The Consumer Financial Protection Board (CFPB) recently issued regulations that call for the modification of three critical forms required by the Fair Credit Reporting Act (FCRA), 15 U.S.C. § 1681 et seq., and which are typically used in the background screening process. The regulations require that employers and affected consumer reporting agencies (CRAs) begin using these new forms by January 1, 2013. In particular, the CFPB has modified three specific forms to make clear that that it (the CFPB) is the agency from which consumers may obtain information about their rights under the FCRA, not the Federal Trade Commission (FTC).
Specifically, the regulations mandate that the following three forms be modified:
1) Summary of Your Rights under the FCRA: This is a standard notice required under the FCRA to be used by CRAs and employers alike. CRAs must provide this form to employers. Employers must provide this form to applicants and employees in a wide variety of situations, such as when the applicant or employee will be subject to an investigative consumer report or when a pre-adverse action notice is sent to an applicant or employee.
2) Notice to Users of Consumer Reports: The FCRA requires that CRAs provide each user with a copy of this notice.
3) Notice to Furnishers of Information: The FCRA requires that CRAs provide this notice to certain furnishers of information in specific situations.
The forms are available on our website at the following links:
If you have any questions about the forms please call Jack Nichols at the number provided below.
Director and General Counsel
Creative Services, Inc.