STATE OF OKLAHOMA

2nd Session of the 54th Legislature (2014)

HOUSE BILL 3456	By:	Pittman

AS INTRODUCED

An Act relating to credit reporting; creating the Credit Reporting Agency Consumer Protection Act; defining terms; allowing companies to report on-time bill payments to credit reporting agencies; requiring agencies to include certain explanation about credit score; directing agencies to include information about free credit reports; providing for codification; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     NEW LAW     A new section of law to be codified in the Oklahoma Statutes as Section 90 of Title 24, unless there is created a duplication in numbering, reads as follows:
A.  This section shall be known and may be cited as the "Credit Reporting Agency Consumer Protection Act".
B.  As used in the Credit Reporting Agency Consumer Protection Act:
1.  "Credit report" means a report collected and issued by a credit reporting agency that contains information about consumers including, but not limited to, where they live, how they pay their bills, if they have filed for bankruptcy, and if they have outstanding debt obligations; and
2.  "Credit reporting agencies" means companies including, but not limited to, Equifax, Experian and TransUnion, that collect information about consumer credit and debt and report the information to creditors, employers, insurers and others.
C.  Utility companies, telephone companies, cable companies, Internet service provider companies and medical providers may report consumers who make consistent on-time payments of their bills to the credit reporting agencies.
D.  Credit reporting agencies that issue credit reports shall include a detailed explanation within the credit report advising consumers how outstanding debts, late payments, bankruptcies and other issues will affect their credit score and what steps consumers can take financially to improve their credit score.
E.  Credit reporting agencies shall also include information in every credit report about how consumers can request a free copy of their credit report on an annual basis, including the website, toll-free telephone number and mailing address for this service.
SECTION 2.  This act shall become effective November 1, 2014.

54-2-9434	EK	01/09/14