Fair Credit Reporting Act (FCRA)

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. §1681c]

(a) Information excluded from consumer reports. Except as authorized under subsection(b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:

(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from
the date of entry of the order for relief or the date of adjudication, as the case may
be, antedate the report by more than 10 years.
(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate
the report by more than seven years or until the governing statute of limitations
has expired, whichever is the longer period.
(3) Paid tax liens which, from date of payment, antedate the report by more than
seven years.
(4) Accounts placed for collection or charged to profit and loss which antedate the
report by more than seven years.
(5) Any other adverse item of information, other than records of convictions of
crimes which antedates the report by more than seven years.
(6) The name, address, and telephone number of any medical information furnisher
that has notified the agency of its status, unless--

(A) such name, address, and telephone number are restricted or reported using
codes that do not identify, or provide information sufficient to infer, the
specific provider or the nature of such services, products, or devices to a
person other than the consumer; or
(B) the report is being provided to an insurance company for a purpose
relating to engaging in the business of insurance other than property and
casualty insurance.

(b) Exempted cases. The provisions of paragraphs (1) through (5) of subsection (a) of
this section are not applicable in the case of any consumer credit report to be used in
connection with

(1) a credit transaction involving, or which may reasonably be expected to involve, a
principal amount of $150,000 or more;
(2) the underwriting of life insurance involving, or which may reasonably be
expected to involve, a face amount of $150,000 or more; or
(3) the employment of any individual at an annual salary which equals, or which may
reasonably be expected to equal $75,000, or more.

(1) In general. The 7-year period referred to in paragraphs (4) and (6) 3 of subsection

(a) shall begin, with respect to any delinquent account that is placed for collection
(internally or by referral to a third party, whichever is earlier), charged to profit and
loss, or subjected to any similar action, upon the expiration of the 180-day period
beginning on the date of the commencement of the delinquency which immediately
preceded the collection activity, charge to profit and loss, or similar action.

(2) Effective date. Paragraph (1) shall apply only to items of information added to the
file of a consumer on or after the date that is 455 days after the date of enactment of
the Consumer Credit Reporting Reform Act of 1996.

(d) Information Required to be Disclosed

(1) Title 11 information. Any consumer reporting agency that furnishes a consumer
report that contains information regarding any case involving the consumer that
arises under title 11, United States Code, shall include in the report an
identification of the chapter of such title 11 under which such case arises if
provided by the source of the information. If any case arising or filed under title
11, United States Code, is withdrawn by the consumer before a final judgment,
the consumer reporting agency shall include in the report that such case or filing
was withdrawn upon receipt of documentation certifying such withdrawal.
(2) Key factor in credit score information. Any consumer reporting agency that furnishes
a consumer report that contains any credit score or any other risk score or
predictor on any consumer shall include in the report a clear and conspicuous
statement that a key factor (as defined in section 609(f)(2)(B)) that adversely
affected such score or predictor was the number of enquiries, if such a predictor
was in fact a key factor that adversely affected such score. This paragraph shall not
apply to a check services company, acting as such, which issues authorizations for
the purpose of approving or processing negotiable instruments, electronic fund
transfers, or similar methods of payments, but only to the extent that such
company is engaged in such activities.

(e) Indication of closure of account by consumer. If a consumer reporting agency is
notified pursuant to section 623(a)(4) [§ 1681s-2] that a credit account of a consumer
was voluntarily closed by the consumer, the agency shall indicate that fact in any
consumer report that includes information related to the account.

(f) Indication of dispute by consumer. If a consumer reporting agency is notified pursuant
to section 623(a)(3) [§ 1681s-2] that information regarding a consumer who was
furnished to the agency is disputed by the consumer, the agency shall indicate that
fact in each consumer report that includes the disputed information.

(g) Truncation of Credit Card and Debit Card Numbers

(1) In general. Except as otherwise provided in this subsection, no person that accepts
credit cards or debit cards for the transaction of business shall print more than the
last 5 digits of the card number or the expiration date upon any receipt provided
to the cardholder at the point of the sale or transaction.
(2) Limitation. This subsection shall apply only to receipts that are electronically
printed, and shall not apply to transactions in which the sole means of recording a
credit card or debit card account number is by handwriting or by an imprint or
copy of the card.
(3) Effective date. This subsection shall become effective--

(A) 3 years after the date of enactment of this subsection, with respect to any cash
register or other machine or device that electronically prints receipts for credit
card or debit card transactions that is in use before January 1, 2005; and
(B) 1 year after the date of enactment of this subsection, with respect to any cash
register or other machine or device that electronically prints receipts for credit
card or debit card transactions that is first put into use on or after January 1, 2005.

(h) Notice of Discrepancy in Address

(1) In general. If a person has requested a consumer report relating to a consumer
from a consumer reporting agency described in section 603(p), the request
includes an address for the consumer that substantially differs from the addresses
in the file of the consumer, and the agency provides a consumer report in
response to the request, the consumer reporting agency shall notify the requester
of the existence of the discrepancy.
(2) Regulations

(A) Regulations required. The Federal banking agencies, the National Credit
Union Administration, and the Commission shall jointly, with respect to
the entities that are subject to their respective enforcement authority under
section 621, prescribe regulations providing guidance regarding reasonable
policies and procedures that a user of a consumer report should employ
when such user has received a notice of discrepancy under paragraph (1).
(B) Policies and procedures to be included. The regulations prescribed under
subparagraph (A) shall describe reasonable policies and procedures for use
by a user of a consumer report--

(i) to form a reasonable belief that the user knows the identity of the
person to whom the consumer report pertains; and
(ii) if the user establishes a continuing relationship with the consumer, and
the user regularly and in the ordinary course of business furnishes
information to the consumer reporting agency from which the notice of
discrepancy pertaining to the consumer was obtained, to reconcile the
address of the consumer with the consumer reporting agency by
furnishing such address to such consumer reporting agency as part of
information regularly furnished by the user for the period in which the
relationship is established.