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Regulation V - Fair Credit Reporting

[NOTICE TO USERS: As mandated by the Dodd-Frank Act, the Consumer Financial Protection Bureau has republished portions of this regulation in its own Regulation V, at 12 CFR Part 1022, effective December 30, 2011. Sections of the Federal Reserve Board's regulation that were not republished by the Bureau are marked with a red asterisk below.]

Authority: 15 U.S.C. 1681b, 1681c, 1681m, 1681s, 1681s-2, and 1681w; Secs. 3 and 214, Pub. L. 108–159, 117 Stat. 1952.

[Click HERE for table of recent amendments and proposals.]

Subpart A - General Provisions

Sec. 222.1 - Purpose, scope, and effective dates.
Sec. 222.2 - Examples.
Sec. 222.3 - Definitions.

Subpart B [Reserved]

Subpart C - Affiliate Marketing

Sec. 222.20 - Coverage and definitions.
Sec. 222.21 - Affiliate marketing opt-out and exceptions.
Sec. 222.22 - Scope and duration of opt-out.
Sec. 222.23 - Contents of opt-out notice; consolidated and equivalent notices.
Sec. 222.24 - Reasonable opportunity to opt out.
Sec. 222.25 - Reasonable and simple methods of opting out.
Sec. 222.26 - Delivery of opt-out notices.
Sec. 222.27 - Renewal of opt-out.
Sec. 222.28 - Effective date, compliance date, and prospective application.*

Subpart D - Medical Information

Sec. 222.30 - Obtaining or using medical information in connection with a determination of eligibility for credit.
Sec. 222.31 - Limits on redisclosure of information.
Sec. 222.32 - Sharing medical information with affiliates.

Subpart E - Duties of Furnishers of Information

Sec. 222.40 - Scope.
Sec. 222.41 - Definitions.
Sec. 222.42 - Reasonable policies and procedures concerning the accuracy and integrity of furnished information.
Sec. 222.43 - Direct disputes.

Subparts F-G [Reserved]

Subpart H - Duties of Users Regarding Risk-Based Pricing

Sec. 222.70 - Scope.
Sec. 222.71 - Definitions.
Sec. 222.72 - General requirements for risk-based pricing notices.
Sec. 222.73 - Content, form, and timing of risk-based pricing notices.
Sec. 222.74 - Exceptions.
Sec. 222.75 - Rules of construction.

Subpart I - Duties of Users of Consumer Reports Regarding Address Discrepancies and Records Disposal

Sec. 222.82 - Duties of users regarding address discrepancies.
Sec. 222.83 - Disposal of consumer information.*

Subpart J - Identity Theft Red Flags

Sec. 222.90 - Duties regarding the detection, prevention, and mitigation of identity theft.*
Sec. 222.91 - Duties of card issuers regarding changes of address.*

Appendices

Appendix A – [Reserved]

Appendix B – Model Notices of Furnishing Negative Information

Appendix C - Model Forms for Opt-Out Notices

Appendix D [reserved]

Appendix E - Interagency Guidelines Concerning the Accuracy and Integrity of Information Furnished to Consumer Reporting Agencies

Appendices F - G [reserved]

Appendix H - Model Forms for Risk-Based Pricing and Credit Score Disclosure Exception Notices

Appendix I [reserved]

Appendix J - Interagency Guidelines on Identity Theft Detection, Prevention, and Mitigation*

