Tag: Credit Reporting

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Food experts don’t recommend it for your ground chuck or pork shoulder, but starting September 21, 2018, there’s something consumers can safely freeze, unfreeze, and then freeze again.It’s their credit file.
The scheme started with a Craigslist ad for a rental property and ended with a $5.2 million judgment for violations of the FTC Act, the Restore Online Shoppers’ Confidence Act, the Fair Credit Reporting Act, and the Free Annual File Disclosures Rule.
So you’ve received a Civil Investigative Demand (CID) from the Federal Trade Commission related to a consumer protection matter. Now what? We appreciate that it can be daunting for any company – especially a small business – and we want to be as transparent as possible about the...
There’s been a lot of talk about identity theft lately. Maybe you’ve even heard from customers affected by it. Your help can make a big difference. In fact, did you know that your business is required to provide identity theft victims with copies of records relating to the theft...
After the Equifax breach, your customers, clients, and employees may be coming to you with questions. Some people are considering placing a fraud alert on their credit file. Others are thinking about freezing or locking their credit files to help prevent identity thieves from opening...
UPDATE: As of September 21, 2018, the law says credit freezes are free for everyone, and alerts now last one year (not 90 days). Read more here.
It’s the thread that connects Alexandre Dumas’ The Man in the Iron Mask, the title character in The Talented Mr. Ripley, Don Draper’s back story in Mad Men – and an event scheduled for May 24, 2017, at the FTC.It’s identity theft.
If your company gets background information on prospective employees, it’s likely you’re covered by the Fair Credit Reporting Act. Before you get a background screening report, the law requires that you make certain disclosures and get a prospective employee’s authorization. Is it...
Need to verify an applicant's employment or income history? Checking to see if a candidate has a criminal history or civil judgments? If you get information from a company that compiles it so you can make eligibility determinations, you must comply with the Fair Credit Reporting Act...
Do you ever hear from customers or employees who want you to know that they’ve been affected by identity theft? If so, you’ll probably start seeing them use the new FTC Identity Theft Report. It tells you that someone important to your business is a crime victim, has alerted law...
As the old saying goes, “The job’s not finished until the paperwork is done.” But since the enactment of the FTC’s Disposal Rule, the job’s not finished until the paperwork – in this case, consumer reports or information derived from them – is securely destroyed.
If you’d like details about how the Federal Civil Penalties Inflation Adjustment Act was amended to recalculate penalties using a formula based on the percentage by which the Department of Labor’s October 2015 Consumer Price Index exceeds the Index for October in the year in which the...
Remember the old ad, “It’s a breath mint. It’s a candy mint. It’s two, two, two mints in one”? Or maybe the Saturday Night Live takeoff, “It’s a dessert topping and a floor wax!” It’s not unusual for something to do double duty. And if you’re in the business of compiling background...
In the words of movie mogul Samuel Goldwyn, “An oral contract isn’t worth the paper it’s printed on.” If your company provides information about consumers to credit bureaus, the law requires that you have written policies in place regarding the accuracy and integrity of that data. But...
Usually a Top 10 list is something industries are delighted to find themselves on. So we’ll call this one a Flop 10 list, the FTC’s annual report about consumer complaints added in 2015 to the Consumer Sentinel database. How did your industry – and your state – rank in reported...
At the Federal Trade Commission, we’ve been very public about how we feel about privacy: we want consumers to enjoy the benefits of innovation in the marketplace, confident that their personal information – online and offline – is being handled responsibly.
Why is it your business if identity theft victims can get free personal recovery plans and other help that makes it easier for them to report and recover from identity theft?  Here’s an answer: Because it’s good business – for you, your customers, your employees, and your community...
For a while now, pundits have been talking about the three V’s of big data: Volume – the vast quantity of information that can be gathered and analyzed; Velocity – the speed with which companies can accumulate, analyze, and use new data; and Variety – the breadth of data companies can...
Two people walk into a deli and both order a pastrami on rye. When the check arrives, one is charged $8. The other is surprised to get a bill for $15.99. That’s not the start of an old Henny Youngman joke. It’s an analogy that raises some of the issues in the FTC’s proposed $2.95...
The Fair Credit Reporting Act isn’t just about credit. If your company uses background checks in making personnel decisions, the FTC reminds you of your obligations under the FCRA. In honor of Throwback Thursday, here’s an unconventional old-school summary of key requirements under...

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