The Bureau of Consumer Financial Protection (the “Bureau”) has issued an interim final rule tied to passage of S. 2155. While the new law amends the Fair Credit Reporting Act (FCRA) to include new requirements on credit bureaus tied to security freezes and fraud alerts, relevant to background screeners and employers using a background screening company for pre-employment background checks is the fact that the interim final rule includes an updated version of the model FCRA summary of rights document.
Effective September 21, 2018, new section 605A(i) of the Fair Credit Reporting Act (FCRA), added by the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155 or the “Act”), requires that a new notice of rights be included whenever a consumer is required to receive a summary of rights required by FCRA section 609.
Some of you have already begun your efforts to come into compliance with the notice requirement under the Act since the effective date is next week. According to the Bureau, “to mitigate the impact of these changes on users of the existing model forms, the interim final rule also provides that the Bureau will regard the use of the model forms published in Appendices I and K on November 14, 2012, to constitute compliance with the FCRA provisions requiring such forms, so long as a separate page that contains the additional required information is provided in the same transmittal.”
In addition to adding the new required notice under the Act, the revised model FCRA summary of rights document also includes revised language related to the duration period of fraud alerts as well as updated contact information for the listed enforcement agencies.
The updated model form, A Summary of Your Rights under the Fair Credit Reporting Act, is found on pages 28-31 of the interim final rule.
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