Q: What are the responsibilities of a bank that regularly furnishes information other than that about its own transactions and experiences with a consumer and thus becomes a consumer reporting agency?
A: It must maintain procedures to ensure that the obsolete information specified in the act is not released, except when permitted (see question 22) in 16 CFR 604. Reasonable procedures also are necessary to ensure maximum possible accuracy of the information in any consumer report. Certifications must be obtained from all users of the information in any consumer report that it will be used only for authorized purposes and must not be released if the agency has any reasonable doubt that it will not be used. The identity of new users must be verified for authorized purposes. In addition, a consumer reporting agency has other responsibilities to consumers, as discussed under the next subhead (16 CFR 604, 605, and 607).