Consumer reporting, larger participants examination procedures
Updated June 5, 2023
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This update to the consumer reporting, larger participants examination procedures incorporates the new Fair Credit Reporting Act (FCRA) and Regulation V obligations related to the prohibition of including adverse information in consumer reporting in cases of human trafficking.
Summary
These examination procedures are intended for use in examining larger participants in the consumer reporting market. The procedures contain a series of modules, grouping similar requirements together. Each examination will cover one or more of the following modules:
- Entity Business Model
- Accuracy of Information and Furnisher Relations
- Contents of Consumer Reports
- Permissible Purposes and Other User Issues
- Consumer File and Score Disclosures
- Consumer Inquiries, Complaints, and Disputes and the Reinvestigation Process
- Consumer Alerts, Identity Theft, and Human Trafficking Provisions
- Prescreening, Employment Reports, and Investigative Consumer Reports
- Other Products and Services and Risks to Consumers
- Examination Conclusions and Wrap-up