Did the Fair Credit Reporting Act just change? ? Business ...

Q. What were the recent changes to the Fair Credit Reporting Act?

A. The Fair Credit Reporting Act (FCRA) changed in form, but not in substance. The FCRA regulates employers that use background checks when the information is provided by third parties.

Since the FCRA?s enactment in 1970, the Federal Trade Commission had overseen its interpretation. Fol??lowing passage of the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act in 2010, the authority to create FCRA regulations shifted to a newly created Consumer Financial Protection Bureau (CFPB).

Recently the CFPB issued new regulations that, among other things, modified the form employers must use to notify employees and applicants of their FCRA rights. This notification must be provided to applicants and employees as part of a notification that an employer may take an adverse action based on a background check.

A copy of the new ?A Summary of Your Rights Under the Fair Credit Reporting Act? form, which ?employers must begin using on or before Jan. 1, 2013, can be found on the CFPB?s website. Agencies that perform background checks must also provide new forms to both providers and users of their information:

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