OCC / FCRA – 22. Are there any situations in which these restrictions on obsolete information do not apply?

Compliance > FCRA
Q:  Are there any situations in which these restrictions on obsolete information do not apply?
 
A:  Yes. They do not apply in connection with a credit transaction expected to involve $50,000 or more in principal, or the underwriting of insurance that is expected to involve a face amount of $50,000 or more. They also do not apply to information for employment at an annual salary of $20,000 or more (16 CFR 605(b)).
 
 
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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