A bill to amend the Fair Credit Reporting Act dealing with consumer credit and privacy.

Amends the Fair Credit Reporting Act to make restrictions on disclosure of credit information by consumer reporting agencies applicable to independent authorization services. Defines such services as the provision of consumer credit information for fees, dues, or on a nonprofit basis or the guarantee of payments to payor banks of checks signed by consumers.

Requires a consumer creditor, before causing any credit information to be gathered about a consumer, to disclose to such consumer the types of information which may be collected and the types of institutions which may collect the information.

Requires a creditor who uses information in denying credit or increasing credit charges to inform the consumer in clear language of: (1) the specific reason for the adverse decision; (2) the specific information relied upon; (3) the consumer's right to inspect and copy such information; and (4) all consumer rights provided under such Act.

Directs a creditor to notify the collection agency to which it has referred a consumer debt when such debt is satisfied.

Requires a credit card issuer to maintain reasonable procedures to prevent disclosures of inaccurate information to independent authorization services.

Prohibits a credit reporting agency from making any consumer report which contains information identifying a person to whom a previous report respecting the consumer has been furnished.