A bill to amend the Fair Credit Reporting Act, and to create a new title in the Consumer Credit Protection Act in order to license consumer credit investigators.

Amends the Fair Credit Reporting Act to set forth restrictions on the procurement or instigation of an investigative consumer report.

States that a person may not procure or cause to be prepared a consumer report on any consumer unless it is clearly and accurately disclosed to the consumer that such a report may be made. Entitles the consumer to a copy of such report.

Establishes civil penalties for consumer reporting agencies which negligently or maliciously publish any untrue statement or representation with respect to a consumer.

Directs the President to establish a Board of Consumer Investigator Examiners to regulate the examining, licensing, and practices of individuals who investigate consumers for the purpose of preparing or aiding in the preparation of investigative consumer reports.

Establishes procedures and guidelines for licensing of individuals to prepare or aid in the preparation of investigative consumer reports.

Makes it unlawful for any individual: (1) to investigate any consumer for the purpose of preparing or aiding in the preparation of any investigative consumer report without a license issued to such individual by the Board; or (2) to violate the terms of any license issued to him by the Board.

Provides that any individual who violates the above paragraph shall be fined not more than $1,000 or imprisoned for not more than one year, or both.