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.
Montgomery Maryland Notice To Users Of Consumer Reports - Obligations Of Users Under The FCRA
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Montgomery
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US-FCRA-06
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FAQ
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.
The credit score exception notice (model forms H-3, H-4, H-5) is a disclosure that is provided in lieu of the risk-based-pricing notice (RBPN, which are H-1, H-2, H-6 & H-7). The RBPN is required any time a financial institution provides different rates based on the credit score of the applicant.
A creditor must disclose a consumer's credit score and information relating to a credit score on a risk-based pricing notice when the score of the consumer to whom the creditor extends credit or whose extension of credit is under review is used in setting the material terms of credit.
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.
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).
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.
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 gives you the right to be told if information in your credit file is used against you to deny your application for credit, employment or insurance. The FCRA also gives you the right to request and access all the information a consumer reporting agency has about you (this is called "file disclosure").
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.
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On June 23, 2003, Poore faxed a letter with his criminal report to Sterling. The FCRA imposes responsibilities on all persons who furnish information to consumer reporting agencies and on all users of consumer reports.Systematically been violating the privacy rights of consumers under the FCRA. 5. And procedures that a user of a consumer report should employ when the user receives a notice of address discrepancy. On July 18, 2006, the Agencies.