The federal credit union, bank and thrift regulatory agencies issued final rules under the Fair Credit Reporting Act (FCRA) that create exceptions to the statutory prohibition against obtaining or using medical information in connection with credit eligibility determinations.
The final rules, which are substantially identical to the interim final rules issued by the agencies in June 2005, also address the sharing of medically related information among affiliates and are effective April 1, 2006.
According to the regulatory agencies, the final rules permit creditors to obtain and use medical information that is typically considered in credit underwriting, and all creditors can rely upon the exceptions for obtaining and using medical information.
