text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Stop Errors in Credit Use and 
  Reporting Act'' or the ``SECURE Act''.
  
  SEC. 2. LEGAL RECOURSE FOR CONSUMERS.
  
      (a) Injunctive Relief.--The Fair Credit Reporting Act (15 U.S.C. 
  1681 et seq.) is amended--
              (1) in section 616--
                      (A) in subsection (a), by striking ``(a) In 
                  General.--'' and inserting ``(a) Damages.--'';
                      (B) by redesignating subsections (c) and (d) as 
                  subsections (d) and (e), respectively; and
                      (C) by inserting after subsection (b) the 
                  following:
      ``(c) Injunctive Relief.--In addition to any other remedy set forth 
  in this section, a court may award injunctive relief to require 
  compliance with the requirements imposed under this title with respect 
  to any consumer. In the event of any successful action for injunctive 
  relief under this subsection, the court may award to the prevailing 
  party costs and reasonable attorney fees (as determined by the court) 
  incurred during the action by such party.''; and
              (2) in section 617--
                      (A) in subsection (a), by striking ``(a) In 
                  General.--'' and inserting ``(a) Damages.--'';
                      (B) by redesignating subsection (b) as subsection 
                  (c); and
                      (C) by inserting after subsection (a) the 
                  following:
      ``(b) Injunctive Relief.--In addition to any other remedy set forth 
  in this section, a court may award injunctive relief to require 
  compliance with the requirements imposed under this title with respect 
  to any consumer. In the event of any successful action for injunctive 
  relief under this subsection, the court may award to the prevailing 
  party costs and reasonable attorney fees (as determined by the court) 
  incurred during the action by such party.''.
      (b) Enforcement by Federal Trade Commission.--Section 621(a)(2)(A) 
  of the Fair Credit Reporting Act (15 U.S.C. 1681s(a)(2)(A)) is 
  amended--
              (1) by striking ``(A) Knowing violations.--'' and inserting 
          ``(A) Negligent, willful, or knowing violations.--''; and
              (2) by inserting ``negligent, willful, or'' before 
          ``knowing''.
  
  SEC. 3. INCREASED REQUIREMENTS FOR CONSUMER REPORTING AGENCIES AND 
                FURNISHERS OF INFORMATION.
  
