Before employers close out 2012, those who obtain “consumer reports” or “investigative consumer reports” from a consumer reporting agency as part of the information used in pre- and post-hire employment decisions need to update their Fair Credit Reporting Act (FCRA) notice. Effective January 1, 2013, the mandatory "Summary of Rights" form must reflect a few limited changes. These changes result from the Consumer Financial Protection Bureau taking over responsibility for enforcing the FCRA from the Federal Trade Commission.

The Summary of Rights, along with a copy of the consumer report, must be provided by the employer to the applicant/employee with a pre-adverse action letter when the employer uses information from the consumer report as a basis for taking adverse action against the applicant/employee. Additional rules apply to the employer’s use of “investigative consumer reports.”

Click here for the new FCRA Summary of Rights.