Employers and consumer reporting agencies (CRAs) should take note that the mandatory compliance deadline to implement the updated Summary of Consumer Rights Form (officially titled "A Summary of Your Rights Under the Fair Credit Reporting Act") is quickly approaching on March 20, 2024. The new version of the form, which was initially published by the Consumer Financial Protection Bureau (CFPB) in March 2023, is required by the Fair Credit Reporting Act (FCRA) to be provided to applicants and employees before any adverse action is taken on the basis of a background check and with every pre-adverse action notice. The CFPB has provided versions of the updated form in English and Spanish.
If you have any questions regarding the implementation of the updated form or your company's compliance with the FCRA, please contact a member of DWT's employment services group, who are available to advise and assist. In the meantime, DWT will continue to monitor and provide updates as they occur.