Winnetka Property Manager
Tips on Fair Credit Reporting Act (FCRA) Compliance
Before entering into a service contract with a client, a business has permissible purpose to obtain a consumer report on the customer for a potential new account.
- A bank has permissible purpose and may obtain consumer reports on customers who have defaulted.
- An adverse action letter needs to include more than the name and address of the Consumer Reporting Agency.
- A company may not check an individual’s credit for recruiting purposes without permission of the prospect.
- If a store denies credit to a customer, and is then told of a dispute concerning the content of the credit report, the store is not obligated to reconsider it’s decision concerning the original credit application.
- Accuracy is on of the main objectives of the Fair Credi Reporting Act (FCRA).
- Consumer reports can be lists of names.
- Consumer reports can only be from a Consumer Reporting Agency.
- Insurance companies can not obtain consumer reports to investigate claims.
- Violating FCRA guidelines can bring about criminal penalties.
- A a supplier is not allowed to obtain a consumer report on a contractor without written permission.
- A consumer / potential employee must give written permission to authorize an employment report.
- A landlord is required to keep a consumer report confidential and may not share it with anyone else.
- A business is not obligated to take into account any dispute statements when considering a loan application.
- A business may not obtain consumer reports on its employees without written permission.
From: https://www.thelpa.com
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