Credit Information Privacy Act of 1989

Summary

Credit Information Privacy Act of 1989 - Amends the Truth in Lending Act to prohibit creditors from requiring borrowers to provide any information other than financial information in considering applications for extension of consumer credit. Prohibits creditors from requesting any information from any person other than the applicant, including any consumer reporting agency, unless the creditor: (1) determines that the information requested is necessary to determine the creditworthiness of the applicant and that the person from whom the information is requested is a reasonable source of such information; (2) limits the request to information to determine the applicant's creditworthiness; and (3) notifies the applicant of the need to request information from such other person, the name and address of that person, and the nature of such information; and (4) the applicant consents to such request. Specifies certain types of information, such as tax returns and financial contribution records, that are not reasonably necessary to determine an applicant's creditworthiness. Directs the Federal Reserve Board to establish standards for obtaining and classifying information, as well as to prescribe procedures, for creditors to use in determining an applicant's creditworthiness. Prohibits the distribution of such applications without certain specified disclosures to the applicant relating to the right to credit information privacy. Sets forth enforcement provisions. Authorizes consumer credit agencies to release information to specified persons certifying compliance with the requirements of this Act and to release only the specific information requested.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 22 March 1989

  Open at official source

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