Establishes right for victims of economic abuse to have adverse information removed from their consumer reports

(a) In general The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), as amended by section 105, is further amended by inserting after section 605E the following: 605F. Adverse information in cases of economic abuse (a) In general A consumer reporting agency may not furnish a consumer report containing any adverse item of information about a consumer that resulted from economic abuse if the consumer has provided documentation of economic abuse to the consumer reporting agency. (b) Rulemaking (1) In general Not later than 180 days after the date of the enactment of this section, the Director shall issue rules to implement this section. (2) Contents Any rule issued pursuant to paragraph (1) shall establish a method by which consumers shall submit documentation of economic abuse to consumer reporting agencies. (c) Definitions In this section: (1) Documentation of economic abuse The term documentation of economic abuse means— (A) documentation of— (i) a determination by a Federal or State Government entity that a consumer is a victim of domestic violence, dating violence, abuse in later life, or child abuse and neglect; (ii) a determination by a court of competent jurisdiction that a consumer is a victim of domestic violence, dating violence, abuse in later life, or child abuse and neglect; (iii) written verification from a qualified third party to whom the consumer reported economic abuse; or (iv) any other documentation the Bureau may prescribe; and (B) documentation that identifies items of adverse information that should not be furnished by a consumer reporting agency because the items resulted from the economic abuse of which such consumer is a victim. (2) Economic abuse The term economic abuse has the meaning given economic abuse (as defined in 40002 of the Violence Against Women Act of 1994 (34 U.S.C. 12291(a)(13))), except such term is not limited to the context of domestic violence, dating violence, and abuse in later life. (3) Qualified third party The term qualified third party means— (A) a law enforcement officer; (B) a person employed by or working on behalf of a government agency or nonprofit organization that provides services to victims of domestic violence, child abuse or neglect, elder abuse, economic abuse, or abuse in later life; (C) a member of the clergy of a church, religious society, or denomination; (D) a physician, psychiatrist, psychologist, social worker, registered nurse, therapist, or clinical professional counselor licensed to practice in any State; or (E) any other person as determined by the Director of the Bureau. (4) Other definitions The terms abuse in later life, child abuse and neglect, dating violence, domestic abuse, and elder abuse — (A) have the meanings given, respectively, in section 40002 of the Violence Against Women Act of 1994 (34 U.S.C. 12291); or (B) if such a term, as defined by a State, affords greater protection to an individual than the protection provided under this section, have the meanings given by the relevant State.. (b) Table of contents amendment The table of contents of the Fair Credit Reporting Act is amended by inserting after the item relating to section 605E, as added by section 105 of this Act, the following new item: 605F. Adverse information in cases of economic abuse.. (c) Effective date The amendments made by this section shall apply on the date that is 30 days after the date on which the Director of the Bureau of Consumer Financial Protection issues a rule pursuant to section 605F(b) of the Fair Credit Reporting Act, as added by this section.