OCC / FCRA – 18. What information may a bank give to third parties in response to inquiries about a consumer, without becoming a consumer reporting agency?

Compliance > FCRA
Q:  What information may a bank give to third parties in response to inquiries about a consumer, without becoming a consumer reporting agency?
 
A:  The bank may relate information solely about its transactions or experiences with the consumer. For example, the bank may disclose that the consumer had a history of delinquency and could give other information about the status of any loans or deposits with it. To ensure that it does not become a consumer reporting agency, it should not regularly issue information:
 
• Contained in credit applications bearing on the consumer’s creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living.
 
• Obtained in reports from consumer reporting agencies or any other information obtained from third parties. For example, a bank that obtained information as a user may become a consumer reporting agency if it subsequently conveys the information to another bank.
 
 
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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