Effective March 20, 2024
Revised FCRA Summary Issued
The Consumer Financial Protection Bureau (CFPB) released a definitive rule on March 20, 2023, which revises the Summary of Consumer Rights under the Fair Credit Reporting Act (FCRA) and supersedes the previous 2018 edition. This updated summary clarifies consumers’ primary rights outlined by the FCRA. For example, if employers rely on a credit report to turn down a job application, they must give the applicant the contact details of the agency that supplied the credit report. Additionally, the final rule implements minor, non-material edits, such as the elimination of obsolete references to businesses.
This rule takes effect on April 19, 2023, with a compliance deadline set for March 20, 2024.
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