Federal Trade Commission Issues New Guidance on the Fair Credit Reporting Act

 

In 1990, the FTC issued a commentary on the FCRA (published as an appendix to 16 CFR part 600). Between 1997 and 2001, it issued informal opinion letters in response to selected questions that it received. Changes to the FCRA, primarily in 1996 and 2003, rendered much of the prior commentary obsolete. The new guidance reflects the FTC’s most up-to-date guidance.

Additionally, the FTC has formally withdrawn its prior commentary. In a press release, the FTC notes that the reason for this is that the recent financial reform legislation transferred the FTC’s authority to issue this kind of guidance to the newly created Consumer Financial Protection Bureau.

The FTC says that the new guidance mostly codifies its prior positions, but that it modifies some of its prior interpretations. Therefore, there may be new regulatory positions set out in the 117-page document.

Please see below for links to the documents referenced in this update:

For more information on this update may affect your program and how backgroundchecks.com can help, please contact client services.

Get instant updates on Credit Checks

Michael Klazema

About Michael Klazema The author

Michael Klazema is the lead author and editor for Dallas-based backgroundchecks.com with a focus on human resource and employment screening developments

Michael's recent publications

More Like This Post

State Criminal Search

Virginia Criminal Search

A Virginia state background check can uncover more criminal records. Learn about these tools and the legal restrictions involved.

Order a Search for Virginia