Fair Credit Reporting Act (FCRA) amendment

types of background checks available to landlords and companies, such checks are an integral way they ensure that their tenants or franchisees are honest and reliable. However, should you perform a credit check on an individual and find a problem, the rules have now changed. If you use a credit score and take adverse action — as of July 21st you must provide an adverse action notice to the applicant or employee containing disclosures currently required under the FCRA, and in addition, provide the new FCRA adverse action and disclosure requirements for credit scores. The following new notification requirements will apply: · The date on which the credit score was created (the order date) · The name of the person or entity that provided the credit score (FICO – Fair Isaac Corporation) · The key factors, listed in order of importance, which adversely affected the score of the consumer in the model used · The range of possible credit scores under the model used (Classic FICO; 300-850) This change to the FCRA is one of many enacted as a result of last year’s Dodd-Frank Wall Street Reform and Consumer Protection Act. We are providing you with this information so you can  comply with the new FCRA credit disclosure requirements as of July 21st, 2011. For more information regarding credit checks or the new FCRA ruling, get in touch with Mind Your Business, Inc.]]>

You May Also Like

Check out these additional posts from Mind Your Business.

Is Marijuana still tested for pre-employment?

Many states have legalized Marijuana which has many employers wondering what to do when their applicant’s drug test comes back positive. Pre-employment drug testing is a common practice for many employers that wish to mitigate risk and maintain a safe work environment for all employees. Most employers choose to run a 5-panel or 10-panel drug…
Read More

OSHA Regulations and a Potential New Hiring Trend

The Occupational Safety and Health Administration (OSHA) announced an emergency temporary standard (ETS) that states that companies with 100 or more employees would need to ensure that their employees are fully vaccinated by January 4th, 2021. If the employees are not vaccinated, they would need to test negative for COVID-19 weekly. This includes individuals who…
Read More

Pennsylvania Motor Vehicle Reports Aren’t Slow – Your Background Screening Provider Is.

Motor Vehicle Records Reports are important searches for many different industries. They provide valuable information about an applicant’s driving history. Driving infractions are not reportable in county or statewide criminal searches, so be sure to add a Motor Vehicle Search if you are hiring drivers for your company. The benefits are that you will be…
Read More

Quality and Precise Results, On Time!

Let us know about your screening needs to get a custom quote. We work with businesses big and small as well as the government. Which means we have a package of solutions for your organization as well.