CFPB Updates Summary of Rights

The Consumer 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 You:

  • 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: Interim Final Rule

The revised Summary of Rights is accessible here: Summary of Rights 2018-09