Fair Credit Reporting Act Policy
This Fair Credit Reporting Act Policy Template addresses 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
- Duties of Consumer Reporting Agencies Regarding Disclosures to Consumers – Topic 13
- Miscellaneous Duties of Credit Reporting Agencies – Topic 14
- No Surprises Act Applicability – Topic 15
- Audit Policy – Topic 16
- Staff Training – Topic 17
- Retention of Documentation – Topic 18
*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 Final Rule – Agency Contact Information; Technical Corrections
CFPB – Final Rule
Federal Reserve’s FedPayments Improvement Group – Synthetic Identity Fraud Mitigation Toolkit
CFPB Final Rule – Prohibition on Inclusion of Adverse Information in Consumer Reporting in Cases of Human Trafficking
Federal Reserve Press Release – Unmasking a Synthetic Identity Fraud Mitigation Toolkit
CFPB Bulletin 2022-01 – Medical Debt Collection and Consumer Reporting Requirements in Connection with the No Surprises Act
CFPB Press Release – CFPB Rescinds Series of Policy Statements to Ensure Industry Complies with Consumer Protection Laws
This Fair Credit Reporting Act Policy Template (approximately 136 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
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