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Notice To Users Of Consumer Reports - Obligations Of Users Under The...

Middlesex Massachusetts Notice To Users Of Consumer Reports - Obligations Of Users Under The FCRA

Name: Middlesex Massachusetts Notice To Users Of Consumer Reports - Obligations Of Users Under The FCRA
Brand: US Legal Forms
Rating: 4.66 (299 reviews)

Category:

Federal - Fair Credit Reporting Act

State:

Multi-State

County:

Middlesex

Control #:

US-FCRA-06

Format:

Instant download

Description

The Fair Credit Reporting Act (FCRA),15 U.S.C. 1681-1681y, requires that this notice be provided to inform users of consumer reports of their legal obligations. The first section of this summary sets forth the responsibilities imposed by the FCRA on all users of consumer reports. The subsequent sections discuss the duties of users of reports that contain specific types of information, or that are used for certain purposes, and the legal consequences of violations.

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FAQ

A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. the information is, in fact, inaccurate.

Thus, under the FCRA, certain consumer information will be subject to two opt-out notices, a sharing opt-out notice (Section 603(d)) and a marketing use opt-out notice (Section 624). These two opt-out notices may be consolidated.

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.

If you report information about consumers to a CRA like a credit bureau, tenant screening company, check verification service, or a medical information service you have legal obligations under the FCRA's Furnisher Rule.

Upon making a determination that a dispute is frivolous or irrelevant, the furnisher must notify the consumer of the determination not later than five business days after making the determination, by mail or, if authorized by the consumer for that purpose, by any other means available to the furnisher.

The FCRA is not a strict liability statute. An inaccurate consumer report therefore does not automatically result in liability. Instead, the FCRA imposes civil liability for negligent and willful failures to comply with its requirements (15 U.S.C. §§ 1681n, 1681o).

Duty to Investigate Disputes Filed with CRAs Finally, if the furnisher determines the disputed information is inaccurate or incomplete or cannot be verified, the furnisher must promptly modify or delete the information or permanently block the reporting of that information.

The FCRA is chiefly concerned with the way credit reporting agencies use the information they receive regarding your credit history. The law is intended to protect consumers from misinformation being used against them.

Under the FCRA, consumer reporting agencies are required to provide consumers with the information in their own file upon request, and consumer reporting agencies are not allowed to share information with third parties unless there is a permissible purpose.

The term negative information means information concerning a customer's delinquencies, late payments, insolvency, or any form of default. Timing of Notice. The financial institution must provide the notice to the customer no later than 30 days after furnishing the negative information to a CRA.

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Middlesex Massachusetts Notice To Users Of Consumer Reports - Obligations Of Users Under The FCRA

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What is a presumption in regard to furnishing information to consumer reporting agencies?

What notices must be given to consumers under the FCRA?

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Do consumers have obligations under the FCRA?

When notified of a consumer dispute by a consumer reporting agency a furnisher must?

Who is liable under the FCRA?

What must the furnisher of information do if an investigation reveals that the disputed information is incorrect?

What does the FCRA protect consumers from?

What are the requirements of the FCRA?

When must you notify a consumer of furnishing negative information to a consumer reporting agency?

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What is a 'permissible purpose' under the FCRA770663?

Why is obtaining written consent important for Users?

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