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Fair Credit Reporting: Authority and Source

AUTHORITY: 12 U.S.C. §§ 5512, 5581; 15 U.S.C. §§ 1681a, 1681b, 1681c, 1681c-1, 1681e, 1681g, 1681i, 1681j, 1681m, 1681s, 1681s-2, 1681s-3, and 1681t; Pub. Law 108-159, § 214, 117 Stat. 1952.

SOURCE: 76 Fed. Reg. 44,242 (July 22, 2011); 76 Fed. Reg. 79,312 (Dec. 21, 2011); 81 Fed. Reg. 25,325 (Apr. 28, 2016), unless otherwise noted.

Fair Credit Reporting: 12 C.F.R. § 1022.1 Purpose, scope, and model forms and disclosures.

(a) Purpose. The purpose of this part is to implement the Fair Credit Reporting Act (FCRA). This part generally applies to persons that obtain and use information about consumers to determine the consumer’s eligibility for products, services, or employment, share such information among affiliates, and furnish information to consumer reporting agencies.

(b) Scope.

(1) [Reserved]

(2) Institutions covered.

Fair Credit Reporting: 12 C.F.R. § 1022.2 Examples.

The examples in this part are not exclusive. Compliance with an example, to the extent applicable, constitutes compliance with this part. Examples in a paragraph illustrate only the issue described in the paragraph and do not illustrate any other issue that may arise in this part.

Fair Credit Reporting: 12 C.F.R. § 1022.3 Definitions.

For purposes of this part, unless explicitly stated otherwise:

(a) Act means the FCRA (15 U.S.C. 1681 et seq.).

(b) Affiliate means any company that is related by common ownership or common corporate control with another company. For example, an affiliate of a Federal credit union is a credit union service corporation, as provided in 12 C.F.R. part 712, that is controlled by the Federal credit union.

(c) [Reserved]

Fair Credit Reporting: 12 C.F.R. § 1022.20 Coverage and definitions.

(a) Coverage. Subpart C of this part applies to any person that uses information from its affiliates for the purpose of marketing solicitations, or provides information to its affiliates for that purpose, other than a person excluded from coverage of this part by section 1029 of the Consumer Financial Protection Act of 2010, title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 137.

(b) Definitions. For purposes of this subpart:

Fair Credit Reporting: 12 C.F.R. § 1022.22 Scope and duration of opt-out.

(a) Scope of opt-out.

(1) In general. Except as otherwise provided in this section, the consumer’s election to opt out prohibits any affiliate covered by the opt-out notice from using eligibility information received from another affiliate as described in the notice to make solicitations to the consumer.

(2) Continuing relationship.

Fair Credit Reporting: 12 C.F.R. § 1022.24 Reasonable opportunity to opt out.

(a) In general. You must not use eligibility information about a consumer that you receive from an affiliate to make a solicitation to the consumer about your products or services, unless the consumer is provided a reasonable opportunity to opt out, as required by § 1022.21(a)(1)(ii) of this part.

(b) Examples of a reasonable opportunity to opt out. The consumer is given a reasonable opportunity to opt out if:

Fair Credit Reporting: 12 C.F.R. § 1022.25 Reasonable and simple methods of opting out.

(a) In general. You must not use eligibility information about a consumer that you receive from an affiliate to make a solicitation to the consumer about your products or services, unless the consumer is provided a reasonable and simple method to opt out, as required by § 1022.21(a)(1)(ii) of this part.

(b) Examples.

(1) Reasonable and simple opt-out methods. Reasonable and simple methods for exercising the opt-out right include:

Fair Credit Reporting: 12 C.F.R. § 1022.26 Delivery of opt-out notices.

(a) In general. The opt-out notice must be provided so that each consumer can reasonably be expected to receive actual notice. For opt-out notices provided electronically, the notice may be provided in compliance with either the electronic disclosure provisions in this subpart or the provisions in section 101 of the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 et seq.

Fair Credit Reporting: 12 C.F.R. § 1022.30 Obtaining or using medical information in connection with a determination of eligibility for credit.

(a) Scope. This section applies to any person that participates as a creditor in a transaction, except for a person excluded from coverage of this part by section 1029 of the Consumer Financial Protection Act of 2010, title X of the Dodd–Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203, 124 Stat. 137.

(b) General prohibition on obtaining or using medical information.

Fair Credit Reporting: 12 C.F.R. § 1022.40 Scope.

Subpart E of this part applies to any person that furnishes information to a consumer reporting agency, except for a person excluded from coverage of this part by section 1029 of the Consumer Financial Protection Act of 2010, title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 1376.

Fair Credit Reporting: 12 C.F.R. § 1022.41 Definitions.

For purposes of this subpart and appendix E of this part, the following definitions apply:

(a) Accuracy means that information that a furnisher provides to a consumer reporting agency about an account or other relationship with the consumer correctly:

(1) Reflects the terms of and liability for the account or other relationship;

(2) Reflects the consumer’s performance and other conduct with respect to the account or other relationship; and

Fair Credit Reporting: 12 C.F.R. § 1022.42 Reasonable policies and procedures concerning the accuracy and integrity of furnished information.

(a) Policies and procedures. Each furnisher must establish and implement reasonable written policies and procedures regarding the accuracy and integrity of the information relating to consumers that it furnishes to a consumer reporting agency. The policies and procedures must be appropriate to the nature, size, complexity, and scope of each furnisher’s activities.

Fair Credit Reporting: 12 C.F.R. § 1022.43 Direct disputes.

(a) General rule. Except as otherwise provided in this section, a furnisher must conduct a reasonable investigation of a direct dispute if it relates to:

(1) The consumer’s liability for a credit account or other debt with the furnisher, such as direct disputes relating to whether there is or has been identity theft or fraud against the consumer, whether there is individual or joint liability on an account, or whether the consumer is an authorized user of a credit account;

Fair Credit Reporting: 12 C.F.R. § 1022.54 Duties of users making written firm offers of credit or insurance based on information contained in consumer files.

(a) Scope. This subpart applies to any person who uses a consumer report on any consumer in connection with any credit or insurance transaction that is not initiated by the consumer, and that is provided to that person under section 604(c)(1)(B) of the FCRA (15 U.S.C. 1681b(c)(1)(B)), except for a person excluded from coverage of this part by section 1029 of the Consumer Financial Protection Act of 2010, title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203, 124 Stat. 137.