Under the FCRA, the opt-out rights for bank information related to a bank's own transaction or experience information are true or false?

• A. True
• B. False
• C. Only for affiliates
• D. Only if consent is given

Answer: (B)

Under the FCRA, opt-out rights relate to information that comes from consumer reporting agencies and is used to create consumer reports. A bank’s own transaction or experience information is generated by the bank itself, not by a credit reporting agency, so it isn’t covered by FCRA opt-out provisions. In other words, there isn’t an opt-out right under FCRA for a bank’s internal transaction/experience data. If you’re thinking about sharing restrictions for marketing, that’s governed by the GLBA privacy rules (a separate framework), not the FCRA.