Fair Credit Reporting Act Policy
The purpose of this Fair Credit Reporting Act Policy Template is to address measures a bank, credit union, fintech company, or other type of financial institution must take to ensure adherence to the Fair Credit Reporting Act (FCRA), as amended by The Fair and Accurate Credit Transactions Act (FACTA), to prevent the undue invasion of a consumer’s right to privacy in the process of collecting information and disseminating credit reports.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Definitions – Topic 3
- Structure of Accountability – Topic 4
- Affiliate Marketing – Topic 5
- Medical Information – Topic 6
- Duties of Furnishers of Information – Topic 7
- Duties of Users Regarding Obtaining and Using Consumer Reports – Topic 8
- Duties of Users Regarding Risk Based Pricing – Topic 9
- Identity Theft Program Policy – Topic 10
- Obtaining Information and Sharing Among Affiliates – Topic 11
- Disclosures to Consumers and Miscellaneous Requirements – Topic 12
- Audit Policy – Topic 13
- Staff Training – Topic 14
- Retention of Documentation – Topic 15
*Includes the full text of our stand alone Identity Theft Program Policy Template.
Includes the following form templates:
- FCRA Model Forms for Firm Offers of Credit or Insurance (2 pages)
- FCRA Model Forms for Opt-Out Notices (6 pages)
- FCRA Model Notices of Furnishing Negative Information (1 page)
- FCRA Risk Based Disclosure Forms (13 pages)
- FCRA Summary of Consumer Identity Theft Rights (2 pages)
- FCRA Summary of Consumer Rights (3 pages)
- Identity Theft Affidavit Packet (9 pages)
Recent updates to this product:
CFPB Issues Credit Reporting Guidance During COVID-19 Pandemic
FinCEN Advisory FIN-2019-A005 – Updated Advisory on Email Compromise Fraud Schemes Targeting Vulnerable Business Processes
Federal Reserve 07/15/19 FED360 – Gone Phishing – Tips to Help Protect Your Organization from Phishing Attempts
Bureau of Consumer Financial Protection Issues Updated FCRA Model Disclosures
This Fair Credit Reporting Act Policy Template (approximately 95 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
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