(d) Duties of Users Making Written Credit or Insurance Solicitations on the Basis of Information Contained in Consumer Files, (1) In general. Search & Navigation (5) A record of all inquiries received by the agency during the 1-year period preceding the request that identified the consumer in connection with a credit or insurance transaction that was not initiated by the consumer. Notwithstanding paragraph (1) or (2), a person who procures a consumer report for purposes of reselling the report (or any information in the report) shall not disclose the identity of the end-user of the report under paragraph (1) or (2) if, (A) the end user is an agency or department of the United States Government which procures the report from the person for purposes of determining the eligibility of the consumer concerned to receive access or continued access to classified information (as defined in section 604(b)(4)(E)(i)) (Section 604(b)(4)(E)(i). eCFR :: 12 CFR Part 222 -- Fair Credit Reporting (Regulation V) The election of a consumer pursuant to paragraph (1)(B) to prohibit the making of solicitations shall be effective for at least 5 years, beginning on the date on which the person receives the election of the consumer, unless the consumer requests that such election be revoked. Find legal resources and guidance to understand your business responsibilities and comply with the law. References to national banks in this booklet also generally apply to federal branches and agencies of foreign banking organizations. Each consumer reporting agency described in section 603(p) shall establish policies and procedures to comply with this section, including procedures that inform consumers of the availability of initial, extended, and active duty alerts and procedures that allow consumers and active duty military consumers to request initial, extended, or active duty alerts (as applicable) in a simple and easy manner, including by telephone. You can request your credit reports from the three big guys Equifax, Experian and TransUnion at AnnualCreditReport.com. If you have questions concerning the terms of the loan, contact the lender., (E) Actions not required under this subsection. No person shall be held liable for any violation of this section if he shows by a preponderance of the evidence that at the time of the alleged violation he maintained reasonable procedures to assure compliance with the provisions of this section. (B) provide to the consumer all disclosures required to be made under section 609, without charge to the consumer, not later than 3 business days after any request described in subparagraph (A). You are using an unsupported browser. PDF The Fair Credit Reporting Act - Federal Financial Institutions For purposes of bringing any action under this subsection, nothing in this subsection shall prevent the chief law enforcement officer, or an official or agency designated by a State, from exercising the powers conferred on the chief law enforcement officer or such official by the laws of such State to conduct investigations or to administer oaths or affirmations or to compel the attendance of witnesses or the production of documentary and other evidence. 3101). A copy of the following notice, which shall include the name, address, and telephone number of each consumer reporting agency providing a credit score that was used: Notice To The Home Loan Applicant, In connection with your application for a home loan, the lender must disclose to you the score that a consumer reporting agency distributed to users and the lender used in connection with your home loan, and the key factors affecting your credit scores. This disclosure shall be made in a writing mailed, or otherwise delivered, to the consumer not later than five days after the date on which the request for such disclosure was received from the consumer or such report was first requested, whichever is the later. 1681] (a) Accuracy and fairness of credit reporting. If employers use background checks in making personnel decisions, they must comply with the Fair Credit Reporting Act and laws that protect people from discrimination. When using credit reports to consider whether to underwrite policies, insurers must comply with the Fair Credit Reporting Act. (2) Prompt Notice of Dispute to Furnisher of Information. (3) Conditions on use for adverse actions. (1) Certification from user. (2) Limitation. If a person that is subject to this subsection uses an automated underwriting system to underwrite a loan, that person may satisfy the obligation to provide a credit score by disclosing a credit score and associated key factors supplied by a consumer reporting agency. The Federal Trade Commission (FTC) enforces the FCRA. See also 70 Fed. (F) subsections (e), (f), and (g) of section 615; (c) Definition of firm offer of credit or insurance. Corporate and technological circumvention prohibited. (e) The term investigative consumer report means a consumer report or portion thereof in which information on a consumers character, general reputation, personal characteristics, or mode of living is obtained through personal interviews with neighbors, friends, or associates of the consumer reported on or with others with whom he is acquainted or who may have knowledge concerning any such items of information. Notwithstanding paragraph (1), a consumer reporting agency may terminate a reinvestigation of information disputed by a consumer under that paragraph if the agency reasonably determines that the dispute by the consumer is frivolous or irrelevant, including by reason of a failure by a consumer to provide sufficient information to investigate the disputed information. (I) endanger the life or physical safety of any person; (III) result in the destruction of, or tampering with, evidence relevant to the investigation; (IV) result in the intimidation of a potential witness relevant to the investigation; (V) result in the compromise of classified information; or. Calculators, Log Reviews, Log Duties of Users of Consumer Reports Regarding Address Discrepancies. Background and more details are available in the (c) Reasonable procedures to assure compliance. (5) Limitations on State Actions for Certain Violations, (A) Violation of injunction required. (3) Criteria. (B) ensure that such regulations are consistent with the requirements and regulations issued pursuant to Public Law 106-102 and other provisions of Federal law. (B) the person interviewed is the best possible source of the information. (1) Nationwide Consumer Reporting Agencies. The terms of an order issued under this subsection shall not disclose that the order is issued for purposes of a counterintelligence investigation. The Commission, in consultation with the Federal banking agencies and the National Credit Union Administration, shall prepare a model summary of the rights of consumers under this title with respect to the procedures for remedying the effects of fraud or identity theft involving credit, an electronic fund transfer, or an account or transaction at or with a financial institution or other creditor. All consumer reporting agencies described in subsections (p) and (w) of section 603 shall make all disclosures pursuant to section 609 once during any 12-month period upon request of the consumer and without charge to the consumer. (i) In general. 