Fair Credit Reporting Act Amendments

Summary

Fair Credit Reporting Act Amendments - Provides that a person may not procure an investigative consumer report on any consumer unless the consumer has given written indication of his authorization of such report, after receiving written disclosure to him of the methods and scope of the investigation. Specifies what such disclosure shall include. Provides that the consumer shall be advised of the existence of any medical information withheld, and of his right to have such information furnished to a licensed physician of his choice. States that consumers are entitled to receive a copy of their credit report through the mail, and consumers who are turned down for credit, insurance or employment, are entitled to free disclosure of the contents of their credit file by long distance telephone without paying a toll charge. Requires that each investigative consumer report shall: (1) be in writing; (2) shall identify the sources of all information contained therein; and (3) shall be retained in the file of the consumer to whom it relates for a period of one year following its completion. Provides that anyone who takes adverse action against a consumer on the basis of information in a credit report must: (1) give the consumer a copy of the credit report and (2) disclose in writing (a) the specific reason for the adverse action, (b) the specific information in the credit report considered to be adverse, (c) the name, address, and phone number of the credit reporting agency, and (d) the consumer's legal right to inspect and correct his credit file. Provides that a consumer reporting agency or user of information is not liable in an action if it shows by a preponderance of the evidence that, at the time of the violation, the violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of reasonable procedures to assure compliance and avoidance of error.

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1 official file

• Introduced in Senate

  summary · EN · 3 August 1973

  Open at official source

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