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1 H.R. 3618, Free Credit Scores for Consumers Act of 2019 1 (October 22, 2019)

handle is hein.congrec/cbofreec0001 and id is 1 raw text is: Congressional Budget Office 7 Cost Estimate October 22, 2019 By Fiscal Year, Millions of Dollars 2020 2020-2024 2020-2029 Direct Spending (Outlays) Revenues Deficit Effect 1 0 1 2 2 0 2 0 2 Under current law, nationwide credit reporting agencies (CRAs) are required to provide to consumers, annually upon request, a free credit report that lists factors such as bill payment history, current debt, and other elements used to assess creditworthiness. H.R. 3618 would require CRAs to: * Provide to consumers, annually upon request, a statement containing a FICO credit score, an educational credit score (which measures credit risk, but cannot be used by lenders), or an explanation why neither can be furnished. Besides the credit score itself, the statement would identify factors that contributed to the score, the range of possible scores under the model used, and the distribution of scores among recipient consumers. * Provide to consumers, upon request, their past two years of credit scores on file. * Include a free credit score with any free credit report that must be furnished under current law. (For example, CRAs must provide a free credit report to consumers that assert they are identity theft victims.) * Increase transparency efforts and to notify consumers of their right to receive free credit reports and scores. Using information from the Consumer Financial Protection Bureau, CBO estimates that enacting the bill would increase direct spending by $2 million for the agency to issue rules to See also CBO's Cost Estimates Explained, www.cbo.gov/publication/54437; How CBO Prepares Cost Estimates, www.cbo.gov/publication/53519; and Glossary, www.cbo.gov/publication/42904.

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