181 et seq.] (1) In general. Subparagraph (B) shall not apply to any reinvestigation in which, during the 30-day period described in subparagraph (A), the information that is the subject of the reinvestigation is found to be inaccurate or incomplete or the consumer reporting agency determines that the information cannot be verified. (e) Limitation of liability. The Commission may prescribe regulations, as appropriate to implement this subsection. Microsoft Edge, Google Chrome, Mozilla Firefox, or Safari. (q) Definitions relating to fraud alerts. (2) Applicable findings, decisions, commentary, and orders. Sign up to receive updates on rules as they become available. (B) Application by mail, telephone, computer, or other similar means. In developing the guidelines required by paragraph (1)(A), the agencies described in paragraph (1) shall identify patterns, practices, and specific forms of activity that indicate the possible existence of identity theft. (7) Limitation on civil liability. Once your business is finished with sensitive information derived from consumer reports, what happens to it then? (C) Delegation by head of agency or department. Any person who knowingly and willfully obtains information on a consumer from a consumer reporting agency under false pretenses shall be fined under title 18, United States Code, imprisoned for not more than 2 years, or both. Subparagraph (A) shall apply with respect to a consumer reporting agency described in section 603(p) only if the request from the consumer is made using the centralized source established for such purpose in accordance with section 211(c) of the Fair and Accurate Credit Transactions Act of 2003. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and . About Credit Cards, Credit Background screening reports are consumer reports under the FCRA when they serve as a factor in determining a persons eligibility for employment, credit, insurance, housing, or other purposes and they include Competition and Consumer Protection Guidance Documents, Contract Terms That Impede Competition Investigations, Generative AI Raises Competition Concerns, FTC Action Leads to Industry Bans for Operators of Extended Vehicle Warranty Scam, Hearing Before Administrative Law Judge: In re Joseph Peacock and Oscar Ceballos, Businesses Must Provide Victims and Law Enforcement with Transaction Records Relating to Identity Theft, Background Checks: What Employers Need to Know, Consumer Reports: What Information Furnishers Need to Know, Consumer Reports: What Insurers Need to Know, Disposing of Consumer Report Information? (G) Person defined as excluding enterprise. (D) examine the policies and processes that persons that furnish information to consumer reporting agencies employ to conduct reinvestigations and correct inaccurate information relating to consumers that has been furnished to consumer reporting agencies. (d) Rule of construction. A person that is subject to the provisions of this subsection and that uses a credit score, other than a credit score provided by a consumer reporting agency, may satisfy the obligation to provide a credit score by disclosing a credit score and associated key factors supplied by a consumer reporting agency. (A) In general. The 7-year period referred to in paragraphs (4) and (6) of subsection. Credit Report Card, Free The Commission shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives an annual report regarding information gathered by the Commission under this subsection.. (B) Notice upon expiration of effective period. view historical versions Title 16 Chapter I Subchapter F Part 604 Previous Next Top eCFR Content Enhanced Content Download DOC. The Bureau's calculations are based on the CPI-U, which is the most general Consumer Price Index and covers all urban consumers and all items. The Bureau of Consumer Financial Protection (Bureau) announces that the ceiling on allowable charges under Section 612(f) of the Fair Credit Reporting Act (FCRA) will remain unchanged at $11.50 for 2013. If any case arising or filed under title 11, United States Code, is withdrawn by the consumer before a final judgment, the consumer reporting agency shall include in the report that such case or filing was withdrawn upon receipt of documentation certifying such withdrawal. ], a consumer reporting agency shall furnish a consumer report of a consumer and all other information in a consumers file to a government agency authorized to conduct investigations of, or intelligence or counterintelligence activities or analysis related to, international terrorism when presented with a written certification by such government agency that such information is necessary for the agencys conduct or such investigation, activity or analysis. About Loans, Credit Except as provided in subparagraph (C), the 30-day period described in subparagraph (A) may be extended for not more than 15 additional days if the consumer reporting agency receives information from the consumer during that 30-day period that is relevant to the reinvestigation. (ii) upon a written request from the consumer received within 60 days after transmittal of the notice required by clause (I), disclose to the consumer the nature of the information upon which the action is based by not later than 30 days after receipt of the request. (2) Disclosure in writing. (b) Rule of construction. (a) Disclosure of fact of preparation. No consumer reporting agency or officer, employee, or agent of such consumer reporting agency, shall disclose to any person , or specify in any consumer report, that a government agency has sought or obtained access to information under subsection (a). (2) The Board of the National Credit Union Administration shall prescribe such regulations as necessary to carry out the purposes of this Act with respect to any persons identified under paragraph (3) of subsection (b). 