INDUSTRY NEWS
Updated FCRA Summary of Consumer Rights Form: What Employers Need to Know
As previously reported, employers and consumer reporting agencies (CRAs) must use the new version of the Fair Credit Reporting Act (FCRA) Summary of Consumer Rights form beginning March 20, 2024.
The new version of the form contains minor changes and non-substantive technical corrections, mainly covering updated contact information for the CFPB and other federal administrations listed on the final page of the form.
Business Information Group customers can rest assured that we have already updated all of our online systems and our agreements to include the new form well ahead of the March deadline. The CFPB has provided an updated model form in both English and Spanish.
CRAs such as BIG provide the Summary of Consumer Rights form in the course of business in the following scenarios:
- when collecting written disclosures from the consumer prior to procuring an investigative consumer report;
- when providing a consumer report for employment purposes; and
- when providing a pre-adverse action notice for employment purposes.
Employers not utilizing BIG for the above scenarios should aim to begin using the new version of the form as soon as possible.
If you have any questions or concerns, please contact your BIG Sales Executive or Account Manager.
Posted: January 12, 2023
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