OCC / FCRA – 21. If a bank becomes a consumer reporting agency, are there any restrictions on the type of information that may be furnished?

Compliance > FCRA
Q:  If a bank becomes a consumer reporting agency, are there any restrictions on the type of information that may be furnished?
 
A:  Yes. Certain obsolete information may not be furnished by a consumer reporting agency. According to the act, the following subjects are obsolete:
 
• Bankruptcies that antedate the report by more than 10 years.
• Suits and judgments, paid tax liens, and accounts placed for collection or charged to profit and loss that antedate the report by more than seven years.
• Arrests, indictments, or convictions of crime that antedate the report by more than seven years.
• Any adverse information that antedates the report by more than seven years.
 
(Refer to 16 CFR 605 for information on when the time periods begin to run.)
 
 
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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