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Updated FCRA Summary of Consumer Rights

On March 17, 2023, the Consumer Financial Protection Bureau (CFPB) published an updated version of the publication entitled, “A Summary of Your Rights Under the Fair Credit Reporting Act,” which is also called the “Summary of Rights.” This version will replace the version published in October 2018. Employers will be required to use the updated version by March 20, 2024.

For background, the Summary of Rights is a plain-language guide to the Fair Credit Reporting Act (FCRA), which protects consumers’ credit information. The Summary of Rights must be provided before the employer takes any adverse action based on the background check information and must be provided with every pre-adverse action notice. The Summary of Rights also includes information for consumers about how to file a complaint with the CFPB if they believe that their rights under the FCRA have been violated.

The updated Summary of Rights includes new information about the FCRA’s requirements for consumer reporting agencies and furnishers of information, as well as new resources for consumers. Other changes to the Summary of Rights include:

  • Non-substantive revisions to correct contact information for various federal agencies;
  • Updates to references to obsolete business types; and
  • Other technical corrections.

Next Steps for Employers

Employers and consumer reporting agencies (CRAs) should ensure they update their forms by the March 20, 2024 deadline. The English and Spanish versions of the Summary of Rights are available for download on the CFPB’s website.

HR Works, headquartered in Upstate New York, is a human resource management outsourcing and consulting firm serving clients throughout the United States for over thirty years. HR Works provides scalable strategic human resource management and consulting services, including: affirmative action programs; benefits administration outsourcing; HRIS self-service technology; full-time, part-time and interim on-site HR managers; HR audits; legally reviewed employee handbooks and supervisor manuals; talent management and recruiting services; and training of managers and HR professionals.