Employers Should Use New FCRA Disclosure Notice
By: Anne E. Baggott
Employers should immediately begin using a revised Fair Credit Reporting Act notice form to applicants during the adverse-action process. Failure to use the updated form, or a substantially similar form, could subject employers to costly class-action lawsuits and potential liability for non-compliance. The new notice requirements were effective September 21, 2018.
The Bureau of Consumer Financial Protection issued a model summary of rights disclosure notice in response to a May 2018 law passed to address high-profile data breaches. The revised model form includes information about security freezes and fraud alerts. The revised form can be found at www.consumerfinance.gov/about-us/newsroom/bureau-consumer-financial-protection-issues-updated-fcra-model-disclosures/
Contact Anne Baggott at firstname.lastname@example.org or 816-931-2700 for more information regarding compliance with the FCRA.