Fair Credit Reporting Act

The purpose of this policy and procedure guide is to address the Fair Credit Reporting Act (FCRA) and its implementing Regulation V requirements including rules related to use of credit information, furnishing and transmission of credit information, identification of red flags to protect against suspicious activity, and addressing consumer credit disputes.


The Fair Credit Reporting Act (FCRA) requires financial institutions ensure information furnished to consumer reports is accurate and consumer reports are used for permissible purposes.

The Allregs® Fair Credit Reporting Act Policy and Procedure Guide addresses the following topics:

  • Permissible purposes for obtaining a consumer report
  • Key factors in credit score information
  • Disputes and address discrepancies
  • Protection of medical information
  • Identity theft prevention
  • Disclosure of credit scores and risk-based pricing notices
  • Adverse action
  • Prescreened firm offers of credit
  • Red flags
  • Furnishing information to consumer reporting agencies
  • Affiliate sharing
  • Operational compliance
  • Record retention
  • Exhibits


The guide features the following benefits:

  • Supports strong operational practices and preparedness
  • Explains roles and responsibilities
  • Explains what to expect and how to work with auditors
  • Provides practical guidance for managing the audit process from within
  • Features an audit tracking spreadsheet as an optional tool

Optional Services

Maintenance: Receive regular and ongoing industry updates to keep your guide within regulatory requirements.

Publishing: Publish your guide, including your company procedures, in AllRegs Online.

Contact your account manager for information regarding these optional services!

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