New FCRA Forms Will be Required by January 1, 2013

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), 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 the CFPB is the agency from which consumers may obtain information about their rights under the FCRA, not the Federal Trade Commission (FTC). The three forms to be modified are: 1) Summary of Consumer Rights under the FCRA; 2) Notice to Users of Consumer Reports of their Obligations under the FCRA; 3) Notice to Furnishers of Information of their Obligations under the FCRA. Employers and CRAs are well advised to keep abreast of the FCRA’s requirements and the CFPB’s rulemaking and enforcement.

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