26 Mar 2024
What You Need to Know About Fair Credit Reporting Act Disclosures
Persons or entities that assemble or evaluate consumer credit information and furnish these consumer reports to third parties are consumer reporting agencies under the federal Fair Credit Reporting Act (FCRA). Consumer reporting agencies are responsible for clear and accurate disclosure to a consumer upon request. Explore this FCRA video, by Kirk Nahra, Partner at WilmerHale, for key information on disclosure and reporting requirements by consumer reporting agencies.
Related Content
- Fair Credit Reporting Act
Explore this practice note for overview of the FCRA and the basic disclosure and reporting framework for consumer reporting agencies.
- Fair Credit Reporting Act (FCRA) Pre-adverse Action Disclosure Notice
Utilize this FCRA disclosure template to notify an applicant or employee of an adverse action based on information contained in a consumer report or investigative consumer report.
- Fair Credit Reporting Act (FCRA) Disclosure regarding the Procurement of Consumer and Investigative Consumer Reports
Start with this template when notifying an applicant or employee of the entity’s intent to obtain a consumer or investigative consumer report pursuant to the FCRA. This template includes guidance, drafting notes, and alternate clauses.
- Fair Credit Reporting Act (FCRA) and State Mini-FCRAs: Step-by-Step Guidance for Compliance
Read this comprehensive guidance on handling consumer reports and investigative consumer reports under the FCRA, which regulates how an employer may collect and use employee and applicant information provided by third-party consumer reporting agencies.
- Fair Lending Laws and Enforcement Trends
Explore the primary federal fair lending laws that received a greater level of regulatory scrutiny historically. This practice note summarizes fair lending enforcement activity and recent trends in this area.
Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.
- Trends & Insights provides the latest in news articles and insights documents on trending areas for financial service organizations.
- Fair Lending Regulation Resource Kit provides links to practice notes, checklists, articles, and guidance on key issues, laws, and regulations applicable to in-house lawyers and counsel advising on fair lending regulations.
- State Law Comparison Tool—Financial Institution Regulation topic allows the practitioner to compare key state laws and regulations. This state law comparison tool covers licensing and capital requirements, conditions to doing business in the state, AML/CFT guidelines, recordkeeping, supervision, and enforcement authority, for banking and non-banking institutions.
- For related Practical Guidance content on important recent trends, please review these easy-to-use Resource Kits on a variety of emerging topics:
- Explore the Practical Guidance Journal Spring 2024 Edition, featuring guidance on protecting attorney-client privilege and work product in a generative AI world, using AI to manage the attorney client relationship, an overview of privacy regulations in the United States, and a primer on the new Corporate Transparency Act requirements.
- Learn about the 2000+ leading attorney authors contributing to our 26 practice areas in the Practical Guidance Author Center. Interested in becoming a Practical Guidance author? Click here for details. Practical Guidance is committed to amplifying diverse voices of attorneys across all differences, including gender and race.
- Legal Developments provide the latest updates and analyses of emerging topics impacting your practice area. Visit the Legal Developments page to see the latest topics, which also include breaking legal news and related Practical Guidance content.
- Listen Up! The Practical Guidance and Law360 Podcasts Resource Kit features interviews with industry-leading attorneys on cutting edge issues in the law: NFTs, Cannabis, COVID-19, and more.
- Document alerts allow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts.
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