Consumer Credit Reporting Agencies - Financial Regulation
Last reviewed or updated: October 1, 2021
A Consumer Credit Reporting Agency (or “consumer reporting agency” or “credit reporting agency”) is any business which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports to third parties, and which uses any means or facility of commerce for the purpose of preparing or furnishing consumer reports.
This registration is required for any consumer credit reporting agency operating in the State. Please see Md. Code Ann., Financial Institutions Article §14-1201 et seq, and Code of Maryland Regulations (COMAR) 09.03.07, for more information. For more detailed information on this registration type please proceed to the NMLS Resource Center.Registration Requirements
Industry Alerts and Advisories
- January 22, 2021 - Credit Reporting Agencies Registration Requirements and Compliance Procedures
- October 21, 2020 - Consumer Reporting Agencies: Surety Bonds and Transition of Registration to NMLS
Laws, Rules, and Regulations
Applicants and licensees are expected to be knowledgeable about and in compliance with the Consumer Credit Reporting Agencies Law, and any other applicable State or Federal statutes, rules, and regulations. Maryland laws, rules, and regulations can be found by accessing the Annotated Code of Maryland and Rules and Code of Maryland Regulations (COMAR). Certain relevant Maryland laws, rules, and/or regulations include (Note: this is not a comprehensive list):
- Maryland Code, Commercial Law Article, Title 14, Subtitle 12 (Consumer Credit Reporting Agencies)
- COMAR 09.03.07 (Consumer Credit Reporting Agencies)