As previously covered by Truescreen, the Economic Growth, Regulatory Relief, and Consumer Protection Act, requires the national credit bureaus to provide "national security freezes" free of charge to consumers. These freezes restrict the ability of lenders and reporting agencies to access consumers' credit information and make it difficult for identity thieves to open accounts in a consumer's name.
According to the interim rule, a consumer reporting agency and/or end-user must include a notice of the new security freeze right whenever a consumer receives a copy the FCRA Summary of Rights Form. The FCRA requires that consumer receive a copy of the Summary of Rights Form when an investigative consumer report is requested, whenever a decision is made not to hire them based in whole or in part on the information contained in their consumer report, as well as in other situations.
As such, the CFPB has updated their model FCRA Summary of Rights Forms, which must be used beginning Sept. 21, 2018.
Clients can download a copy of the updated Summary of Rights form via the link below.
Source: Consumer Financial Protection Bureau, 9/12/2018
Posted: September 13, 2018