FTC Approves Fair Credit Reporting Act Rule Changes – Consumer Protection

United States:

FTC Approves Fair Credit Reporting Act Rule Changes

13 September 2021

Cadwalader, Wickersham & Taft LLP

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The FTC accepted “largely technical
adjustments” to 5 guidelines beneath the Fair
Credit Reporting Act (“FCRA”). The amendments
make clear that the FCRA guidelines, as enforced by the FTC, apply solely to
motorized vehicle sellers, since Dodd-Frank transferred authority for the
regulation of different kinds of entities to the CFPB.

As beforehand coated, the adjustments have an effect on:

Part 641 (“Duties of Users of
Consumer Reports Regarding Address Discrepancies”), which
outlines necessities for customers of client reviews upon receipt of
a discover of tackle discrepancy from a client reporting company

Part 680 (“Affiliate
Marketing”), which permits a client to ban using
sure info obtained from associates in an effort to make
solicitations to the buyer;

Part 660 (“Duties of Furnishers of
Information to Consumer Reporting Agencies”), which outlines
necessities concerning the accuracy and integrity of data
submitted to CRAs;

Parts 642 (“Prescreen Opt-Out Notice”)
and 698 (“Model Forms and
Disclosures”), which enumerate necessities for these utilizing
info from buyer reviews for unsolicited credit score or
insurance coverage promoting, as amended so as to add an online tackle for client
choose-out requests; and

Part 640 (“Duties of Creditors
Regarding Risk-Based Pricing”), which requires entities that
use client report info to supply much less advantageous phrases to
customers to inform them about using their info, as
amended to incorporate examples reflecting the narrowed scope to simply
motorized vehicle sellers.

The adopted rule adjustments go into impact 30 days after their
publication within the Federal Register.

Primary Sources

FTC Press Release: FTC Approves Changes to Five
FCRA Rules

FTC Final Rule: Duties of Users of Consumer
Reports Regarding Address Discrepancies

FTC Final Rule: Affiliate Marketing

FTC Final Rule: Duties of Furnishers of
Information to Consumer Reporting Agencies Rule

FTC Final Rule: Prescreen Opt-Out Notice

FTC Final Rule: Duties of Creditors Regarding
Risk-Based Pricing Rule

The content material of this text is meant to offer a basic
information to the subject material. Specialist recommendation needs to be sought
about your particular circumstances.

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