A bill to amend the Federal Credit Reporting Act, and to create a new title in the Consumer Credit Protection Act in order to license consumer credit investigators.

[AI summary unavailable — showing source text] Provides that a person may not procure or cause to be prepared an investigative consumer report on any consumer unless: (1) it is clearly and accurately disclosed to the consumer that a report including information as to his character, general reputation, personal characteristics, and mode of living, whichever are applicable, may be made; and (2) such required disclosures are made in a writing mailed to the consumer not later than 3 days after the date on which the report was first requested. Permits a consumer reporting agency to furnish a report to any third party only if such third party has, prior to requesting such report, obtained a statement signed by the consumer on whom the report is to be prepared allowing such third party to obtain such report. Prescribes civil liability for the negligent or malicious publication of any untrues statement by a consumer reporting agency, consisting of actual and punitive damages, and a reasonable attorney's fee. Authorizes the President to establish a seven member Board of Consumer Investigator Examiners to regulate the examining, licensing, and practices of individuals who investigate consumers for the purpose of preparing investigative c…