Control Your Personal Credit Information Act of 2018

Control Your Personal Credit Information Act of 2018

This bill amends the Fair Credit Reporting Act to require a consumer's affirmative written consent before a consumer reporting agency may share that consumer's report with third parties for specified purposes. A consumer must provide proper identification when giving this consent. (Currently, this sharing is generally allowed unless a consumer opts out.)

If the consumer provides consent, a consumer reporting agency may share information with a third party for:

• an extension of credit, or
• the underwriting of insurance.

A consumer reporting agency may provide a consumer report in connection with transactions not initiated by the consumer only if:

• the consumer provides affirmative consent, and
• the transaction consists of a firm offer of credit or insurance.

The Government Accountability Office must report on how best to protect information collected in consumer files.

Consumer reporting agencies may not charge consumers fees in connection with furnishing consumer reports.

The bill requires consumer reporting agencies to use reasonable efforts to prevent data breaches of consumer reports.