The Consumer Financial Protection Bureau has issued a new rule and made some updates to their summary of rights, which have some direct implications for employers in terms of the obligations they owe to job applicants.
For example, the new version of this rights summary (which replaces the now outdated version from 2018) requires that employers who reject a job applicant on grounds related to a credit report then provide that applicant with information regarding the credit rating agency from which the report was obtained, including, name of the rating agency as well as their address and phone number.
While the new rule becomes effective April 19, 2023, compliance does not become mandatory until March 20, 2024.
You can find that new CFPB rule here.
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