Fair Credit Reporting Amendments of 1979

Summary

Fair Credit Reporting Amendments of 1979 - Amends the Fair Credit Reporting Act. Raises monetary limits related to credit transactions and employment, below which consumer reporting agencies are prohibited from reporting of obsolete information. Prohibits a person from procuring or causing to be prepared an investigative consumer report or general investigative report without the consumer's specific written authorization. Prohibits disclosure of medical information to consumer reporting agencies unless the consumer is given certain information. Requires consumer reporting agencies to assure accuracy in accordance with Federal Trade Commission (FTC) regulations. Requires that sources of information acquired solely in preparing reports be disclosed if a consumer disputes the accuracy of any information. Requires the disclosure of consumer reports used for employment purposes which contain information which may be adverse to the consumer. Prohibits consumer reporting agencies from maintaining a file on any consumer without notifying the consumer. Revises the conditions for disclosing information to the consumer. Requires consumer reporting agencies to notify the consumer of the results of any reinvestigation of a disputed matter. Requires that each investigative consumer report be in writing and retained by the agency for one year. Requires users of consumer reports who take adverse action or deny credit or insurance on the basis of information in a consumer report to notify the consumer of such information. Specifies that the minimum civil liability for willful or knowing noncompliance with this Act shall be $1,000. Permits additional damages for negligent noncompliance with this Act, not to be less than $100 for each violation. Authorizes the FTC to examine consumer reports and agency files. Authorizes the FTC to determine whether inconsistencies exist in relation to State laws which give lesser protection to the consumer.

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1 official file

• Introduced in House

  summary · EN · 6 March 1979

  Open at official source

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