Compliance Q&A: Fair Credit Reporting Act

Does the act prohibit CUs from sharing the contents of credit reports with members?

November 1, 2012
Does the Fair Credit Reporting Act (FCRA) prohibit credit unions from sharing the contents of credit reports with members?

Nothing in the FCRA prohibits credit unions from sharing credit reports with members. But credit unions should check their credit bureaus’ contracts first. Members can receive a free copy of their credit reports from each of the nationwide consumer reporting companies (Equifax, Experian, and TransUnion) within 60 days of receiving an adverse action notice under FCRA--and upon request once every 12 months.

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