093_HB3334

 
                                     LRB093 10280 MBS 10534 b

 1        AN ACT concerning credit reports.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 1. Short title. This Act may be cited as the Fair
 5    Credit Reporting Act.

 6        Section 5. Findings. The General Assembly finds that  the
 7    welfare  and  prosperity of all Illinois citizens require the
 8    adequate and efficient provision  of  accurate  and  reliable
 9    information regarding Illinois consumers' credit history.

10        Section 10. Definitions. In this Act:
11        "Consumer" means an individual.
12        "Credit report" means a consumer report as defined in the
13    federal Fair Credit Reporting Act.
14        "Credit  reporting  agency"  means  a  consumer reporting
15    agency as defined in the federal Fair Credit Reporting Act.
16        "Commission" means the Illinois Commerce Commission.

17        Section 15.  Commission; regulation of  credit  reporting
18    agencies.
19        (a)  The Commission shall regulate the business of credit
20    reporting  agencies  in  this State.  The Commission's duties
21    include, but are not limited to:
22             (1)  investigating   complaints    against    credit
23        reporting agencies; and
24             (2)  hosting  quarterly  public hearings with credit
25        reporting agencies regarding service to the community.
26        (b)  If a complaint by a consumer regarding the  accuracy
27    of  his  or  her  credit report is not resolved by the credit
28    reporting agency in a timely manner, and  if  the  Commission
29    finds  that  the  agency  willfully  or negligently failed to
 
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 1    resolve the complaint in a timely manner, the Commission  may
 2    impose a civil penalty of up to $1,000 against the agency for
 3    the agency's willful or negligent act.
 4        (c)  If  the  Commission  determines  that  an inordinate
 5    number of unresolved complaints have  been  filed  against  a
 6    credit  reporting  agency,  the Commission shall suspend that
 7    agency's business license for a period of  not  more  than  3
 8    months or until the majority of the complaints are resolved.

 9        Section 20. Free credit reports to consumers.
10        (a)  Each  credit  reporting  agency shall provide a free
11    credit report to a consumer if he or she  makes  the  request
12    not  later  than  60 days after receiving a notification that
13    his or her credit rating has been adversely affected.
14        (b)  Upon the request  of  a  consumer,  an  agency  that
15    maintains  his  or her credit report on file shall provide it
16    free of charge once every 12 months if the consumer certifies
17    in writing that he or she:
18             (1)  is  unemployed  and  intends   to   apply   for
19        employment  in  the  60-day period commencing on the date
20        the certification is made;
21             (2)  is a recipient of public assistance; or
22             (3)  has reason to believe  that  the  file  on  the
23        consumer  at  the  agency contains inaccurate information
24        because of fraud.

25        Section 25. Errors; consumer's notice; corrective action.
26        (a)  If any information in a consumer's credit report  is
27    inaccurate,  the  consumer  must  promptly  notify the credit
28    reporting agency of any error or inaccuracy. The agency  must
29    then  conduct  an  investigation, take any corrective action,
30    and inform the consumer in writing  of  the  results  of  the
31    investigation.
32        (b)  If a consumer is denied credit based upon inaccurate
 
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 1    information  in  a  report  furnished  by  a credit reporting
 2    agency, the agency must send a corrective copy of the  report
 3    along  with  a written apology to the consumer and the person
 4    that denied credit to the consumer.

 5        Section  30.  Information  on   overdue   child   support
 6    obligations.  Every credit reporting agency shall include, in
 7    any credit report it furnishes in accordance with  this  Act,
 8    information  on  the  consumer's failure to pay overdue child
 9    support if the information (i) is furnished to the agency  by
10    a  State  or  local  child  support  enforcement agency or is
11    verified by any local, State, or  federal  government  agency
12    and (ii) antedates the report by 7 years or less.

13        Section  35.  Information  regarding  inquiries. A credit
14    reporting agency may not furnish to any person  a  record  of
15    inquiries  solely resulting from credit transactions that are
16    not initiated by a consumer.

17        Section 40. Procedural  safeguards.  A  credit  reporting
18    agency   must  maintain  reasonable  procedures  designed  to
19    prevent the reappearance in a consumer's file, and in  credit
20    reports  on  the  consumer, of information that is deleted or
21    otherwise corrected pursuant to this Act.

22        Section 45. Every credit reporting agency must insert  in
23    its  correspondence with a consumer a complaint referral card
24    listing the office addresses and  telephone  numbers  of  the
25    Commission   and   the  Attorney  General.  The  State  shall
26    reimburse the agency for the agency's expenses  in  complying
27    with this requirement.

28        Section   50.   Federal  law.  The  federal  Fair  Credit
29    Reporting  Act  shall  govern  any  area  or  subject  matter
 
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 1    relating to credit reporting by credit reporting agencies not
 2    expressly addressed by the provisions of this Act.

 3        Section 55.  Rules.  The  Commission  shall  adopt  rules
 4    necessary to implement this Act.

 5        Section 90. The Public Utilities Act is amended by adding
 6    Section 4-201.5 as follows:

 7        (220 ILCS 5/4-201.5 new)
 8        Sec.  201.5. Regulation of credit reporting agencies. The
 9    Commission shall regulate the activities of credit  reporting
10    agencies  in  this  State  as  provided  in  the  Fair Credit
11    Reporting Act.