FCRA Policy Template Update Details

Product Update Notification - 10/24/08

Fair Credit Reporting Act Policy Update Details

What's New

Topic 8 - Duties of Users of Consumer Reports and Furnishing Information. This new topic includes the following subtopics:

General

Notice of Address Discrepancy Procedures

Furnishers of Information

Re-Pollution Procedures

Negative Information Notice

What's Revised

Topic 4 - Definitions. The following definitions were added:

Identifying Information

Nationwide Consumer Reporting Agency

Notice of Address Discrepancy

The following definitions were revised:

Adverse Action

Consumer Reporting Agency

Identity Theft

Topic 5 - Structure of Accountability. Bullet point 2 under the "Compliance Committee" subtopic was expanded to include addition board of directors reporting responsibilities.

Topic 6 - Obtaining Consumer Reports. This topic was completely revised and includes the following subtopics:

General

Permissible Purposes of Consumer Reports and Investigative Consumer Reports

Prescreened Consumer Reports

Investigative Consumer Reports

Bank Procedures

Topic 7 - Disclosure Requirements. This topic was completely revised and includes the following subtopics:

General

Use of Consumer Reports for Employment Purposes

Prescreened Consumer Reports and Opt-Out Notice

Truncation of Credit and Debit Card Account Numbers

Disclosure of Credit Scores

Adverse Action Disclosures

Debt Collector Communications Concerning Identity Theft

Risk Based Pricing Notice

Topic 9 - Sharing Information with Affiliates. Formerly Topic 15, this topic was completely revised and includes the following subtopics:

General

Consumer Report and Information Sharing

Other Exceptions

Topic 10 - Identity Theft Program Policy. Please refer to this page our website for details related to this topic.

Topic 12 - Affiliate Marketing Policy. Formerly Topic 19, the following subtopics were added:

Responsibility

Effective Date, Compliance Date, and Prospective Application

The following subtopics were revised:

Policy Statement - Entire contents.

Affiliate Marketing and Opt-Out Exceptions - Under bullet point 1, a new paragraph was added after bullet point C. In addition, the following bullet point B was revised.

Opt-Out Notices - Under bullet point 1, the first paragraph was revised following bullet point F.

Topic 15 - Retention of Documentation. Formerly Topic 22, a new subtopic entitled "Disposal of Consumer Information" was added.

What's Deleted

Topic 8 - Adverse Information. Now included within Topic 7 - Disclosure Requirements.

Topic 9 - Credit Score Disclosure Procedures. Now included within Topic 7 - Disclosure Requirements.

Topic 11 - Re-Pollution Procedures. Now included within Topic 8 - Duties of Users of Consumer Reports and Furnishing Information.

Topic 12 - Fraud and Active Duty Alerts. Now included within Topic 10 - Identity Theft Program Policy.

Topic 13 - Notice of Negative Information Procedures. Now included within Topic 8 - Duties of Users of Consumer Reports and Furnishing Information.

Topic 14 - Prescreen and Opt-Out Disclosure Procedures. Now included within Topic 7 - Disclosure Requirements.

Topic 16 - Disputed Information. Now included within Topic 8 - Duties of Users of Consumer Reports and Furnishing Information.

Topic 18 - Duties of Card Issuers Regarding Changes of Address. Now included within Topic 10 - Identity Theft Program Policy.

Product Contents

Purpose and Contents - Topic 1

Policy Statement - Topic 2

Regulatory Background and Requirements - Topic 3

Definitions - Topic 4

Structure of Accountability - Topic 5

Obtaining Consumer Reports - Topic 6

Disclosure Requirements - Topic 7

Duties of Users of Consumer Reports and Furnishing Information - Topic 8

Sharing Information with Affiliates - Topic 9

Identity Theft Program Policy - Topic 10*

Medical Information Procedures - Topic 11

Affiliate Marketing Policy - Topic 12

Audit Policy - Topic 13

Staff Training - Topic 14

Retention of Documentation - Topic 15

*Includes the full text of our stand alone Identity Theft Program Policy Template.

Includes the FACTA/FCRA Final Rules:

Address Discrepancies/Examination

Affiliate Marketing/Examination

Credit Score Disclosures

Identity Theft Program/Examination

Repollution Procedures

Fraud and Active Duty Alerts

Notice of Negative Information

Prescreen Opt-Out Notice

Medical Information

Red Flag Procedures/Examination

This includes the following form templates:

Credit Score Information Disclosure Form (1 page)

Fair Credit Reporting Act Sample Opt-Out Notices (5 pages)

Identity Theft Affidavit Packet (9 pages)

Prescreen Opt-Out Notice Examples (2 pages)

Ordering Information

This product is available to purchase from Bankpolicies.com for:

$375.00 - List Price

- or -

$100.00* - Update Price

*Applies only to clients who have purchased the Fair Credit Reporting Act Policy Template within the last three years in addition to the following prior updates (if applicable):

Fair Credit Reporting Act Policy Template Update - 11/28/07- $100.00

Fair Credit Reporting Act Policy Template Update - 12/01/05- $25.00

If you have ordered this product after 09/24/08 you are eligible to receive the product update at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies).

NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com.

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