The Fair and Accurate Credit
Transactions Act of 2003 (FACT Act) (Pub. L. 108-159, 117 Stat. 1952)
amended the Fair Credit Reporting Act (FCRA) to help consumers combat
identity theft, to increase the accuracy of consumer reports, and
to give consumers greater control over the type and amount of marketing
solicitations they receive. Regulation FF implements section 411 of
the FACT Act, which generally limits creditors’ ability to obtain
or use medical information in connection with determinations about
credit eligibility, consumer reporting agencies’ ability to disclose
medical information, and institutions’ ability to share medical information
among affiliates.
Regulation FF creates exceptions to the general statutory
prohibition against creditors’ obtaining or using medical information
pertaining to a consumer in connection with any determination of the
consumer’s eligibility, or continued eligibility, for credit. It sets
out those purposes determined to be necessary and appropriate, permitting
creditors to obtain and use medical information that is typically
considered in credit underwriting. Creditors are not prohibited from
obtaining or using medical information for purposes that are not connected
with credit-eligibility determinations. All creditors can rely upon
the exceptions for obtaining and using medical information.