1679a(3)], including entities that would be a credit repair organization, but for section 403(3)(B)(i), are able to circumvent the prohibition in subparagraph (G). Duties of Furnishers of Information to Consumer Reporting Agencies. The Bureau of Consumer Financial Protection (Bureau) announces that the ceiling on allowable charges under section 612(f) of the Fair Credit Reporting Act (FCRA) will increase to $13.50, effective for 2022. Federal Motor Carrier Safety Administration. For the purpose of documenting fraudulent transactions resulting from identity theft, not later than 30 days after the date of receipt of a request from a victim in accordance with paragraph (3), and subject to verification of the identity of the victim and the claim of identity theft in accordance with paragraph (2), a business entity that has provided credit to, provided for consideration products, goods, or services to, accepted payment from, or otherwise entered into a commercial transaction for consideration with, a person who has allegedly made unauthorized use of the means of identification of the victim, shall provide a copy of application and business transaction records in the control of the business entity, whether maintained by the business entity or by another person on behalf of the business entity, evidencing any transaction alleged to be a result of identity theft to, (B) any Federal, State, or local government law enforcement agency or officer specified by the victim in such a request; or. Learn more about your rights as a consumer and how to spot and avoid scams. No provision of this paragraph shall be construed as requiring a financial institution to use any such model form prescribed by the Board. If a person has requested a consumer report relating to a consumer from a consumer reporting agency described in section 603(p), the request includes an address for the consumer that substantially differs from the addresses in the file of the consumer, and the agency provides a consumer report in response to the request, the consumer reporting agency shall notify the requester of the existence of the discrepancy. A person shall not be liable for failure to perform the duties required by this section if, at the time of the failure, the person maintained reasonable policies and procedures to comply with this section. (i) identifies each end user of the resold report (or information); (ii) certifies each purpose for which the report (or information) will be used; and, (iii) certifies that the report (or information) will be used for no other purpose; and. How The Federal Trade Commission shall prescribe the content of notices under paragraph (1), and a consumer reporting agency shall be in compliance with this subsection if it provides a notice under paragraph (1) that is substantially similar to the Federal Trade Commission prescription under this paragraph. (2) Deadline. ReportingBuild It, Identity ProtectionGuard 1751 et seq. If a consumer reporting agency is notified pursuant to section 623(a)(3) [ 1681s-2] that information regarding a consumer who was furnished to the agency is disputed by the consumer, the agency shall indicate that fact in each consumer report that includes the disputed information. (ii) if known by the victim (or if readily obtainable by the victim), any other identifying information such as an account or transaction number. (5) Duty to Provide Notice of Delinquency of Accounts. Copyright 2023 Francis Mailman Soumilas, P.C. If the Federal Trade Commission or the appropriate Federal regulator has instituted a civil action or an administrative action under section 8 of the Federal Deposit Insurance Act for a violation of this title, no State may, during the pendency of such action, bring an action under this section against any defendant named in the complaint of the Commission or the appropriate Federal regulator for any violation of this title that is alleged in that complaint. Fair and Accurate Credit Transactions Act of 2003, Free Electronic Credit Monitoring for Active Duty Military. It was intended to shield consumers from the willful and/or negligent inclusion of erroneous data in their credit reports. (C) Nationwide Specialty Consumer Reporting Agency. Fair Credit Reporting Act (FCRA) - Summary of Your Rights Before sharing sensitive information, make sure youre on a federal government site. This section shall not apply to a consumer reporting agency, if the consumer reporting agency, (B) is not, at the time of the request of the consumer under subsection (a), otherwise furnishing or reselling a consumer report concerning the information identified by the consumer; and. Notwithstanding the provisions of section 604 [ 1681b] of this title, a consumer reporting agency may furnish identifying information respecting any consumer, limited to his name, address, former addresses, places of employment, or former places of employment, to a governmental agency. No person may be held liable for any violation of subsection (a) or (b) of this section if he shows by a preponderance of the evidence that at the time of the violation he maintained reasonable procedures to assure compliance with subsection (a) or (b) of this section. (g) FTC regulation of coding of trade names. This subsection shall not be construed so as to compel a consumer reporting agency to develop or disclose a score if the agency does not, (A) distribute scores that are used in connection with residential real property loans; or. (3) Procedures. Choosing an item from (A) In general. (i) the presentation of a government-issued identification card; (ii) personally identifying information of the same type as was provided to the business entity by the unauthorized person; or, (iii) personally identifying information that the business entity typically requests from new applicants or for new transactions, at the time of the victims request for information, including any documentation described in clauses (i) and (ii); and, (B) as proof of a claim of identity theft, at the election of the business entity, (i) a copy of a police report evidencing the claim of the victim of identity theft; and, (I) copy of a standardized affidavit of identity theft developed and made available by the Commission; or.