AccuSource Blog

Changing Legislation: New Act Requires Update to Key FCRA Form

The Economic Growth, Regulatory Relief and Consumer Protection Act was signed into United States Federal Law by President Donald Trump on May 24, 2018. The legislation will go into effect on September 21, 2018 and requires new language to be added to the Fair Credit Reporting Act (FCRA) Summary of Rights form outlining a consumer’s right to obtain a security freeze on their credit report. This change will affect any entity using consumer reports for employment purpose as it requires the new language to be included “any time a consumer is required to receive a summary of rights required under section 609.”

A security freeze prohibits Consumer Reporting Agencies (CRAs) from releasing information found in a credit report without the express permission of the affected individual.

You can read more about the new requirements under this legislation and the specific language of the act at the Lexology blog here.

 

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Luke Runnells

Luke Runnells

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