      (a) Provision and Consideration of Documentation Provided by 
  Consumers.--The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.) is 
  amended--
              (1) in section 611--
                      (A) in subsection (a)--
                              (i) in paragraph (2)--
                                      (I) in subparagraph (A), by 
                                  inserting ``, including all 
                                  documentation provided by the 
                                  consumer'' after ``received from the 
                                  consumer or reseller''; and
                                      (II) in subparagraph (B), by 
                                  inserting ``, including all 
                                  documentation provided by the 
                                  consumer,'' after ``from the consumer 
                                  or reseller''; and
                              (ii) in paragraph (4), by inserting ``, 
                          including all documentation,'' after ``relevant 
                          information''; and
                      (B) in subsection (f)(2)(B)(ii), by inserting ``, 
                  including all documentation,'' after ``relevant 
                  information''; and
              (2) in section 623--
                      (A) in subsection (a)(8)(E), by striking clause 
                  (ii) and inserting the following:
                              ``(ii) review and consider all relevant 
                          information, including all documentation, 
                          provided by the consumer with the notice;''; 
                          and
                      (B) in subsection (b)(1), by striking subparagraph 
                  (B) and inserting the following:
                      ``(B) review and consider all relevant information, 
                  including all documentation, provided by the consumer 
                  reporting agency pursuant to section 611(a)(2);''.
      (b) Gathering and Reporting of Information Relating to Consumer 
  Disputes.--Section 611 of the Fair Credit Reporting Act (15 U.S.C. 1681 
  et seq.) is amended by adding at the end the following:
      ``(g) Gathering and Reporting of Information Relating to Consumer 
  Disputes.--
              ``(1) Reports required.--The Bureau shall provide reports 
          regarding the disputes described in subsection (a)(1) received 
          by consumer reporting agencies in such intervals and to such 
          parties as the Bureau deems appropriate.
              ``(2) Gathering of information.--The Bureau shall prescribe 
          rules for the gathering of information relating to disputes 
          described in subsection (a)(1) received by consumer reporting 
          agencies to be used in generating the reports under paragraph 
          (1), including rules establishing--
                      ``(A) the type and format of information that shall 
                  be received by the Bureau from each consumer reporting 
                  agency; and
                      ``(B) the frequency of receipt of the information 
                  from consumer reporting agencies.''.
      (c) Accuracy Compliance Procedures.--Section 607 of the Fair Credit 
  Reporting Act (15 U.S.C. 1681e) is amended by striking subsection (b) 
  and inserting the following:
      ``(b) Accuracy of Report.--
              ``(1) In general.--A consumer reporting agency shall follow 
          reasonable procedures when preparing a consumer report to 
          assure maximum possible accuracy of the information concerning 
          the individual to whom the consumer report relates.
              ``(2) Bureau rule to assure maximum possible accuracy.--
                      ``(A) Proposed rule.--Not later than 1 year after 
                  the date of enactment of the Stop Errors in Credit Use 
                  and Reporting Act, the Bureau shall issue a proposed 
                  rule establishing the procedures that a consumer 
                  reporting agency must follow to assure maximum possible 
                  accuracy of all consumer reports furnished by the 
                  agency in compliance with this subsection.
                      ``(B) Considerations.--When formulating the rule 
                  required under subparagraph (A), the Bureau shall 
                  consider if requiring the matching of the following 
                  information would improve the accuracy of consumer 
                  reports:
                              ``(i) The first name and last name of a 
                          consumer.
                              ``(ii) The date of birth of a consumer.
                              ``(iii) All 9 digits of the social security 
                          number of a consumer.
                              ``(iv) Any other information that the 
                          Bureau determines would aid in assuring maximum 
                          possible accuracy of all consumer reports 
                          furnished by consumer reporting agencies in 
                          compliance with this subsection.''.
      (d) Responsibilities of Furnishers of Information to Consumer 
  Reporting Agencies.--Section 623(a)(8)(F)(i)(II) of the Fair Credit 
  Reporting Act (15 U.S.C. 1681s-2(a)(8)(F)(i)(II)) is amended by 
  inserting ,`` and does not include any new or additional information 
  that would be relevant to a reinvestigation'' before the period.
      (e) Disclosures to Consumers.--Section 609 of the Fair Credit 
  Reporting Act (15 U.S.C. 1681g) is amended--
              (1) in subsection (a)(3)(B), by striking ``; and'' and all 
          that follows through the end of subparagraph (B) and inserting 
          the following:
                              ``(ii) the address and telephone number of 
                          the person; and
                              ``(iii) the permissible purpose of the 
                          person for obtaining the consumer report, 
                          including the specific type of credit product 
                          that is extended, reviewed, or collected as 
                          described in section 604(a)(3)(A).'';
              (2) in subsection (f)--
                      (A) by amending paragraph (7)(A) to read as 
                  follows:
                      ``(A) supply the consumer with a credit score 
                  that--
                              ``(i) is derived from a credit scoring 
                          model that is widely distributed to users by 
