Compliance – All Levels
2015 FCRA Notice
December 2015: Minor Changes to the FCRA Summary of Rights Form
A revised version of the FCRA Summary of Rights form was released a few months ago, and appeared without an announcement by the Consumer Financial Protection Bureau. The only changes in the revised form appear to be the addition of the characters (1-888-5-OPTOUT) that correspond to the telephone number 1-888-567-8688 (which remains the same) for the national credit bureaus in connection with opting out or limiting pre-screened offers of credit and insurance, and change in the zip code for the Consumer Financial Protection Bureau, from 20580 to 20552. The form has not been published in the Federal Register, because the revisions involve only information that may change over time such as addresses or telephone numbers.
The previous major change came in 2013 which instructs the applicant to contact the Consumer Financial Protection Bureau for more information. The new form must be provided to the subject of a consumer report when there is a “pre-adverse action” notice and along with disclosure notices when running any “investigative consumer report” such as reports based on personal interviews conducted by a CRA. It is a good idea to include this form with “adverse action” notices as well. (Click on the link above to download the .pdf!)