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The FTC issued its final rule in June 2019, implementing a 2018 law that requires the nationwide consumer reporting agencies to provide free electronic credit monitoring services for active duty military consumers. The FTC also issued a press release covering the final rule. The final rule appears at 16 CFR Part 609.
The statute is found in Section 302(d) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) (Public Law No. 115-174), enacted in May 2018, adding a new provision to the FCRA, 15 U.S. Code § 1681c–1(k) (Sec. 605A(k)). That section of the law requires nationwide consumer reporting agencies to provide a free electronic credit monitoring service to active-duty military consumers, subject to certain conditions.
The final rule follows a notice of proposed rulemaking issued in November 2018. CDIA filed a comment in connection with the rulemaking process.
In August 2019, three major credit reporting agencies (CRAs) committed themselves to provide free credit monitoring to all active duty service members.