Updates to the FCRA Summary of Consumer Rights Form Due to be Implemented by March 2024
Tags : FCRA Compliance
On March 17, 2023, the Consumer Finance Protection Bureau (CFPB) issued a final rule requiring updates to Bureau and other federal agency contact information within the Fair Credit Reporting Agency (FCRA) Summary of Consumer Rights form.
The new rule requires employers and consumer reporting agencies (CRAs) to update federal agency contact information on the final page of the Summary of Consumer Rights. This includes the contact information for the CFPB, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA), among others. Additional non-substantive technical corrections are also required. The rule is effective April 19, 2023; however the date requirement for compliance with this rule is March 20, 2024.
Consumer reporting agencies (CRAs) such as Business Information Group provide the Summary of Consumer Rights in the course of business in the following scenarios:
- when collecting written disclosures from the consumer prior to procuring an investigative consumer report;
- when providing a consumer report for employment purposes; and
- when providing a pre-adverse action notice for employment purposes.
Be advised that Business Information Group will update all electronic consumer rights forms in our systems well before the March 20, 2024 deadline.
In addition, Littler Mendelson suggests that employers and CRAs may want to defer implementing these form changes pending a possible additional update for the CFPB to correct a remaining typo.
If you have any questions or concerns, please contact your BIG Sales Executive or Account Manager.
Posted: March 21, 2023
All Rights Reserved © 2023 Business Information Group, Inc.
This document and/or presentation is provided as a service to our customers. Its contents are designed solely for informational purposes, and should not be inferred or understood as legal advice or binding case law, nor shared with any third parties. Persons in need of legal assistance should seek the advice of competent legal counsel. Although care has been taken in preparation of these materials, we cannot guarantee the accuracy, currency or completeness of the information contained within it. Anyone using this information does so at his or her own risk.
We cannot express enough how much we have enjoyed working with BIG! It has really benefitted our processing and ease of doing business!
I enjoy collaborating with BIG, and know that if I have to reach out with a question/concern, a positive attitude with a willingness to find resolve is on the other side of an email or a phone call.
You have been the most professional and most helpful business partner that I have ever been associated with — always there to assist us and with rapid turnaround times.
I am confident whenever we add a product with your company that I will have a good experience.
We have received superior service and we know this is what you and your team strive for. We are grateful for the dedication, level of professionalism and effort shown.