Credit Reporting Reform Act of 1991

Credit Reporting Reform Act of 1991 - Amends the Fair Credit Reporting Act (FCRA) to replace provisions applying certain disclosure requirements to events occurring after the effective date of that Act with provisions: (1) specifying disclosures required to be made at the beginning of certain credit transactions; and (2) requiring certain notice that information with respect to a consumer has been reported.

Requires every consumer reporting agency to disclose to the consumer all information (currently, the nature and substance of all information, except medical information) in its files on the consumer.

Prohibits a consumer reporting agency from imposing any charge or fee on any consumer for any disclosure under specified provisions.

Requires certain notice to a consumer whenever any person takes any action which is adverse to the consumer and based on the information in a consumer report. (Current law requires notice, different in content, when credit or insurance is denied, or provided at an increased charge, or when employment is denied.)

Amends provisions limiting the permissible purposes of consumer reports to allow a report in connection with a business transaction initiated by (currently, involving) the consumer. Prohibits a reporting agency from using consumer information for any purpose, including marketing plans or mailing lists, other than those allowed by such provisions.

Prohibits a user of a consumer report from requiring or permitting the consumer to authorize the user to obtain information on the consumer after the end of the transaction or the termination of the credit relationship.

Changes the definition of "consumer report" to mean factual information on any consumer's payment records and accurate legal and financial information directly relating to the consumer. Sets forth graduated periods of obsolescence for information relating to late or overdue payments. Removes from provisions prohibiting the reporting of obsolete information the exceptions of credit transactions involving over a specified amount and employment involving an annual salary over a specified amount. Requires a reporting agency to reinvestigate and record the current status of information within 30 days (currently, within a reasonable period) after a consumer notifies the agency of a dispute. Changes requirements regarding notification by an agency after deletion of disputed information. Requires the Federal Trade Commission to conduct a study on consumer reporting agency procedures which maximize accuracy.

Provides for civil monetary penalties for violation of the FCRA.

Requires each consumer reporting agency and each person who furnishes any information on any consumer to any such agency to register with the Federal Trade Commission or other specified Federal agencies. Adds persons who furnish information to a consumer reporting agency to provisions relating to civil liability for willful or negligent noncompliance with the FCRA.