Consumer Resource Links
The new Consumer Financial Protection Bureau (“CFPB”) will be enforcing the Fair Credit Reporting Act (“FCRA”). The CFPB have modified previous forms utilized during background checks and are required under the FCRA. The new forms are as follows:
- Summary of Your Rights(Applicants) –(be provided to Applicant before conducting background check)
- Remedying the Effects of Identity Theft(for Applicants)
- Notice to Users of Consumer Reports(for Employers)
- Notice to Furnishers of Information(for CRAs)
These forms must be in place by both employers and consumer reporting agencies (“CRAs”) no later than January 1, 2013. The updated version makes it clear that the CFPB is now the agency handling consumer inquiries and complaints. Previously, these issues were handled by the Federal Trade Commission.
The CFPB is working to assist consumers in understanding the terms of their agreements with financial companies. They are attempting to streamline regulations within this industry and streamline the process for Consumer Reporting Agencies. According to CFPB’s website, Congress established the CFPB to protect consumers with the following:
- Carry out Federal consumer financial laws
- Conduct rule-making, supervision and enforcement for Federal consumer financial protection laws
- Restrict unfair, deceptive or abusive acts or practices
- Take consumer complaints
- Promote financial education
- Research consumer behavior
- Monitor Financial markets for new risks to customers
- Enforce laws that outlaw discrimination and other unfair treatment in consumer finance
More information can be found on their website at http://www.consumerfinance.gov/
Fair Credit Reporting Act Major Links
Applying for a Job
Before you apply for a job, it’s a good idea to order a free copy of your credit report. Each of the nationwide credit reporting companies — TransUnion, Equifax, and Experian — is required to provide you with a free copy of your credit report once every 12 months, if you ask for it.
To order, visit annualcreditreport.com or call 1-877-322-8228. When you order, you’ll need to provide your name, address, Social Security number, and date of birth. To verify your identity, you may need to provide some additional information that only you would know — for example, the amount of your monthly mortgage payment if you own a home. Each of the three national credit reporting companies may ask you for different information.
If you prefer to order your reports by mail, complete the Annual Credit Report Request Form and mail it to:
Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
You use this form, or you can print it from ftc.gov/credit
For more information about free credit reports, seeYour Access to Free Credit Reports at ftc.gov/credit.