The FTC adopted several rules that will require nationwide consumer reporting agencies ("CRAs") to provide a free electronic credit monitoring service to active-duty military consumers. As previously covered, the rules will require CRAs to notify active-duty military consumers of any material additions or modifications to their credit files.
The FTC amended the rules to clarify that:
- the protections apply to consumers in military service who are assigned to service away from their usual duty stations, or are members of the National Guard (i.e., meeting the Fair Credit Reporting Act's definition of "active duty military consumer");
- National Guard members need not be deployed away from their usual duty stations to be eligible;
- eligible consumers will have free access to their credit files when the CRA notifies them of material changes; and
- the notification period will be 48 hours and not 24, as was specified in the proposal.
The rules will become effective 30 days following publication in the Federal Register. Compliance will be required three months after the effective date.
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