The U.S. Consumer Financial Protection Bureau has released an interim final rule reflecting changes made to the Fair Credit Reporting Act. The rule updates two model disclosures involving whenever the FCRA mandates a consumer receive either the Summary of Consumer Rights, which is a rundown of the rights consumers have to obtain and dispute data in consumer reports, and the Summary of Consumer Identity Theft Rights, detailing the rights of identity theft victims. Any time a consumer is to receive either of these documents, a notice on a new security freeze must also be included. The rule also gives consumer-reporting agencies one year to add an initial fraud alert to a consumer file. The updates go into effect Sept. 21.
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