Introduced Senate Bill (S)

Authored by

DIGEST

Credit score disclosures and credit inquiries. Provides that upon receiving a consumer's request for a credit score, a consumer reporting agency shall provide the consumer a notice that includes certain specified information, including not more than four key factors that adversely affected the consumer's credit score, listed in order of their importance in affecting the consumer's credit score. Provides that a consumer reporting agency may not develop or distribute a credit score for a consumer if the credit score is based on a methodology in which the credit score is adversely affected by certain designated credit inquiries made with respect Credit score disclosures and credit inquiries. Provides that upon receiving a consumer's request for a credit score, a consumer reporting agency shall provide the consumer a notice that includes certain specified information, including not more than four key factors that adversely affected the consumer's credit score, listed in order of their importance in affecting the consumer's credit score. Provides that a consumer reporting agency may not develop or distribute a credit score for a consumer if the credit score is based on a methodology in which the credit score is adversely affected by certain designated credit inquiries made with respect to the consumer. Provides that a creditor may not use as a negative factor in: (1) evaluating a consumer's creditworthiness, credit standing, or credit capacity; or (2) determining: (A) a consumer's eligibility for credit; or (B) the terms or costs of any credit extended to a consumer; any designated credit inquiries made to a consumer reporting agency with respect to the consumer. Provides that a creditor may not use as a factor in: (1) evaluating a consumer's creditworthiness, credit standing, or credit capacity; or (2) determining: (A) a consumer's eligibility for credit; or (B) the terms or costs of any credit extended to a consumer; any credit score generated for the consumer if the credit score is based on a methodology in which the credit score is adversely affected by any designated credit inquiries made with respect to the consumer. Provides that a person that violates these provisions commits a deceptive act that is subject to the penalties set forth in the statute concerning deceptive consumer sales. ... View more