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.
Massachusetts Notice To Users Of Consumer Reports - Obligations Of Users Under The FCRA
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The Dodd-Frank Act also amended two provisions of the FCRA to require the disclosure of a credit score and related information when a credit score is used in taking an adverse action or in risk-based pricing.
(b) Whenever a consumer reporting agency prepares a consumer report it shall follow reasonable procedures to assure maximum possible accuracy of the information concerning the individual about whom the report relates.
The FCRA gives you the right to be told if information in your credit file is used against you to deny your application for credit, employment or insurance. The FCRA also gives you the right to request and access all the information a consumer reporting agency has about you (this is called "file disclosure").
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.
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 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.
Companies that provide information to consumer reporting agencies also have specific legal obligations, including the duty to investigate disputed information.
Under the FCRA, consumer reporting agencies are required to provide consumers with the information in their own file upon request, and consumer reporting agencies are not allowed to share information with third parties unless there is a permissible purpose. There are several permissible purposes outlined by the FCRA.
What Are an Employer's Obligations Under the FCRA? An employer or potential employer may request an individual's credit report for internal purposes only. The individual must have consented to such a request, and the employer must specify that it is being pulled only for employment purposes.