information to consumer reporting 
          agencies maintain full and prompt compliance with the duties 
          and responsibilities established under section 623 of the Fair 
          Credit Reporting Act; and
              (3) consumer reporting agencies establish and maintain 
          appropriate internal controls and management review procedures 
          for maintaining full and continuous compliance with the 
          procedures, time lines, and requirements under the Fair Credit 
          Reporting Act for the prompt investigation of the disputed 
          accuracy of any consumer information and the prompt correction 
          or deletion, in accordance with such Act, of any inaccurate or 
          incomplete information or information that cannot be verified.
      (d) Definitions.--For purposes of this section, the terms 
  ``consumer'', ``consumer report'', and ``consumer reporting agency'' 
  have the same meaning as in the Fair Credit Reporting Act.
  
  SEC. 7. EFFECTIVE DATE.
  
      The amendments made by this Act shall take effect at the end of the 
  90-day period beginning on the date of the enactment of this Act.
target: Prohibits the inclusion of certain small debts in a consumer report under specified circumstances.
  Directs the Board of Governors of the Federal Reserve System and the Federal Trade Commission to: (1) monitor and review the extent to which consumer reporting agencies and purveyors of information to such agencies comply with FCRA requirements for the prompt investigation of matters in dispute and the prompt correction of inaccurate or incomplete information, or information that cannot be verified; and (2) present a progress report to Congress.
feat_title: Fair Credit Reporting Act Amendments of 2000