Special Report: 40 Years of the FCRA

Last month the Federal Trade Commission (FTC) issued a staff report entitled, “Forty Years of Experience with the Fair Credit Reporting Act,” which provides an overview of the agency’s role in enforcing and interpreting the FCRA. The 100-plus page report also includes a section-by-section summary of the FTC’s interpretations of the FCRA. This is especially helpful considering the numerous amendments that have been made to the Act over the past four decades.

As you might suspect, the FCRA plays a significant role in how NCO Credit Services does business. In fact, whenever a client comes on board with us, we include a disclaimer in our client agreements that requires clients (AKA, “subscribers”) to be familiar with the FCRA so they maintain compliance, as well:

Knowledge of Law: The Subscriber warrants and represents that it is fully familiar with the FCRA and the Credit Reporting Laws. The Subscriber acknowledges that it is solely responsible for complying with the FCRA and any and all Credit Reporting Laws to which it is subject.

To better familiarize yourself with the FCRA and the recent staff report, we suggest downloading a PDF of the document by clicking here. In addition, if there are specific questions you have about the FCRA or this document, please post them in the comments section below! We’d be happy to discuss through this forum so that all our other blog readers are able to see responses and apply them to their own circumstances. Of course, if you’re not comfortable posting your questions for everyone to see, please don’t hesitate to contact us to discuss further.