Fair Credit Reporting Act Step-by-Step Guidance for Compliance

The Fair Credit Reporting Act (FCRA) regulates how institutions may collect and use consumer information provided by third-party consumer reporting agencies. Institutions must establish and implement a compliance monitoring program to regularly review, assess, and ensure that they are complying with the requirements of the FCRA. Explore this step-by-step guidance for handling consumer reports and investigative consumer reports under the federal FCRA.

Read now »

Related Content

• Consumer Reports and Credit History Checks under the Fair Credit Reporting Act (FCRA)
  Understand the federal requirements for requesting and using a consumer report from a consumer reporting agency.

• Fair Credit Reporting Act (FCRA) Disclosure regarding the Procurement of Consumer and Investigative Consumer Reports
  See this template for a disclosure notice for use by an institution to notify an applicant or employee of an intent to obtain a consumer report in support of an application for a loan or employment pursuant to the FCRA.

• Fair Credit Reporting Act (FCRA) Pre-adverse Action Disclosure Notice
  Use this template FCRA disclosure notice for use by an institution to notify an applicant or employee of an intent to take an adverse action against the applicant or employee based on information contained in a consumer report.

• Fair Credit Reporting Act
  Gain a comprehensive overview of the FCRA and the requirements for collecting and reporting consumer personal information for credit, employment, insurance, and other purposes.

Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account. 

• Trends & Insights provides the latest in news articles and insight documents on trending areas for financial service organizations.
• Financial Services Regulation Trackers provides up to date information on legislation and key administrative proceedings from federal, state and local banking authorities.
• Explore the Chevron Reversal Impact Resource Kit for analysis related to the Supreme Court’s decision to overturn four decades of deference to federal agency interpretations of ambiguous statutes. 
• State Law Comparison Tool—Consumer Financial Regulations Topic Access this tool for state-specific guidance and the ability to compare state laws in the areas of consumer lending, credit card lending, and residential mortgage loans. The content also addresses key questions on oversight and supervision, advertising, marketing, usury, fraud, and unfair and deceptive trade practices.
• For related Practical Guidance content on important recent trends, please review these easy-to-use Resource Kits on a variety of emerging topics: 
  • Financial Services Regulations Fundamentals Resource Kit
  • Bank Regulatory Counsel Resource Kit
  • Environmental, Social, and Governance (ESG) Resource Kit
  • Bank Failure Resource Kit
• The Fall 2024 Edition of The Practical Guidance Journal features guidance on the use of AI in employment decisions, AI considerations in acquisition agreements, Chevron deference reversal challenges in FDA rulemaking, 50 years of ERISA pension protection, plus obligations and risks related to the provision of anti-overdose medication in the workplace.
• Browse the Practical Guidance Author Center to see the 2000+ leading attorney authors contributing to our 26 practice areas. Interested in becoming a Practical Guidance author? Click here for details. Practical Guidance is committed to amplifying diverse voices of attorneys across all differences, including gender and race.
• Legal Developments provide the latest updates and analyses of emerging topics impacting your practice area. Visit the Legal Developments page to see the latest topics, which also include breaking legal news and related Practical Guidance content. 
• Document alerts allow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts.
• Listen Up! The Practical Guidance and Law360 Podcasts Resource Kit features interviews with industry-leading attorneys on cutting edge issues in the law: Generative AI, NFTs, Cannabis, and more.    
• Discover New Practical Guidance Content and Resources
  Review this informative guide featuring some of the recent content additions to Practical Guidance, designed to help you find the tools and insights you need to work more efficiently and effectively.

PRACTICAL GUIDANCE CUSTOMER EMAIL EDITION ON THE WEB

Experience results today with practical guidance, legal research, and data-driven insights—all in one place.

Experience Lexis+