Fair Credit Reporting Act (FCRA)

The Fair Credit Reporting Act (FCRA) and its implementing regulations contain restrictions and requirements concerning making solicitations using eligibility information, responding to direct disputes, and collecting medical information in connection with loan eligibility. The FCRA applies when social media is used for these activities.

Sources: FFIEC; FCRA

The Highlights:

  • Lenders should be aware that certain requirements exist for the collection of medical information via social media in connection with loan eligibility.