Fair Credit Reporting Act
Notice to end-users of consumer reports (CCI Clients)
As a CCI client and end-user of consumer credit reports, there are new
requirements under the Fair and Accurate Credit Transactions Act of 2003
that took effect on December 1, 2004. Some of the changes that you should
be familiar with include:
- Your duty to provide a consumer a copy of his credit score
and a “Notice to the Home Loan Applicant” under §609(g)
- Your
duty to notify consumers if you grant a credit extension on material
terms that are materially less favorable than the most favorable
terms available to a substantial proportion of consumers that
you serve, based
on a consumer report under §615(H)
- Your duty to formulate
policies and procedures to employ when receiving a notice of
discrepancy in address under §605(H)
- Your duty to formulate
policies and procedures to verify the consumer’s
identity and confirm that the application is not the result of
identity theft under §605A(H) and related duties under §§515(e)
and (f)
- Your duty to provide transaction records to persons claiming
to be a victim of identity theft under §609(e)
- Your duties
to report accurate information to consumer reporting agencies
under §623
- Your duties to properly dispose of consumer information
under §628
If you are not familiar with your new responsibilities above under this
new law you may contact us directly for a free copy of Selected Text
of the FCRA: With a Special Focus on the Impact to Mortgage Lenders.
Or, you may visit the FTC website at www.ftc.gov to obtain more information
on how to maintain compliance.
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