1) Their own credit report would be free to consumers.
It is.
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From all three major agencies.
2) When any time seriously adverse information is posted
> to a person's file, the credit company would be required
> to notify the person and allow time for a response. The
> consumer should be able to challenge such adverse information
> and the burden of proof to be on the reporter, without any risk
> or penalty or cost to the individual person.
Consumers have been able to challenge adverse entries in their reports for years. Reporting companies are required to investigate and remove said item if it can't be substantiated. Furthermore, the consumer is required to be told when a credit report was used to as a basis of an adverse decision and is entitled to request a copy of that report, even if they have their free annual report allowance used already.
3) Any time a business requests credit info the consumer is to be > notified.
Its already recorded and shows up the free annual report.