                          the consumer reporting agency for the purpose 
                          of any extension of credit or other transaction 
                          designated by the consumer who is requesting 
                          the credit score; or
                              ``(ii) is widely distributed to lenders of 
                          common consumer loan products and predicts the 
                          future credit behavior of the consumer; and''; 
                          and
                      (B) in paragraph (8), by inserting ``, except that 
                  a credit score shall be provided free of charge to the 
                  consumer if requested in connection with a free annual 
                  consumer report described in section 612(a)'' before 
                  the period; and
              (3) in subsection (g)(1)--
                      (A) by striking subparagraph (C); and
                      (B) by redesignating subparagraphs (D) though (G) 
                  as subparagraphs (C) through (F), respectively.
      (f) Notification Requirements.--
              (1) Adverse information notification.--The Fair Credit 
          Reporting Act (15 U.S.C. 1681 et seq.) is amended--
                      (A) in section 612, by striking subsection (b) and 
                  inserting the following:
      ``(b) Free Disclosure After Notice of Adverse Action or Offer of 
  Credit on Materially Less Favorable Terms.--
              ``(1) In general.--Not later than 14 days after the date on 
          which a consumer reporting agency receives a notification under 
          subsection (a)(2) or (h)(6) of section 615, or from a debt 
          collection agency affiliated with the consumer reporting 
          agency, the consumer reporting agency shall make, without 
          charge to the consumer, all disclosures required in accordance 
          with the rules prescribed by the Bureau under section 609(h).
              ``(2) Transition period.--After the effective date of the 
          provisions of the Stop Errors in Credit Use and Reporting Act 
          and before the Bureau has finalized the rule required under 
          section 609(h), a consumer reporting agency that is required to 
          make disclosures under this subsection shall provide to the 
          consumer a copy of the current credit report on the consumer 
          and any other disclosures required under this Act or the Stop 
          Errors in Credit Use and Reporting Act, without charge to the 
          consumer.''; and
                      (B) in section 615(a)--
                              (i) by redesignating paragraphs (2), (3) 
                          and (4) as paragraphs (3), (4), and (5) 
                          respectively;
                              (ii) by inserting after paragraph (1) the 
                          following:
              ``(2) direct the consumer reporting agency that provided 
          the consumer report used in the decision to take the adverse 
          action to provide the consumer with the disclosures described 
          in section 612(b);''; and
                              (iii) in paragraph (5), as redesignated by 
                          this paragraph--
                                      (I) in the matter preceding 
                                  subparagraph (A), by striking ``of the 
                                  consumer's right'';
                                      (II) by striking subparagraph (A) 
                                  and inserting the following:
                      ``(A) that the consumer will receive a copy of the 
                  consumer report on the consumer, free of charge, from 
                  the consumer reporting agency that furnished the 
                  consumer report; and''; and
                                      (III) in subparagraph (B), by 
                                  inserting ``of the right of the 
                                  consumer'' before ``to dispute''.
              (2) Notification in cases of less favorable terms.--Section 
          615(h) of the Fair Credit Reporting Act (15 U.S.C. 1681m(h)) is 
          amended--
                      (A) in paragraph (1), by striking ``paragraph (6)'' 
                  and inserting ``paragraph (7)'';
                      (B) in paragraph (2), by striking ``paragraph (6)'' 
                  and inserting ``paragraph (7)'';
                      (C) in subparagraph (5)(C), by striking ``may 
                  obtain'' and inserting ``will receive''
                      (D) by redesignating paragraphs (6), (7), and (8) 
                  as paragraphs (7), (8), and (9), respectively; and
                      (E) by inserting after paragraph (5) the following:
              ``(6) Reports provided to consumers.--A person who uses a 
          consumer report as described in paragraph (1) shall notify and 
          direct the consumer reporting agency that provided the consumer 
          report to provide the consumer with the disclosures described 
          in section 612(b).''.
              (3) Notification of subsequent submissions of negative 
          information.--Section 623(a)(7)(A)(ii) of the Fair Credit 
          Reporting Act (15 U.S.C. 1681s-2(a)(7)(A)(ii)) by striking ``or 
          customer'' and inserting ``or'' before ``account''.
              (4) Bureau rule defining certain disclosure requirements.--
          Section 609 of the Fair Credit Reporting Act (15 U.S.C. 1681g) 
          is amended by adding at the end the following:
      ``(h) Bureau Rule Defining Certain Disclosure Requirements.--
              ``(1) Proposed rule.--Not later than 1 year after the date 
          of enactment of the Stop Errors in Credit Use and Reporting 
          Act, the Bureau shall publish a proposed rule to implement the 
          disclosure requirements described in section 612(b).
              ``(2) Considerations.--In formulating the rule required 
          under paragraph (1), the Bureau shall consider--
                      ``(A) what information would enable consumers to 
                  determine the reasons for which a person took adverse 
                  action or offered credit on materially less favorable 
                  terms and to verify the accuracy of such information; 
                  and
                      ``(B) how to provide the information described in 
                  subparagraph (A) while protecting consumer privacy, 
                  including procedures to ensure that such information is 
                  provided to the consumer at the appropriate address.''.
  
