If you own or operate a business, or run background checks, you must update your Model FCRA “A Summary of Your Rights Under the Fair Credit Reporting Act” disclosure form. The deadline was Friday, September 21, 2018.
The new document has been released by the Consumer Financial Protection Bureau (CFPB.)
Under the Fair Credit and Reporting Act (FCRA,) employers and background check companies must provide the new disclosure form during certain periods of the business hiring process. Failure to do this can trigger class action litigation.
The Back Story
In May of 2018, after several high-profile data breaches, Congress passed the Economic Growth, Regulatory Relief, and Consumer Protection Act. The new law requires credit reporting bureaus, under certain circumstances, to provide consumers with fraud alerts and unlimited, free national security freezes and freeze releases. This should make it harder for identity thieves to open fraudulent accounts.
To learn more about federal and state compliance as it relates to your business, click here.
