Consumer Credit Protection Amendments of 1991

Consumer Credit Protection Amendments of 1991 - Title I: Fair Credit Reporting Amendments - Amends the Fair Credit Reporting Act to place additional restrictions on the permissible purposes of consumer reports. Adds dwelling rental applications and check cashing privilege applications to the list of permissible uses.

Prohibits, subject to exception, a consumer reporting agency (CRA) from furnishing certain reports in connection with any credit or business transaction which is not initiated by the consumer.

Prohibits a CRA from reporting Chapter 13 bankruptcy information that is more than seven years old and other bankruptcy information that is more than ten years old. (Current law prohibits reporting any bankruptcy information, including Chapter 13, that is more than ten years old.)

Provides for graduated periods of obsolescence for information relating to overdue payments. Repeals exemptions to obsolete information reporting prohibitions relating to credit, life insurance, or employment involving amounts over specified sums.

Prohibits a CRA from prohibiting any report user from disclosing the contents of a report to the consumer.

Requires a CRA to maintain certain records regarding: (1) accuracy assurance procedures; and (2) the certified purpose for which any information relating to any consumer is requested by any person.

Requires any CRA, on request of any person, to disclose specified information about itself.

Requires that: (1) certain disclosures by a CRA to a consumer required by current law be in writing; (2) all information in the consumer's file (currently, the nature and substance of all information) be disclosed to the consumer; (3) certain information be disclosed to the consumer regarding identification of any person who had access to any information in the consumer's file; and (4) any disclosure by a CRA to any consumer under specified provisions include a summary of all the consumer's rights and remedies under the Fair Credit Reporting Act. Requires that such a summary be included in disclosures relating to: (1) investigative consumer reports; and (2) reports focusing on public record information for employment purposes.

Requires reinvestigations in case of disputed accuracy to be completed within a reasonable time, not to exceed 30 days. (Current law requires completion within a reasonable time.) Requires CRAs to keep certain records regarding reinvestigation procedures. Sets forth requirements regarding: (1) notice upon a determination that a dispute is frivolous or irrelevant; (2) notice upon completion of a reinvestigation; and (3) reinvestigations which cannot be completed in 30 days. Eliminates the option for a CRA to include in a report a codification or summary of a consumer's statement regarding disputed accuracy rather than the statement itself. Requires that a CRA: (1) notify of a consumer dispute any person designated by the consumer who has received a non-employment report within the last year (currently, within the last six months); and (2) disclose to the consumer the recipients of any such report within the last year (currently, within the last six months).

Sets a dollar limit on charges which may be imposed by a CRA for certain disclosures and makes other changes regarding when charges may be made.

Requires a CRA which furnishes a consumer report for employment purposes to notify the consumer of the specific source of the information.

Revises the duties of users of consumer reports, including requiring the user to provide: (1) the name and address of the three largest CRAs; and (2) the written summary of the consumer's rights and remedies prepared under specified provisions.

Makes any person who furnishes information to any CRA (as well as CRAs and users of reports) civilly liable for willful noncompliance and for negligent noncompliance with the Act.

Makes all functions and powers of the Federal Trade Commission (FTC) under the Federal Trade Commission Act (FTCA) available to the FTC to enforce compliance. (Current law links enforcement to specified provisions of the FTCA.)

Makes persons who furnish information to CRAs subject to certain administrative enforcement provisions, as enforced by bodies other than the FTC.

Requires any person who regularly furnishes information to a CRA to give notice of such fact in writing to the consumer before providing information about the consumer to the CRA.

Requires any person, when that person, in the course of conducting business, furnishes information about any consumer to a CRA, to follow reasonable procedures to assure the accuracy of the information.

Title II: Credit Repair Organizations - Credit Repair Organizations Act - Amends the Consumer Credit Protection Act to prohibit any credit repair organization (any person who provides a service for the purpose of improving a consumer's credit record) from: (1) charging or receiving any money prior to the completion of its services (unless it has obtained a $50,000 surety bond); (2) charging or receiving money solely for the referral of a customer to a retailer if the credit which may be extended to the buyer is upon substantially the same terms as those available to the general public; (3) advising any client to make an untrue or misleading statement; or (4) using any untrue or misleading statement.

Requires the organization to provide the consumer with a written disclosure statement which includes a description of: (1) the consumer's rights; (2) the services to be provided by the organization; and (3) the total amount the consumer will be charged. Sets forth contract requirements and the rights of the consumer with regard to cancellation of such contract.

Subjects any organization which fails to comply with any provision of this Act to Federal civil liability.

Provides for the administrative enforcement of this Act by the FTC, as provided in the FTCA.