Employers Rejecting Job Applicants Due to Credit Reports Must Provide Credit Rating Agency Info

Employers that reject job applicants due to information obtained through a credit report must now provide the rejected applicant with information about the credit reporting agency from which the report was obtained, including name, address, and telephone number.

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The Consumer Financial Protection Bureau issued the final rule in March of 2023, which is an update to 2018’s Summary of Your Rights Under The Fair Credit Reporting Act. Although the new rule has already taken effect as of April 19, 2023 - compliance does not become mandatory until next year on March 20, 2024.

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You can read more about the new rule, its impact, and enforcement here.