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 -2- LRB093 10280 MBS 10534 b 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 -3- LRB093 10280 MBS 10534 b 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 -4- LRB093 10280 MBS 10534 b 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.