§9706 — Title 20 Education | U.S. Code

Summary

The Comptroller General must study how much people know about credit reports, credit scores, and the dispute resolution process, and look at ways to improve financial literacy. The study must cover who checks their credit reports and why (with rough percentages for each reason), what people know about how credit data are collected, whether they know how to get a copy of their report, and whether they understand what affects credit scores. Within the 12‑month period starting December 4, 2003, the Comptroller General must send Congress a report with the study’s findings and any recommendations, including ideas to improve financial literacy. No later than 3 years after December 4, 2003, the Comptroller General must also report to Congress on how well the Commission has promoted financial literacy and education.

Title 20, §9706

Education — Source: USLM XML via OLRC

(a)Not later than 3 years after December 4, 2003, the Comptroller General of the United States shall submit a report to Congress assessing the effectiveness of the Commission in promoting financial literacy and education.

(b)(1)The Comptroller General of the United States shall conduct a study to assess the extent of consumers’ knowledge and awareness of credit reports, credit scores, and the dispute resolution process, and on methods for improving financial literacy among consumers.

(2)The study required under paragraph (1) shall include the following issues:

(A)The number of consumers who view their credit reports.

(B)Under what conditions and for what purposes do consumers primarily obtain a copy of their consumer report (such as for the purpose of ensuring the completeness and accuracy of the contents, to protect against fraud, in response to an adverse action based on the report, or in response to suspected identity theft) and approximately what percentage of the total number of consumers who obtain a copy of their consumer report do so for each such primary purpose.

(C)The extent of consumers’ knowledge of the data collection process.

(D)The extent to which consumers know how to get a copy of a consumer report.

(E)The extent to which consumers know and understand the factors that positively or negatively impact credit scores.

(3)Before the end of the 12-month period beginning on December 4, 2003, the Comptroller General shall submit a report to Congress on the findings and conclusions of the Comptroller General pursuant to the study conducted under this subsection, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate, including recommendations on methods for improving financial literacy among consumers.

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Section subject to joint

Regulations

establishing

Effective Date

s as prescribed by Federal Reserve Board and Federal Trade Commission, except as otherwise provided, see section 3 of Pub. L. 108–159, set out as an

Effective Date

of 2003 Amendment note under section 1681 of Title 15, Commerce and Trade. Definitions For definitions of terms used in this section, see section 2 of Pub. L. 108–159, set out as a note under section 1681 of Title 15, Commerce and Trade.

§9706 Studies by the Comptroller General

Summary

Title 20, §9706

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Regulations

Effective Date

Effective Date

Citations & Metadata