On March 17, 2023, the Consumer Financial Protection Bureau (CFPB) published an updated version of the publication entitled, “A Summary of Your Rights Under the Fair Credit Reporting Act,” which is also called the “Summary of Consumer Rights.” The latest version replaces the original version that was published in 2018. There are English and Spanish versions of the Summary available on the CFPB’s website. Employers and consumer reporting agencies (CRAs) must provide the new summary to applicants and employees to comply with the federal Fair Credit Reporting Act (FCRA). correct contact information for various federal agencies.
What has changed? The new Summary of Consumer Rights notice makes some minor language changes and also corrects the contact information for several federal agencies. Although these changes are small, the new notice must be provided to employees and applicants during background checks and during the adverse action process to maintain compliance with the FCRA.
What is the deadline to use the new Notice? This new rule went into effect as of April 19, 2023, though there is a grace period for employers and credit reporting agencies until March 20, 2024. It is not necessary to provide the updated notice for anyone who has been given the prior notice.