OBSOLETE INFORMATION AND INFORMATION CONTAINED IN CONSUMER REPORTS.

SEC. 2406. OBSOLETE INFORMATION AND INFORMATION CONTAINED IN CONSUMER REPORTS. (a) Amendment to Large-Dollar Exception.— Section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c) is amended— (1) by inserting “Information Excluded From Consumer Reports.—” after “(a)”; (2) in subsection (b)— (A) in paragraph (1), by striking “$50,000” and inserting “$150,000”; (B) in paragraph (2), by striking “$50,000” and inserting “$150,000”; and (C) in paragraph (3), by striking “$20,000” and inserting “$75,000”. (b) Clarification of Reporting Period.— Section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c) (as amended by subsection (a) of this section) is amended by adding at the end the following new subsection: “(c) Running of Reporting Period.— “(1) In general.— The 7-year period referred to in paragraphs (4) and (6) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action. “(2) Effective date.— Paragraph (1) shall apply only to items of information added to the file of a consumer on or after the date that is 455 days after the date of enactment of the Consumer Credit Reporting Reform Act of 1996.”. (c) Additional Information on Bankruptcy Filings Required.— Section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c) is amended by adding at the end the following new subsection: “(d) Information Required To Be Disclosed.—Any consumer reporting agency that furnishes a consumer report that contains 110 STAT. 3009–435information regarding any case involving the consumer that arises under title 11, United States Code, shall include in the report an identification of the chapter of such title 11 under which such case arises if provided by the source of the information. If any case arising or filed under title 11, United States Code, is withdrawn by the consumer before a final judgment, the consumer reporting agency shall include in the report that such case or filing was withdrawn upon receipt of documentation certifying such withdrawal.”. (d) Indication of Closure of Account; Indication of Dispute by Consumer.— Section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c) is amended by adding at the end the following new subsections: “(e) Indication of Closure of Account by Consumer.— If a consumer reporting agency is notified pursuant to section 623(a)(4) that a credit account of a consumer was voluntarily closed by the consumer, the agency shall indicate that fact in any consumer report that includes information related to the account. “(f) Indication of Dispute by Consumer.— If a consumer reporting agency is notified pursuant to section 623(a)(3) that information regarding a consumer who was furnished to the agency is disputed by the consumer, the agency shall indicate that fact in each consumer report that includes the disputed information.”. (e) Conforming Amendments.— (1) Section 605 of the Fair Credit Reporting Act (15 U.S.C. 1681c) is amended in the section heading, by striking “OBSOLETE INFORMATION” and inserting “REQUIREMENTS RELATING TO INFORMATION CONTAINED IN CONSUMER REPORTS”. (2) The table of sections for the Fair Credit Reporting Act (15 U.S.C. 1681a et seq.) is amended by striking the item relating to section 605 and inserting the following: “605. Requirements relating to information contained in consumer reports.”.