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 Truescreen 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 Truescreen 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 Truescreen Sales Executive or Account Manager.
Posted: March 21, 2023
All Rights Reserved © 2023 Truescreen, 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.
The service you provide at Truescreen has been the best I have ever seen in comparison to other vendors I have worked with in the past! You guys rock!
I am very impressed with your company’s customer service, and the Truescreen portal seems to be an intuitive, user-friendly design.
Our team loves working with Truescreen and the expedient, thorough service and results we get from you.
I appreciate all your hard work ensuring that individuals are cleared through our processes. Truescreen makes my job so much easier and less stressful.