Compliance with State and Federal Fair Credit Reporting Acts
The Federal Fair Credit Reporting Act (FCRA) was enacted in the early 1970s. The Consumer Credit Reporting Reform Act of 1996 became effective October 1, 1997. In November, 1998, the President signed into law the Consumer Reporting Employment Clarification Act of 1998. The Act and it’s amendments are intended to assure that property owners and managers adopt reasonable procedures for meeting the needs of the prospective resident in a manner that is fair and equitable.

A property owner / manager may not procure, or cause to be prepared, an investigative consumer report unless the prospective resident is provided a summary of the consumer’s rights. Additionally, before taking any adverse action based on a report for rental purposes, the property owner shall provide to the prospective resident a copy of the report prepared by POE and the notice of the consumer’s rights. POE recommends that property owners and managers use the following forms below:

• Summary of Rights – Updated 9/2018
• Notice to Users of Consumer Reports
• Notice to Furnishers of Information
• Pre Adverse Action Letter
• Post Adverse Action Letter
• Disclosure & Authorization

A complete copy of the FCRA and its amendments may be obtained by visiting the Consumer Financial Protection Bureau’s website.