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15 U.S.C. § 1681 — Congressional findings and statement of purpose
Federal law — U.S. Code and appendices · legal_authorities
**(a) Accuracy and fairness of credit reporting** The Congress makes the following findings:
(1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system.
(2) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers.
(3) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers.
(4) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer’s right to privacy.
**(b) Reasonable procedures** It is the purpose of this subchapter to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of this subchapter.
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Stable record: federal_law:legal_authorities:record_usc_2b73e59e06401a6ecb9f0b2b
Source file: Laws/federal/codes/united-states-code/title-15/section-1681-congressional-findings-and-statement-of-purpose--0f3efb718c.md
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Source location: Title 15, Chapter 41, § 1681; chapter-041-consumer-credit-protection.md
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**(a) Accuracy and fairness of credit reporting** The Congress makes the following findings:
(1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system.
(2) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers.
(3) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers.
(4) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer’s right to privacy.
**(b) Reasonable procedures** It is the purpose of this subchapter to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of this subchapter.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Informed use of credit** The Congress finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof by consumers. It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms available to him and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.
**(b) Terms of personal property leases** The Congress also finds that there has been a recent trend toward leasing automobiles and other durable goods for consumer use as an alternative to installment credit sales and that these leases have been offered without adequate cost disclosures. It is the purpose of this subchapter to assure a meaningful disclosure of the terms of leases of personal property for personal, family, or household purposes so as to enable the lessee to compare more readily the various lease terms available to him, limit balloon payments in consumer leasing, enable comparison of lease terms with credit terms where appropriate, and to assure meaningful and accurate disclosures of lease terms in advertisements.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1601
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter—
(1) the term “Chairperson” means the Chairperson of the Financial Literacy and Education Commission; and
(2) the term “Commission” means the Financial Literacy and Education Commission established under [section 9702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section9702&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 20 U.S.C. § 9701
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Definitions and rules of construction set forth in this section are applicable for the purposes of this subchapter.
**(b)** The term “person” means any individual, partnership, corporation, trust, estate, cooperative, association, government or governmental subdivision or agency, or other entity.
**(c)** The term “consumer” means an individual.
**(d) Consumer Report.—**
(1) **In general.—** — The term “consumer report” means any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumer’s credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living which is used or expected to be used or collected in whole or in part for the purpose of serving as a factor in establishing the consumer’s eligibility for—
(A) credit or insurance to be used primarily for personal, family, or household purposes;
(B) employment purposes; or
(C) any other purpose authorized under [section 1681b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681b&num=0&edition=prelim).
(2) **Exclusions.—** — Except as provided in paragraph (3), the term “consumer report” does not include—
(A) subject to [section 1681s–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681s-3&num=0&edition=prelim), any—
(i) report containing information solely as to transactions or experiences between the consumer and the person making the report;
(ii) communication of that information among persons related by common ownership or affiliated by corporate control; or
(iii) communication of other information among persons related by common ownership or affiliated by corporate control, if it
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1681a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Activities constituting discrimination** It shall be unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction—
(1) on the basis of race, color, religion, national origin, sex or marital status, or age (provided the applicant has the capacity to contract);
(2) because all or part of the applicant’s income derives from any public assistance program; or
(3) because the applicant has in good faith exercised any right under this chapter.
**(b) Activities not constituting discrimination** It shall not constitute discrimination for purposes of this subchapter for a creditor—
(1) to make an inquiry of marital status if such inquiry is for the purpose of ascertaining the creditor’s rights and remedies applicable to the particular extension of credit and not to discriminate in a determination of credit-worthiness;
(2) to make an inquiry of the applicant’s age or of whether the applicant’s income derives from any public assistance program if such inquiry is for the purpose of determining the amount and probable continuance of income levels, credit history, or other pertinent element of credit-worthiness as provided in regulations of the Bureau;
(3) to use any empirically derived credit system which considers age if such system is demonstrably and statistically sound in accordance with regulations of the Bureau, except that in the operation of such system the age of an elderly applicant may not be assigned a negative factor or value;
(4) to make an inquiry or to consider the age of an elderly applicant when the age of such applicant is to be used by the creditor in the extension of credit in favor of such applicant; or
(5) to make an inquiry under [section 1691c–2 of this title](https://uscode.house.gov/view.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1691
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Federal law — U.S. Code and appendices · legal_authorities
Except as otherwise provided in this title,11 See References in Text note below. for purposes of this title,1 the following definitions shall apply:
(1) **Affiliate** — The term “affiliate” means any person that controls, is controlled by, or is under common control with another person.
(2) **Bureau** — The term “Bureau” means the Bureau of Consumer Financial Protection.
(3) **Business of insurance** — The term “business of insurance” means the writing of insurance or the reinsuring of risks by an insurer, including all acts necessary to such writing or reinsuring and the activities relating to the writing of insurance or the reinsuring of risks conducted by persons who act as, or are, officers, directors, agents, or employees of insurers or who are other persons authorized to act on behalf of such persons.
(4) **Consumer** — The term “consumer” means an individual or an agent, trustee, or representative acting on behalf of an individual.
