FCRA

The FCRA preempts state law and regulations relating to credit and insurance prescreening and information sharing

To the extent that state law is inconsistent with the FCRA

The opt-out must be effective for at least ______ from the date the consumers opt-out notice was received an implemented

Five Years

_______________________ that disclose consumer report information trigger the classification as a consumer reporting agency.

Non-affiliated third parties

FCRA

Regulation V

FCRA Permissible Purpose

(1.) When a consumer gives written permission (2.) In connection with a loan or insurance request (3.) To review or collect an existing account (4.) In connection with a business transaction initiated by a consumer (5.) To provide a consumer with a prescreened firm offer of credit

Opt-out requirements for affiliate marketing

Consumers may choose to opt-out at any time.

A financial institution will not be subject to the FCRA substantial requirements that apply to consumer reporting agencies if it communicates only ___________ or __________ ___________ to third parties or among its affiliates.

transaction or experience information

Alerts on Consumer Reports

· Initial Fraud Alert (One Year) · Extended Fraud Alert (Seven Years) · Active Duty Alert (Active Military Status)