Fair Credit Reporting Act


Fair Credit Reporting Act


Purpose

The Fair credit Reporting Act (FCRA) regulates both the providers and users of consumer credit information and of consumer reporting agencies.

Policy Statement

It is the policy of Antioch Community Federal Credit Union to use consumer credit reports in connection with credit transactions involving members, for employment purposes, and for any other authorized purpose outlined in the FCRA. Such inquiries into a consumer’s credit history will be used for legitimate business purposes only. In addition, the credit union will provide a notice of adverse action to consumers when the credit union denies services or takes any action that is adverse to the consumer’s interest based on information in a credit report. The credit union may automatically report its members’ payment records to a consumer reporting agency but will not respond to oral or written credit inquiries without the express permission of the member. All payment record submissions will be in full compliance with the requirements set forth in FCRA. Unauthorized use of consumer credit reports or the disclosure of a member’s financial information by an officer or employee of the credit union outside the scope of this policy may be grounds for disciplinary action, including dismissal. The following credit bureau(s) are used to provide credit score(s) used in connection with loan applications and reporting members payment records. Experian 701 Experian Parkway PO Box 2002 Allen, TX 75013 1-888-397-3742 www.experian.com/reportaccess

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