Regulation V Human Trafficking Final Rule Summary

Updated 10/04/2022

This tool summarizes the CFPB’s Final Rule which amends Regulation V to implement a recent amendment to the FCRA. The Final Rule prohibits credit reporting agencies (“CRAs”) from furnishing a consumer report containing adverse item(s) of information that resulted from certain types of human trafficking. Key takeaways include:

  1. Creates new section 1022.142 in subpart O, and applies the new section to any CRA as defined in section 603(f) of the FCRA;
  2. Defines terms including, in particular, “trafficking documentation,” “severe forms of trafficking in persons,” “sex trafficking,” and “victim of trafficking”;
  3. Clarifies that “trafficking documentation” includes certain determinations made by a non-governmental organization or member of a human trafficking task force when authorized by a Federal, State, or Tribal governmental entity;
  4. Permits a consumer to self-attest as a victim of trafficking if the document is signed or certified by a Federal, State, or Tribal governmental entity, a court of competent jurisdiction, or the representatives of these entities;
  5. Clarifies when a document filed in a court of competent jurisdiction is an acceptable determination that a consumer is a victim of trafficking; and
  6. Establishes procedures explaining how consumers should submit the required documentation to CRAs, what actions a CRA must perform when it receives that documentation, and the limited circumstances under which a CRA may ask for additional information.

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