Fair Credit Reporting Act Summary of Rights Updated
April 10th, 2023 | Chris Christian, Director of Compliance
On March 17, 2023, the Consumer Financial Protection Bureau (CFPB) issued a final rule updating Bureau and other Federal agency contact information found in the Fair Credit Reporting Act Summary of Consumer Rights. The updated publication by the CFPB is titled “A Summary of Your Rights Under the Fair Credit Reporting Act” or more commonly known as “Summary of Rights”. Employers must provide the Summary of Rights to job candidates and employees under the FCRA when required. For example, the Summary of Rights is required when an employer takes pre-adverse action based on a consumer report.
The new rule is effective April 19, 2023, however, the mandatory compliance date for implementation of the new Summary of Rights is March 20, 2024. The CFPB publishes English and Spanish versions of the Summary of Rights as well as other model forms and disclosures here.
Employers should also consult with their legal counsel when considering updating their background screening and hiring policies and programs.
The CFPB new rule announcement can be found HERE.
Sterling is not a law firm. This publication is for informational purposes only and nothing contained in it should be construed as legal advice. We expressly disclaim any warranty or responsibility for damages arising out this information. We encourage you to consult with legal counsel regarding your specific needs. We do not undertake any duty to update previously posted materials.