OCC / FCRA – 2. Are there new procedures required to obtain a consumer report?

Compliance > FCRA
Q:  Are there new procedures required to obtain a consumer report?
 
A:  Yes. The bank must identify itself and certify to the reporting agency (consumer reporting agency) the purposes for which the information is sought. It must also certify that the information will be used for no other purpose (16 CFR 607).
 
 
This Q&A was obtained from the Comptroller’s Handbook on Fair Credit Reporting that may be found here:  https://www.occ.gov/publications-and-resources/publications/comptrollers-handbook/files/fair-credit-reporting/index-fair-credit-reporting.html
 

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