FTC Guidance to Data Furnishers

The Fair Credit Reporting Act (FCRA) is designed to protect the privacy of consumer report information and to guarantee that information supplied by credit bureaus and other agencies is as accurate as possible. If you report information about consumers to the Credit Bureaus you have legal obligations under the FCRA’s Furnisher Rule.

Your primary responsibilities include:

  • furnishing information that is accurate and complete, and
  • investigating consumer disputes about the accuracy of information you provide.

The Federal Trade Commission, the Consumer Financial Protection Bureau, and the federal banking agencies have each published a Furnisher Rule.

Click here to see the Federal Trade Commission’s guidance to data furnishers

CBA Guidance to Members on the “Do’s and Don’ts” of Sharing Credit Report Data

Members that sign the special TransUnion and/or Experian agreement for CBA members to access soft inquiry credit reports for
financial counseling or credit counseling, must follow specific guidelines about sharing data.

To learn more click here

Guidance on Sharing Client Credit Report Data with Third Party Researchers

Sharing the raw data (i.e. credit scores, specific trade line information, etc.) contained on client credit reports you pull from TransUnion with independent third parties, including researchers or evaluators, is NOT permitted, even in an anonymous or sanitized form.

However it is CBA’s understanding that you MAY track and analyze this data in-house and it is our understanding that you MAY contract researchers/evaluators to carry out these activities if you bind them to the same confidentiality, data handling, and other terms and conditions to which you are bound in your agreement with TransUnion. It is also our understanding that you may publish analyses and results derived from your own credit building efforts, so long as you exclude the raw data.

You, as the entity credentialed by TransUnion or Experian to pull the reports, are responsible for appropriately controlling the data and its use. Otherwise, researchers and/or evaluators that wish to access client credit report data may apply directly to TransUnion or Experian to request data and negotiate terms and conditions of access (including fees) on a case by case basis. We strongly recommend that you seek legal counsel to assist in drafting an appropriate contract to ensure that you protect yourself and your clients.

To read more click here

Have additional questions?

Contact CBA’s Membership team to discuss your organization’s questions and concerns in depth.