Updated Fair Credit Reporting Act Notice is Now Available
On March 17th the Consumer Financial Protection Bureau (CFPB) released an updated version of the “A Summary of Your Rights Under the Fair Credit Reporting Act” notice. Employers and consumer reporting agencies (CRAs) must provide the Summary to applicants and employees to comply with the federal Fair Credit Reporting Act (FCRA).
The changes to the Summary are relatively minor, and the new version will not be required until March 24, 2024. This version will replace the version published in October 2018.
If you would like to get this checked off of your 2024 to-do list now, the new Summary in English and Spanish can be found here: CFPB Notice_2024.
The highlights of the changes include:
- Revised the Summary to update references to obsolete business types, such as “Federal Land Banks,” and to make other technical corrections.
- Corrected typos and fixed formatting
- Updated contact information for the CFPB and other federal agencies