  SEC. 4. REGULATORY REFORM.
  
      Section 621 of the Federal Credit Reporting Act (15 U.S.C. 1681s) 
  is amended by adding at the end the following:
      ``(h) Consumer Reporting Agency Registry.--
              ``(1) Establishment of registry.--Not later than 180 days 
          after the date of enactment of the Stop Errors in Credit Use 
          and Reporting Act, the Bureau shall establish 3 publicly 
          available registries of consumer reporting agencies, 
          including--
                      ``(A) a registry of nationwide consumer reporting 
                  agencies as described in section 603(p);
                      ``(B) a registry of nationwide specialty consumer 
                  reporting agencies as defined in section 603(x); and
                      ``(C) a registry of all other consumer reporting 
                  agencies included under subsection 603(f) that are not 
                  included under section 603(p) or 603(x).
              ``(2) Registration requirement.--All consumer reporting 
          agencies as defined in section 603(f) must register with one of 
          the registries established by the Bureau under this subsection 
          in a timeframe established by the Bureau.''.
  
  SEC. 5. STUDY OF A PUBLIC CREDIT REPORTING SYSTEM.
  
      (a) Study.--Not later than 6 months after the date of enactment of 
  this Act, the Comptroller General of the United States shall undertake 
  a study--
              (1) of credit systems in the international credit system 
          with government-administered consumer credit reporting systems;
              (2) of available information regarding the accuracy of 
          existing government-administered consumer credit reporting 
          systems;
              (3) to evaluate the feasibility of a national, government-
          administered consumer credit reporting system;
              (4) of any consumer benefits that might reasonably be 
          expected to result from a government-administered consumer 
          credit report; and
              (5) of any costs that might result from a government-
          administered consumer credit reporting system in the United 
          States.
      (b) Publication of Findings.--Not later than 18 months after the 
  date of enactment of this Act, the Comptroller General of the United 
  States shall publish the findings under subsection (a).
  
  SEC. 6. EFFECTIVE DATE.
  
      Except as otherwise provided in this Act and the amendments made by 
  this Act, the provisions of this Act and the amendments made by this 
  Act shall take effect 6 months after the date of enactment of this Act.
target: Stop Errors in Credit Use and Reporting Act or the SECURE Act - Amends the Fair Credit Reporting Act, with respect to civil liability for either willful or negligent noncompliance by a consumer reporting agency with respect to consumer credit protection requirements, to authorize a court to award: (1) injunctive relief to require compliance with such Act, and (2) costs and reasonable attorney fees to the prevailing party in any successful action for injunctive relief.  Requires a consumer reporting agency to include, in its mandatory notification to a furnisher of disputed information in a consumer's file, all documentation provided by the consumer. Requires the furnisher of disputed information, upon notification of a dispute, to review and consider all documentation provided by the consumer.  Directs the Consumer Financial Protection Bureau (CFPB) to: (1) prepare, and deliver to appropriate parties, reports concerning disputed information received by consumer reporting agencies; and (2) prescribe rules for the gathering of information relating to such disputes. Directs the CFPB to establish mandatory procedures for a consumer reporting agency to follow to assure maximum possible accuracy of all consumer reports.  Requires a consumer reporting agency to give a consumer a credit score free of charge if one is requested in connection with a free annual consumer report.  Requires a consumer reporting agency to provide free disclosures, even without consumer request, to any consumer who has received either a notice of adverse action or an offer of credit on materially less favorable terms. (Present law requires such disclosure only if the consumer so requests). Directs the CFPB to establish three publicly available registries of consumer reporting agencies, including registries of: (1) nationwide consumer reporting agencies; and (2) nationwide specialty consumer reporting agencies. Directs the Comptroller General (GAO) to study: (1) credit systems in the international credit system with government-administered consumer credit reporting systems; and (2) the feasibility of a national, U.S. government-administered consumer credit reporting system.
feat_title: SECURE Act