CFPB Issues Guidance On Fair Credit Reporting Act Disclosure And Reporting Requirements

On January 11, the Bureau of Consumer Financial Protection (CFPB) published two pieces of guidance related to disclosure and reporting requirements by consumer reporting agencies under the Fair Credit Reporting Act (FCRA). First, the CFPB issued an advisory opinion clarifying a consumer reporting agency's disclosure requirements under Section 609(a) of FCRA. Second, the CFPB issued an advisory opinion highlighting obligations under Section 607(b) of FCRA that require consumer reporting agencies to "follow reasonable procedures to assure maximum possible accuracy," in addition to clarifying the reporting period for adverse items under Section 605(a)(5) of FCRA.

These advisory opinions apply to all consumer reporting agencies, as defined under Section 603(f) of FRCA,¹ including check and bank account screening companies that collect and report data on check screening services and account applications, openings, and closures.