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Blog Posts Tagged with Credit Reporting
Imagine for a moment your ideal customer. They consider their choices carefully before buying. They keep their accounts current. When service is top-notch, they spread the word to friends and family. If there’s a glitch, they give you a chance to correct the problem before posting thumbs-down reviews. Now imagine you could “create” your own cadre of contented customers. Fantasy Land? It’s more real than you might imagine.
In a world of smart phones and smart grids, the smart money is on companies that play it smart with consumers’ information. Consistent with its 40 years’ experience protecting consumer privacy, the FTC’s just-released Report — Protecting Consumer Privacy in an Era of Rapid Change: Recommendations for Businesses and Policymakers — underscores that message and outlines a new privacy framework designed for the
When the FTC conducts an investigation to see if a company has violated the law, it’s important that the process is efficient and not unduly burdensome on those involved. The FTC’s Rules of Practice lay out the procedures the Commission follows.
To our knowledge, there’s no app yet that tells people when the FTC staff has sent warning letters discussing how the Fair Credit Reporting Act operates in the world of mobile applications. But the way the app market is growing, some savvy developer will have one out by the time you finish this. In the meantime, read on.
Of course, people are responsible for their debts. However, at a certain point, how much time has passed becomes an affirmative defense under state law and creditors can’t prevail in court. But what happens if a payment is made on a time-barred debt? A consumer can really get clocked — because in many states the debt can be revived if a person makes a payment or says in writing that they intend to. The FTC has announced a $2.5 million settlement with Asset Acceptance, LLC, for allegedly breaking the law in how it tried to collect
In celebration of Halloween — and with apologies to Edgar Allen Poe — here’s our take on what companies can do to make sure spooky business practices don’t come back to haunt them.
Once upon a midnight lawful
Pondering practices, good and awful,
Reading through the U.S. Code
For dos and don’ts I parse and claw.
I came upon the Trade Commission’s
Section 5 with all revisions.
Savvy executives like to stay in the loop on FTC activities that could affect their industry. They make it a habit to scan the headlines or check for relevant workshops or reports. But there’s a third category of information a bit less understood: closing letters from BCP staff.
In the spirit of transparency, the agency posts them online. Here in the BCP Business Center, recent letters appear in the Compliance Documents section of each topic area.
As businesses executives have noticed, recent changes in the credit laws reflect a move toward more transparency. For example, it’s generally lawful to factor a consumer’s credit history into your decision about what rate to offer them. But last year, the FTC and Federal Reserve Board shed a little more light on that process by implementing the Risk-Based Pricing Rule.
They say life begins at 40 — so watch what’s happening to the Fair Credit Reporting Act as it enters an exciting new phase of its regulatory career.
To mark this consumer protection milestone, the FTC has issued Forty Years of Experience with the Fair Credit Reporting Act: An FTC Staff Report and Summary of Interpretations. The report offers a brief overview of the FTC’s role in enforcing and interpreting the FCRA and includes a section-by-section summary of the agency’s interpretations of the Act.
Is your briefcase feeling lighter? That’s because your dog-eared copy of Volume 16 of the Code of Federal Regulations (where most FTC rules and guides live) is decidedly thinner these days. For the past two decades, the agency has undertaken a systematic review of its rules and guides to make sure they’re up to date, effective, and not overly burdensome. As each rule comes up for review, we ask ourselves — and you — four questions:
Sometimes it’s great to put stuff to more than one use. Think the versatile Swiss Army knife, the iconic Little Black Dress, or the typical elementary school “cafetorium” where kids can eat lunch, shoot hoops, and put on plays. But when what’s at issue is information from people’s credit reports, that kind of double duty can violate the Fair Credit Reporting Act — as the FTC’s $1.8 million settlement with Teletrack, Inc., makes clear.
You have some job openings at your company or maybe you’re thinking of promoting people to new positions. You’ve winnowed that stack of resumes down to some promising candidates. Now it’s nitty gritty time: background checks.
Consumers have found their voice. And last year they raised it more than 1.3 million times to complain about identity theft, fraud, and products that didn’t live up to the advertising hype.
Break out the bubbly and raise a toast: It's National Consumer Protection Week. NCPW is an annual campaign sponsored by the FTC and nearly 30 other federal agencies, consumer groups, and advocacy organizations, in conjunction with state, county, and local government offices that are sponsoring events nationwide. The goal? To encourage consumers to take full advantage of their rights and make better-informed decisions.
Of course, no legitimate business would put out a welcome mat for crooks. But as the FTC’s data security cases make clear, that’s the effect when companies fail to take reasonable steps to secure sensitive information in their possession — or data they allow others to access. Three recent settlements with companies that resell credit reports illustrate that point.
Just finishing your review of the preliminary FTC staff report, Protecting Consumer Privacy in an Era of Rapid Change: A Proposed Framework for Business and Policymakers? There’s good news. The FTC has extended the deadline for comments to Friday, February 18th.
If your company keeps sensitive data like Social Security numbers, credit reports, account numbers, health records, or business secrets, you’ve probably instituted safeguards to protect that information, whether it’s stored in computers or on paper. That’s great. But it’s time to take those safeguards a step further.
Welcome to the BCP Business Center: Your Link to the Law. Explore and you’ll find practical compliance guidance on advertising, telemarketing, credit, data security, and other need-to-know topics for business owners and marketing professionals. What else will you find? The latest word on upcoming workshops, hot-off-the-presses staff reports, and new compliance videos. We’ll do our best to keep things to the point with a minimum of ho-hum, a maximum of how-to, and as little yadda yadda yadda as a legal website can manage.