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.
Virginia Notice To Users Of Consumer Reports - Obligations Of Users Under The FCRA
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The FCRA requires the Bureau to establish and maintain guidelines for furnishers regarding the accuracy and integrity of furnished information and to prescribe regulations requiring furnishers to establish reasonable policies and procedures to implement these guidelines. 15 U.S.C. §1681s-2(e).
The FCRA contains many substantive compliance requirements for consumer reporting agencies designed to help ensure the accuracy and integrity of the consumer reporting system. As noted in the definitions section, a consumer reporting agency is a person that generally furnishes consumer reports to third parties.
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).
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.
The Fair Credit Reporting Act (FCRA) is designed to protect the privacy of consumer report information ? sometimes informally called ?credit reports? ? and to guarantee that information supplied by consumer reporting agencies (CRAs) is as accurate as possible.
The FCRA requires any prospective ?user? of a consumer report, for example a lender, insurer, landlord, or employer, among others, to have a legally permissible purpose to obtain a report.
(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").