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AMENDMENTS TO THE FAIR CREDIT REPORTING
COMMITTEE ON BANKING, FINANCE AND
ONE HUNDRED FIRST CONGRESS
JUNE 12, 1990
Printed for the use of the Committee on Banking, Finance and Urban Affairs
Serial No. 101-132
U.S. GOVERNMENT PRINTING OFFICE
WASHINGTON : 1990
For sale by the Superintendent of Documents, Congressional Sales Office
U.S. Government Printing Office, Washington, DC 20402
HOUSE COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS
HENRY B. GONZALEZ, Texas, Chairman FRANK ANNUNZIO, Illinois
CHALMERS P. WYLIE, Ohio WALTER E. FAUNTROY, District of
JIM LEACH, Iowa Columbia
NORMAN D. SHUMWAY, California STEPHEN L. NEAL, North Carolina
STAN PARRIS, Virginia CARROLL HUBBARD, Jr., Kentucky
BILL MCCOLLUM, Florida JOHN J. LAFALCE, New York
MARGE ROUKEMA, New Jersey MARY ROSE OAKAR, Ohio
DOUG BEREUTER, Nebraska BRUCE F. VENTO, Minnesota
DAVID DREIER, California DOUG BARNARD, JR., Georgia
JOHN HILER, Indiana CHARLES E. SCHUMER, New York
THOMAS J. RIDGE, Pennsylvania BARNEY FRANK, Massachusetts
STEVE BARTLETT, Texas RICHARD H. LEHMAN, California
TOBY ROTH, Wisconsin BRUCE A. MORRISON, Connecticut
ALFRED A. (AL) MCCANDLESS, California MARCY KAPTUR, Ohio
JIM SAXTON, New Jersey BEN ERDREICH, Alabama
PATRICIA F. SAIKI, Hawaii THOMAS R. CARPER, Delaware
JIM BUNNING, Kentucky ESTEBAN EDWARD TORRES, California RICHARD H. BAKER, Louisiana GERALD D. KLECZKA Wisconsin
CLIFF STEARNS, Florida BILL NELSON, Florida
PAUL E. GILLMOR, Ohio
BILL PAXON, New York
SUBCOMMITTEE ON CONSUMER AFFAIRS AND COINAGE
RICHARD H. LEHMAN, California, Chairman HENRY B. GONZALEZ, Texas
JOHN HILER, Indiana NANCY PELOSI, California
CHALMERS P. WYLIE, Ohio CARROLL HUBBARD, JR., Kentucky
THOMAS J. RIDGE, Pennsylvania DOUG BARNARD, JR., Georgia
DAVID DREIER, California CHARLES E. SCHUMER, New York
STEVE BARTLETT, Texas
JIM SAXTON, New Jersey
on behalf of the National Retail Federation........
Guiton, Bonnie, special advisor to the president on Consumer Affairs, accom-
panied by Patricia Faley, director of Industry Relations, Officer of Con-
ADDITIONAL MATERIAL SUBMITTED FOR THE RECORD
760 774 584 815
691 477 710 750 746 769 556 768 511 322 622 631 447
Comptroller of the Currency, statement
Practices" and "Personal Information Protection
Letter to Mr. Lehman dated June 27, 1990....
June 7, 1990..
California, letter to Mr. Lehman dated July 2, 1990........
740 827 566 504 819 771 825 540 704 812
667 589 376 416 434 656
657 731 738 721 688 650 741
AMENDMENTS TO THE FAIR CREDIT
Tuesday, June 12, 1990
HOUSE OF REPRESENTATIVES,
Washington, DC. The subcommittee met, pursuant to call, at 9:30 a.m., in room 2322, Rayburn House Office Building, Hon. Richard Lehman (chairman of the subcommittee) presiding.
Present: Chairman Lehman, Representatives Hubbard, Barnard, Schumer, Price and Hiler.
Chairman LEHMAN. Good morning. Today the Subcommittee on Consumer Affairs and Coinage convenes to hear testimony on legislation to amend the Fair Credit Reporting Act.
As everyone knows, this subcommittee held an oversight hearing in September 1989 to review the effectiveness of the act. This law, 20 years old this year, was intended to guarantee that as credit reporting agencies work to provide consumer information to businesses, they would also work to ensure the confidentiality, accuracy, relevancy, and proper use of such information.
Three bills were introduced subsequent to the hearing-H.R. 3740, Mr. Rinaldo's bill; H.R. 4122, Mr. Schumer's bill; and my bill, H.R. 4213. Each shares some provisions as we all incorporated at least some of the many amendments suggested at the hearing.
[The text of the bills can be found in the appendix.]
Chairman LEHMAN. My bill, H.R. 4213, is a comprehensive bill that would amend the law in a number of ways. The purpose is to give consumers a better understanding of how to use the rights they have under the law, and to involve them more in the reporting process. It seems to me, too, that with an educated, involved consumer population, creditors could count on more accurate and up to date reports.
Briefly, my bill would require reporting agencies to investigate inaccuracies and make a good faith effort to correct them within 30 days of a consumer's request to do so. It would require that reporting agencies send consumers written notice when they have finished investigating so that the consumer can know the outcome. My bill would place a requirement on persons who furnish information to reporting agencies to establish procedures in order to ensure that the information they supply is as accurate as possible. Under my bill, consumers would have the right to one free copy of their report a year, if they request it, which should make it easier