OCC / FCRA – 34. What is the meaning of the consumer’s file?

Compliance > FCRA
Q:  What is the meaning of the consumer’s file?
 
A:  It means all of the information on that consumer (bearing on his creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living) recorded and retained by the bank, regardless of how the information is stored. Any bank that is a consumer reporting agency under the act should maintain a central file of information on the consumer, or be capable of collecting all the information it might have on the consumer in its various departments or branches for disclosure to the consumer (16 CFR 603(g)).
 
 
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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