On March 17, 2023, the Consumer Financial Protection Bureau (CFPB) published an updated “A Summary of Your Rights Under the Fair Credit Reporting Act” model form in both English and Spanish versions pursuant to the updated and corrected Agency Contact Information final rule published in the Federal Register (PDF) on March 20, 2023, according to a notice from the CFPB.
The final rule makes non-substantive corrections and updates to CFPB and other Federal agency contact information in Regulation V that implements the Fair Credit Reporting Act (FCRA). However, while the final rule takes effect on April 19, 2023, the mandatory compliance date to use the model forms is March 20, 2024. The forms can be found on the CFPB website:
- A Summary of Your Rights Under the Fair Credit Reporting Act
- Un resumen de sus derechos en virtud de la Ley de Informe Justo de Crédito
Consumer reporting agencies (CRAs) must provide “A Summary of Your Rights Under the Fair Credit Reporting Act” when making a written disclosure of information from a consumer report or providing a credit score to a consumer. The CFPB – which enforces the FCRA – is correcting the contact information in the model forms for some U.S. government agencies.
The agencies include the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Department of Transportation (DOT), Surface Transportation Board (STB), U.S. Department of Agriculture Agricultural Marketing Service (USDA-AMS), and Small Business Administration (SBA).
The CFPB is also amending the model forms to update references to obsolete business types and make technical corrections. For more information, contact the CFPB’s Office of Regulations at 202-435-7700 or visit RegInquiries.ConsumerFinance.gov. If an alternative electronic format of the document is required, contact [email protected].
ClearStar is a leading global Human Resources technology company specializing in background checks, drug testing, and occupational health screening. ClearStar offers compliance and security to employers that includes an understanding of the FCRA and other laws regulating workforce screening in the U.S. and internationally. To learn more about ClearStar, contact us.
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Thomas Ahearn - Digital Content Editor
Thomas Ahearn is a Digital Content Editor at ClearStar, a leading Human Resources (HR) technology company specializing in background checks, drug testing, and occupational health screening. He writes about a variety of topics in the background screening industry including Artificial Intelligence (AI), "Ban the Box," class action lawsuits, credit reports, criminal records, drug testing, Equal Employment Opportunity Commission (EEOC), Fair Credit Reporting Act (FCRA), Form I-9, identity theft, privacy, social media screening, and workplace violence.
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