Employment. A business that uses information obtained from consumer reporting agencies for employment purposes, including background checks, must comply with FCRA by: 1) disclosing that a consumer report is to be obtained; 2) obtaining consent of the person to obtain a consumer report; 3) notifying the person if any adverse action is taken based on information in the report; and 4) identifying the consumer reporting agency so that the accuracy and completeness of the report can be challenged by the applicant. Free Annual Report. FACTA allows consumers to receive upon request a free copy of his or her consumer report once per year from the consumer reporting agencies and, in appropriate circumstances, to place fraud alerts on their credit histories to reduce identity theft. Credit Card Numbers. Businesses are also (with some exceptions) prohibited from printing more than five digits of a consumer’s credit card number on receipts provided to the cardholder at the point of sale. Consumer Access. FACTA gives consumers access to their credit report, and in some instances, their credit score, and may require a business to give consumers notice of how their credit score was used in developing the interest rates or adverse terms offered to consumers. Disposal of Consumer Report Information. Consumer reporting agencies and any other businesses that use consumer reports are required to adopt procedures for properly disposing of consumer report information (the FACTA Disposal Rule). Sharing Consumer Information with Affiliates. Companies are prohibited from using certain credit information received from an affiliate to market goods or services to a consumer unless the consumer is given notice of the sharing, a reasonable opportunity to opt-out, and a simple and reasonable method for opting-out (the FTC Affiliate Sharing Rule).
12
Made with FlippingBook - Online Brochure Maker