Compliance: BCFP updates FCRA model disclosures

The Bureau of Consumer Financial Protection issued an interim final rule last week updating two model disclosures to reflect changes made to the Fair Credit Reporting Act (FCRA) by the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).

The bill requires nationwide consumer reporting agencies to provide “national security freezes” free of charge to consumers, which restricts prospective lenders from obtaining access to a consumer’s credit report, making it harder for identity thieves to open accounts in the consumer’s name.

S. 2155 also mandates that whenever the FCRA requires a consumer to receive either the Summary of Consumer Rights or the Summary of Consumer Identity Theft Rights, a notice regarding the new security freeze right also must be included.

The Summary of Consumer Rights is a summary of rights to obtain and dispute information in consumer reports and to obtain credit scores. The Summary of Consumer Identity Theft Rights is a summary of rights of identity theft victims.

 

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