SECURE Act

Summary

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.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 9 April 2014

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 9 April 2014

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• Introduced in Senate

  summary · EN · 9 April 2014

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