Q: Does a bank that is a consumer reporting agency have responsibilities to consumers for the information it has on file?
A: Yes. Upon the request and proper identification of any consumer, the bank must disclose the nature and substance of all information, except medical, that it has in its files. In addition, it must disclose the sources of the information, except in the case of investigative consumer reports as noted in question 49. The bank also must disclose the recipients of any consumer report within six months preceding the request (two years in the case of reports furnished for employment purposes). Accordingly, a bank that is a consumer reporting agency should keep a dated record of each recipient of information about a consumer, even when the inquiry is oral (16 CFR 609).