The Consumer Financial Protection Bureau (CFPB) has updated the Summary of Consumer Rights. These changes to the 2018 forms include new contact information for federal agencies and the removal of outdated business types such as “Federal Land Banks.” Under the Fair Credit Reporting Act (FCRA), all consumer reporting agencies (CRAs) must provide a copy of this summary with a copy of the consumer’s credit report.
To meet the March 20, 2024 deadline, click here to get your copy of the revised Summary of Consumer Rights forms in both English and Spanish.
What is A Summary of Your Rights Under the Fair Credit Reporting Act?
The Summary of Consumer Rights gives consumers notice of their rights regarding their credit information and is required under the FCRA. These rights include:
- The consumer’s right to access a free copy of their credit report annually from the 3 major credit bureaus or if they have been denied credit, housing, insurance, or employment within the past 60 days.
- The consumer’s right to dispute their information and the CRA’s responsibility to investigate that dispute within 30 days.
- The consumer’s right to request a free credit score from the CRA should the score be used to deny credit or employment.
- That negative information, such as late payments or bankruptcies can remain on the credit report for up to 7 years – with some bankruptcy types staying on the report for up to 10 years.
- The consumer’s right to know what information was used in decisions for credit, housing, insurance, or employment.
- The consumer’s right to request a list of parties who have access to their credit report within the past year (or 2 years for employment).
- The consumer’s right to place a fraud alert on their credit report should they suspect they’ve been a victim of identity theft.
- The consumer’s right to place a credit freeze on their credit report. This restricts access to their credit information.
The Summary of Consumer Rights allows consumers to better understand how they can protect their credit information, prevent fraud, and what steps to take should they deem the information in their report to be inaccurate. To stay compliant, CIC has updated our forms ahead of the deadline.
