FCRA / Users of Info to Make Offers – What are the long notice requirements related to using a consumer report to make an offer of a credit or insurance transaction not initiated by the consumer?

Compliance > FCRA
Q:  What are the long notice requirements related to using a consumer report to make an offer of a credit or insurance transaction not initiated by the consumer?
 
A:   Any person who uses a consumer report on any consumer in connection with any credit or insurance transaction that is not initiated by the consumer, and that is provided to that person under section 604(c)(1)(B) of the FCRA (15 U.S.C. 1681b(c)(1)(B)), shall, with each written solicitation made to the consumer about the transaction, provide the consumer with the following statement, consisting of a short portion and a long portion, which shall be in the same language as the offer of credit or insurance:
 
The long notice shall be a clear and conspicuous, and simple and easy to understand statement as follows:
 
(i) Content. The long notice shall state the information required by section 615(d) of the Fair Credit Reporting Act (15 U.S.C. 1681m(d)). The long notice shall not include any other information that interferes with, detracts from, contradicts, or otherwise undermines the purpose of the notice.
 
(ii) Form. The long notice shall:
 
(A) Appear in the solicitation;
 
(B) Be in a type size that is no smaller than the type size of the principal text on the same page, and, for solicitations provided other than by electronic means, the type size shall in no event be smaller than 8 point type;
 
(C) Begin with a heading in capital letters and underlined, and identifying the long notice as the “PRESCREEN&OPT-OUT NOTICE;”
 
(D) Be in a type style that is distinct from the principal type style used on the same page, such as bolded, italicized, underlined, and/or in a color that contrasts with the color of the principal text on the page, if the solicitation is in more than one color; and
 
(E) Be set apart from other text on the page, such as by including a blank line above and below the statement, and by indenting both the left and right margins from other text on the page.
 
 
This can be found in the CFPB's Regulation V, 1022.54, which you may find here:  https://www.ecfr.gov/cgi-bin/text-idx?SID=a24c19492c9536b81bc9fa4567a901e8&mc=true&node=pt12.8.1022&rgn=div5#sp12.8.1022.f

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