- September 21, 2018
- Posted by: Team@DirectNorth.Digital
- Category: Compliance, Industry News
The Fair Credit Reporting Act will soon require an updated version of several documents. Please read the short summary below of why you need to understand this important notice.
What is the new federal law?
Federal law, S. 2155 amended the Fair Credit Reporting Act (FCRA) to allow consumers to request a free security freeze from one of the three nationwide credit bureaus.
In response to the law, the Consumer Financial Protection Bureau (CFPB) amended two key documents:
- A Summary of Your Rights Under the Fair Credit Reporting Act
- Remedying the Effects of Identity Theft
The CPFB has provided English and Spanish versions of these forms. The new forms are required to be sent starting September 21st.
When are these notices required?
A Summary of Your Rights Under the Fair Credit Reporting Act: This document must be provided in several instances including during adverse action and any time a consumer receives a copy of their report. Employers should also provide the document with the disclosure and authorization (we recommend consultation with legal counsel on this point).
Remedying the Effects of Identity Theft: This document must be provided any time an individual contacts a consumer reporting agency and expresses a belief that they are a victim of fraud or identity theft.
Steps Team Screening is taking
Compliance is one of our most important concerns.Team Screening is working to upload new documents into our system by September 20th. The new Summary of Rights document will be sent with authorization forms and consumer report copies from Team Screening’s system as usual.
We’re here to help! Have any further questions concerning this? If so please reach out.