Fair Credit Reporting Act

The Board is publishing revisions to Regulation V, which implements the Fair Credit Reporting Act. The revisions add model notices that financial institutions may use to comply with the notice requirement relating to furnishing negative information contained in section 217 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act). Section 217 of the FACT Act amends the FCRA to provide that if any financial institution extends credit and regularly and in the ordinary course of business furnishes information to a nationwide consumer reporting agency, and furnishes negative information to such an agency regarding credit extended to a customer, the institution must provide a clear and conspicuous notice about furnishing negative information, in writing, to the customer. Section 217 defines the term "financial institution" to have the same meaning as in the privacy provisions of the Gramm-Leach-Bliley Act. The Board's model notices may be used by all financial institutions, as defined by section 217.