Fair Access to Credit Scores Act of 2016

Fair Access to Credit Scores Act of 2016

This bill amends the Fair Credit Reporting Act to require certain consumer reporting agencies to disclose, upon request and without charge, as part of a consumer's free annual disclosure, a current credit score generated using the scoring methodology most frequently used to generate scores sold to creditors, including information regarding other risk scores or predictors in the consumer's file.

Those agencies shall also furnish any other consumer information the Consumer Financial Protection Bureau considers appropriate with respect to consumer financial education, including where the consumer's credit score falls with respect to a range of possible credit scores, and the general factors contributing to consumer credit scores.

Upon consumer request for a credit score, a consumer reporting agency shall disclose any a credit or risk score in a consumer's file.

All consumer reporting agencies shall maintain credit scores or other risk scores or predictors in the consumer's file for at least one year after the data is generated.