(5) **Consumer financial product or service** — The term “consumer financial product or service” means any financial product or service that is described in one or more categories under—
(A) paragraph (15) and is offered or provided for use by consumers primarily for personal, family, or household purposes; or
(B) clause (i), (iii), (ix), or (x) of paragraph (15)(A), and is delivered, offered, or provided in connection with a consumer financial product or service referred to in subparagraph (A).
(6) **Covered person** — The term “covered person” means—
(A) any person that engages in offering or providing a consumer financial product or service; and
(B) any affiliate of a person described in subparagraph (A) if such affiliate acts as a service provider to such person.
(7) **Credit** — The term “credit” means the right
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5494
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Subject to subsection (c), any consumer reporting agency may furnish a consumer report under the following circumstances and no other:
(1) In response to the order of a court having jurisdiction to issue such an order, a subpoena issued in connection with proceedings before a Federal grand jury, or a subpoena issued in accordance with [section 5318 of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5318&num=0&edition=prelim) or [section 3486 of title 18](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title18-section3486&num=0&edition=prelim).
(2) In accordance with the written instructions of the consumer to whom it relates.
(3) To a person which it has reason to believe—
(A) intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account of, the consumer; or
(B) intends to use the information for employment purposes; or
(C) intends to use the information in connection with the underwriting of insurance involving the consumer; or
(D) intends to use the information in connection with a determination of the consumer’s eligibility for a license or other benefit granted by a governmental instrumentality required by law to consider an applicant’s financial responsibility or status; or
(E) intends to use the information, as a potential investor or servicer, or current insurer, in connection with a valuation of, or an assessment of the credit or prepayment risks associated with, an existing credit obligation; or
(F) otherwise has a legitimate business need for the information—
(i) in connection with a business transaction that is i
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1681b
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Information excluded from consumer reports** Except as authorized under subsection (b), no consumer reporting agency may make any consumer report containing any of the following items of information:
(1) Cases under title 11 or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication, as the case may be, antedate the report by more than 10 years.
(2) Civil suits, civil judgments, and records of arrest that, from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period.
(3) Paid tax liens which, from date of payment, antedate the report by more than seven years.
(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.
(5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years.
(6) The name, address, and telephone number of any medical information furnisher that has notified the agency of its status, unless—
(A) such name, address, and telephone number are restricted or reported using codes that do not identify, or provide information sufficient to infer, the specific provider or the nature of such services, products, or devices to a person other than the consumer; or
(B) the report is being provided to an insurance company for a purpose relating to engaging in the business of insurance other than property and casualty insurance.
(7) With respect to a consumer reporting agency described in [section 1681a(p) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681a/p&num=0&edition=prelim), any information related to a veteran’s medical deb
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1681c
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Federal law — U.S. Code and appendices · legal_authorities
(a) One-call fraud alerts
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1681c–1
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Block** Except as otherwise provided in this section, a consumer reporting agency shall block the reporting of any information in the file of a consumer that the consumer identifies as information that resulted from an alleged identity theft, not later than 4 business days after the date of receipt by such agency of—
(1) appropriate proof of the identity of the consumer;
(2) a copy of an identity theft report;
(3) the identification of such information by the consumer; and
(4) a statement by the consumer that the information is not information relating to any transaction by the consumer.
**(b) Notification** A consumer reporting agency shall promptly notify the furnisher of information identified by the consumer under subsection (a)—
(1) that the information may be a result of identity theft;
(2) that an identity theft report has been filed;
(3) that a block has been requested under this section; and
(4) of the effective dates of the block.
**(c) Authority to decline or rescind**
(1) **In general** — A consumer reporting agency may decline to block, or may rescind any block, of information relating to a consumer under this section, if the consumer reporting agency reasonably determines that—
(A) the information was blocked in error or a block was requested by the consumer in error;
(B) the information was blocked, or a block was requested by the consumer, on the basis of a material misrepresentation of fact by the consumer relevant to the request to block; or
(C) the consumer obtained possession of goods, services, or money as a result of the blocked transaction or transactions.
(2) **Notification to consumer** — If a block of information is declined or rescinded under this subsection, the affected consumer shall be notified promptly, in the s
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1681c–2
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Disclosure of fact of preparation** A person may not procure or cause to be prepared an investigative consumer report on any consumer unless—
(1) it is clearly and accurately disclosed to the consumer that an investigative consumer report including information as to his character, general reputation, personal characteristics, and mode of living, whichever are applicable, may be made, and such disclosure (A) is made in a writing mailed, or otherwise delivered, to the consumer, not later than three days after the date on which the report was first requested, and (B) includes a statement informing the consumer of his right to request the additional disclosures provided for under subsection (b) of this section and the written summary of the rights of the consumer prepared pursuant to [section 1681g(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681g/c&num=0&edition=prelim); and
(2) the person certifies or has certified to the consumer reporting agency that—
(A) the person has made the disclosures to the consumer required by paragraph (1); and
(B) the person will comply with subsection (b).
**(b) Disclosure on request of nature and scope of investigation** Any person who procures or causes to be prepared an investigative consumer report on any consumer shall, upon written request made by the consumer within a reasonable period of time after the receipt by him of the disclosure required by subsection (a)(1), make a complete and accurate disclosure of the nature and scope of the investigation requested. This disclosure shall be made in a writing mailed, or otherwise delivered, to the consumer not later than five days after the date on which the request for such disclosure was received from the consumer or such repo
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1681d
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