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Prospective User's Certification of Purposes For Which Consumer...

Dallas Texas Prospective User's Certification of Purposes For Which Consumer Reports Will Be Used

Name: Dallas Texas Prospective User's Certification of Purposes For Which Consumer Reports Will Be Used
Brand: US Legal Forms
Rating: 4.83 (382 reviews)

Category:

Loans and Lending - Consumer Reports

State:

Multi-State

County:

Dallas

Control #:

US-01415BG

Format:

Instant download

Description

Consumer reporting agencies, under 15 U.S.C.A. Â§ 1681e, must require that prospective users of consumer reports:

identify themselves,

certify the purposes for which the information is sought, and

certify that the information will be used for no other purpose.

How to fill out Dallas Texas Prospective User's Certification Of Purposes For Which Consumer Reports Will Be Used?

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FAQ

The FCRA requires any prospective user of a consumer report, for example, a lender, insurer, landlord, or employer, among others, to have a legally permissible purpose to obtain a report.

The term permissible purpose is defined by the Fair Credit Reporting Act (FCRA) as a reason that a consumer reporting agency may furnish a consumer report to any person or organization.

When you apply for a job, your prospective employer may use a consumer report to evaluate you as a potential employee. A consumer report is a collection of documents that may include credit reports, criminal and other public records such as bankruptcy filings, and records of civil court procedures and judgments.

Disclosures to consumers. (a) Every consumer reporting agency shall, upon request and proper identification of any consumer, clearly and accurately disclose to the consumer: (1) The nature and substance of all information (except medical information) in its files on the consumer at the time of the request.

Get written permission from the applicant or employee. This can be part of the document you use to notify the person that you will get a consumer report. If you want the authorization to allow you to get consumer reports throughout the person's employment, make sure you say so clearly and conspicuously.

Examples of permissible purposes include subpoenas or court orders, written instructions from the consumer, credit transactions with a consumer, employment purposes with written authorization from a consumer, insurance underwriting purposes, tenant screening, and national security investigations.

Information excluded from consumer reports further include: Arrest records more than 7 years old. Items of adverse information, except criminal convictions older than 7 years. Negative credit data, civil judgments, paid tax liens, and/or collections accounts older than 7 years.

The Dodd-Frank Act also amended two provisions of the FCRA to require the disclosure of a credit score and related information when a credit score is used in taking an adverse action or in risk-based pricing.

To regulate the consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner; to give individuals information when consumer reports are used to evaluate credit applications; and to protect the confidentiality of information.

A consumer report contains information about your personal and credit characteristics, character, general reputation, and lifestyle. To be covered by the FCRA, a report must be prepared by a consumer reporting agency (CRA), a business that assembles such reports for other businesses.

More info

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Dallas Texas Prospective User's Certification of Purposes For Which Consumer Reports Will Be Used

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FAQ

Which regulation requires that credit reports can only be provided when the request has permissible purpose?

What is FCRA permissible purpose?

What are consumer reports for employment?

What is a consumer reporting agency required to disclose?

What is authorization for consumer reports?

Which are permissible purposes for the use of consumer credit reports?

What must be excluded from a consumer report?

What disclosures are mandated under FCRA?

What are two of the authorized purposes for which consumer reporting agencies are permitted to provide credit information?

What information does a consumer report contain?

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