It is the purpose of this subchapter to require that credit, personnel, insurance, and other information in a manner which is fair and equitable to the (Pub. L. 90–321, title VI, § 602, as added Pub. L. 91–508, title VI, § 601, Oct. 26, 1970 , 84 Stat. 1128.)
Statutory Notes and Related Subsidiaries Effective Date of 2003 Amendment“Except as otherwise specifically provided in this Act [see Short Title of 2003 Amendment note set out under section 1601 of this title] and the amendments made by this Act—
before the end of the 2-month period beginning on the date of enactment of this Act [ Dec. 4, 2003 ], the Board and the “(2)
the regulations prescribed under paragraph (1) shall establish effective dates that are as early as possible, while allowing a reasonable time for the implementation of the provisions of this Act, but in no case shall any such effective date be later than 10 months after the date of issuance of such regulations in final form.”
[For final rules adopted by Board of Governors of the Federal Reserve System and Federal Trade Commission establishing effective dates for provisions of Pub. L. 108–159, see 68 F.R. 74467 (joint interim final rules) and 69 F.R. 6526 (joint final rules).]
Effective Date“Title VI [enacting this subchapter] takes effect upon the expiration of one hundred and eighty days following the date of its enactment [ Oct. 26, 1970 ].”
Short TitleThis subchapter known as the “Fair Credit Reporting Act”, see Short Title note set out under section 1601 of this title.
Study of Effects of Credit Scores and Credit-Based Insurance Scores on Availability and Affordability of Financial Products
the effects of the use of “(2)the statistical relationship, utilizing a multivariate analysis that controls for prohibited factors under the Equal Credit Opportunity Act [15 U.S.C. 1691 et seq.] and other known risk factors, between “(3)
the extent to which, if any, the use of Equal Credit Opportunity Act, and the extent to which, if any, the use of underwriting systems relying on these models could achieve comparable results through the use of factors with less negative impact; and
the extent to which “(b) Public Participation.— “(1) In general.—Before the end of the 24-month period beginning on the date of enactment of this Act [ Dec. 4, 2003 ], theHouse of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate .
“(2) Contents of report.—The report submitted under paragraph (1) shall include the findings and conclusions of the FTC Study of Issues Relating to the Fair Credit Reporting Act
“(a) Study Required.— “(1) In general.— The Fair Credit Reporting Act [15 U.S.C. 1681 et seq.]. enhance the accuracy of “(II) combat the provision of incorrect “(ii)the extent to which requiring an exact match of the first and last name, social security number, and address and ZIP Code of the “(iii)
the effects of allowing “(B) requiring notification to “(i) the potential impact of such notification on the ability of “(ii)the potential impact of such notification on the ability of “(C) the effects of requiring that a “(i)
the extent to which providing such reports to “(ii) the extent to which providing such reports to “(D) any common financial transactions that are not generally reported to the “(E)any actions that might be taken within a voluntary reporting system to encourage the reporting of the types of transactions described in subparagraph (D).