Financial Protection Bureau (CFPB) recently issued an interim
final rule, effective September
21, 2018, regarding the FCRA Summary of Rights notice. The
interim rule requires the addition
of a new notice to the Summary
of Rights as required by section 609 of the FCRA. As part of
the interim rule, the CFPB updated their model Summary of Rights to include (1)
a notice informing consumers of their right to a security freeze as required by
the Economic Growth, Regulatory Relief, and Consumer Protection Act, signed
into law in May of 2018; and (2) a sentence immediately preceding the security
freeze notice clarifying that the right to a security freeze applies only in
regards to nationwide consumer reporting agencies.
The CFPB has stated that consumer reporting
agencies and other entities can use the CFPB’s model forms or a substantially
similar form. A substantially similar form may include the November 2012
version of the model FCRA Summary of Rights with the mandated security freeze
notice either in a different location on the form or on a separate page to be
included with the model form.
What This Means to
- While the interim rule requiring inclusion of the
security freeze notice applies to Consumer Reporting Agencies, end-users
who provide the FCRA Summary of Rights notice outside of the Liberty Screening system should consult their legal counsel to determine if their documents
should be updated to include the revised FCRA Summary of Rights.
- If Liberty Screening provides the Summary of Rights through Candidate self entry with an online disclosure and
authorization collection program or sends pre-adverse-action and
adverse-action notices for you, please be aware of the changes.
There is nothing more for you to do.
The interim final rule issued by the CFPB is accessible here:
The revised Summary of Rights is accessible here: Summary
of Rights 2018-09