Supplement A to Appendix J*

Recent Federal Register Documents Affecting this Regulation
FR Citation Date Status Comments
79 FR 30709 5/29/2014 Final; effective 6/30/2014 Amends FRB "Identity Theft Red Flags Rule," which implements section 615(e) of the FCRA.
76 FR 41602 7/15/11 Final; effective 8/15/2011 Amends FRB risk-based pricing rules to require disclosure of credit scores and information relating to credit scores in risk-based pricing notices of a credit score of the cconsumer is used in setting material terms of credit. Reflects new FCRA §615(h) rerquirements added by § 1100F of the Dodd-Frank Act, effective 7/21/2011.
76 FR 13902 3/15/10 Proposed;
Finalized 7/15/11
Would require disclosure of credit scores and information relating to credit scores in risk-based pricing notices if a credit score of the consumer is used in setting the material terms of credit. These proposed amendments reflect the new requirements in section 615(h) of the FCRA that were added by section 1100F of the Dodd-Frank Act.
75 FR 2724 1/15/10 Final;
Eff. 1/1/11
Final rule to implement the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), which amends the Fair Credit Reporting Act (FCRA). Added Subpart H.
74 FR 62890 12/1/09 Final;
Eff. 12/31/09 &
1/1/12
Final rule adopting revised model form for disclosures under GLBA privacy rules. The 2012 effective date is for removal of vestiges of the old rule.
74 FR 31484 7/1/09 Final
Eff. 7/1/10
Implemented the accuracy and integrity and direct dispute provisions in section 312 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) that amended section 623 of the Fair Credit Reporting Act (FCRA). Added Subpart E.
74 FR 31529 7/1/09 Advance Notice of Proposed Rulemaking (ANPR) Request for comment to gather information that would assist the Agencies in considering the development of a possible proposed addition to the furnisher accuracy and integrity guidelines published the same date (see above).
74 FR 22639 5/14/09 Final;
Eff. 1/1/10
Technical corrections to final rules issued on 11/7/07 implementing the affliliate marketing provisions, and on 11/9/07 implementing the identity theft red flags and address discrepancy provisions, of FACTA. The 5/14/09 changes were immediately effective, except for changes to Appendix C, which took effect 1/1/10.
73 FR 28965 & 73 FR 30814 5/19/09 &
5/29/08
Proposed; finalized on 1/5/10 (see above) Proposed rules to implement the risk-based pricing provisions in section 311 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act), which amends the Fair Credit Reporting Act (FCRA).
72 FR 70943 12/13/07 Proposed; Finalized on 7/1/09 (see above) Proposed regulations and guidelines to implement the accuracy and integrity provisions in section 312 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).
72 FR 63717 11/9/07 Final, but corrected on 5/14/09 (see above) Implementing §§ 114 and 315 of FACTA, relating to ID theft red flags and address change verification, and address discrepancies, respectively.
72 FR 62909 11/7/07 Final, but corrected on 5/14/09 (see above) Implementing § 214 of FACTA, relating to affiliate marketing.
71 FR 40785 7/18/06 Proposed; finalized 11/9/07 (see above) Proposed rules and guidelines to implement §§ 114 and 315 of FACTA, relating to ID theft red flags and address change verification, and address discrepancies, respectively.
71 FR 14419 3/22/06 Advance notice of proposed rulemaking (ANPR) Agencies sought comments to gather information useful for developing the guidelines and regulations required by section 312 of the Fair and Accurate Credit Transactions Act (FACT Act). See also entries for proposed (12/13/07) and final (7/1/09) rules, above.
70 FR 70664 11/22/05 & 12/22/05 (corrections) Final;
Eff. 4/1/06
Implements amendments to FCRA made by § 411 of the FACT Act, relating to obtaining and using medical information in consumer reports and sharing same with affiliates. Delayed the effective date of the interim rule published on 6/10/05 (see entry below) until 4/1/06 .
70 FR 33957 6/10/05 Interim Final;
Eff. 3/7/06
Implements amendments to FCRA made by § 411 of the FACT Act, relating to obtaining and using medical information in consumer reports and sharing same with affiliates. Replaced by final rule 11/22/05 (see entry above).
69 FR 77610 12/28/04 Final;
Eff. 7/1/05
Implements section 216 of the Fair and Accurate Credit Transactions Act of 2003 by amending the Interagency Guidelines Establishing Standards for Safeguarding Customer Information. Section 216 addresses proper disposal of consumer information from credit reports.
69 FR 42501 7/15/04 Proposed; finalized 11/7/07 (see above) Proposed rules relating to information sharing with affiliates for marketing purposes.
69 FR 33281 6/15/04 Final Adds model notices that financial institutions may use to comply with the notice requirement relating to furnishing negative information contained in section 217 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act).
69 FR 33281 4/28/04 Proposal; Proposal to implement amendments to FCRA by § 411 of the FACT Act, addressing obtaining, use and affiliate sharing of medical information in consumer reports.
69 FR 19123 4/12/04 Proposal; finalized on 6/15/04 (see above) Proposal to add model form to be used with the notice requirement relating to furnishing negative information.
69 FR 6526 2/11/04 Final Publication of effective dates for FACT Act provisions.
68 FR 74529 12/24/03 Proposal; finalized on 2/11/04 (see above) The Agencies proposed rules that would establish a schedule of effective dates for many of the provisions of the FACT Act for which the Act itself does not specifically provide an effective date.
68 FR 74467 12/24/03 Interim final; eff. 12/31/03 Established December 31, 2003, as the effective date for provisions of the FACT Act that determine the relationship between the Fair Credit Reporting Act (FCRA) and state laws and provisions that authorize rulemakings or other implementing action by various agencies.






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