The Fair Credit Reporting Act (FCRA),15 U.S.C. 1681-1681y, requires that this notice be
provided to inform users of consumer reports of their legal obligations. The first section of this summary sets forth the responsibilities imposed by the FCRA on all users of consumer reports. The subsequent sections discuss the duties of users of reports that contain specific types of information, or that are used for certain purposes, and the legal consequences of violations.
Alabama Notice To Users Of Consumer Reports - Obligations Of Users Under The FCRA
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Users Must Have a Permissible Purpose. Congress has limited the use of consumer reports to protect consumers' privacy. All users must have a permissible purpose under the FCRA to obtain a consumer report. Section 604 contains a list of the permissible purposes under the law.
A creditor must notify the applicant of adverse action within: 30 days after receiving a complete credit application. 30 days after receiving an incomplete credit application. 30 days after taking action on an existing credit account.
Assuring Accuracy in Consumer Reports Under the law, when they prepare credit reports, credit reporting companies are required to follow ?reasonable procedures to assure maximum possible accuracy? of the information.
A credit report or another type of consumer report to deny your application for credit, insurance, or employment ? or to take another adverse action against you ? must tell you, and must give you the name, address, and phone number of the agency that provided the information.
Under section 609 of the FCRA, a consumer reporting agency must, upon a consumer's request, disclose to the consumer information in the consumer's file.
Under the Fair Credit Reporting Act (FCRA), potential lenders are required to provide you with an adverse action notice when they deny you credit based on information in your credit report.
Thus, under the FCRA, certain consumer information will be subject to two opt-out notices, a sharing opt-out notice (Section 603(d)) and a marketing use opt-out notice (Section 624). These two opt-out notices may be consolidated. Federal Register to implement this section (72 FR 62910).
Disclosures to consumers. (a) Every consumer reporting agency shall, upon request and proper identification of any consumer, clearly and accurately disclose to the consumer: (1) The nature and substance of all information (except medical information) in its files on the consumer at the time of the request.