The Bureau of Consumer Financial Protection updated two of its model Fair Credit Reporting Act (FCRA) Notices: The Summary of Consumer Rights and the Summary of Consumer Identity Theft Rights. The FCRA requires employers who take adverse action based on a credit report to provide the impacted individual a summary of rights under FCRA.
In May of this year, Congress passed the Economic Growth, Regulatory Relief, and Consumer Protection Act which required reporting agencies to provide free security freezes and to increase to one year the amount of time that a fraud alert must remain on an individual’s file. The model notices have been updated to include language about these new requirements.
Employers who conduct credit checks and provide a Summary of Consumer Rights should update their notices to include the newly required language. More information and a copy of the new model notices may be accessed by clicking here.