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    • FCRA Compliance

    Updated: April 6, 2022

    When Vcheck Global acts as a consumer reporting agency, we must follow specific guidelines under the Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transactions Act (FACT Act). These statutes impose various usage requirements for consumers and businesses when ordering specific background, investigative, personal, and other reports—some of which we offer that do not fall under these Acts.

    The Fair Credit Reporting Act (FCRA), first enacted in 1971, deals with consumers’ rights regarding their credit reports and the obligations of credit reporting agencies and the businesses that provide information to them.

    The FACT Act of 2003 created new responsibilities for consumer reporting agencies and users of consumer reports, many concerning disclosures and identity theft. It also created new rights for consumers, including the right to free annual consumer reports and improved access to report information to make data in the consumer reporting system more accurate.

    The FCRA allows a consumer reporting agency, like Vcheck Global, to furnish a consumer report (a written, oral, or other communication of information by a consumer reporting agency bearing on a consumer’s creditworthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living, which is used or expected to be used or collected in whole or in part to establish the consumer’s eligibility for:

    1. Credit or insurance to be used primarily for personal, family, or household purposes.
    2. Employment purposes (such as employment, promotion, reassignment, or retention).
    3. Any other purpose authorized under section 1681b of the FCRA).

    A Consumer Reporting Agency may generally furnish a consumer report under the following instances;

    In response to a court order or federal grand jury subpoena.

    Per the written instructions of the consumer.

    To a person, including a financial institution, that it has reason to believe:

    • Intends to use the report in connection with a credit transaction involving the consumer (including extending, reviewing, and collecting credit); Intends to use the information for employment purposes; Intends to use the information in connection with the underwriting of insurance involving the consumer;
    • Intends to use the information in connection with a determination of the consumer’s eligibility for a license or other benefit granted by a governmental instrumentality required by law to consider an applicant’s financial responsibility;
    • Intends to use the information as a potential investor or servicer or a current insurer in connection with a valuation of, or an assessment of the credit or prepayment risks associated with, an existing credit obligation or
    • Otherwise, there is a legitimate business need for the information in connection with a business transaction initiated by the consumer or to review an account to determine whether the consumer continues to meet the terms of the account.

    In response to a request by the head of a state or local child support enforcement agency (or authorized appointee), the person certifies various information to the consumer reporting agency regarding the need to obtain the report. (Generally, a financial institution, not a consumer reporting agency, is not involved in such a situation.)

    Vcheck Global encourages you to explore the links below to learn about your legal rights and obligations under the FCRA before submitting a request.

    Links