Tag: Credit Reporting

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It’s funny how kids sometimes mishear famous phrases – for example, “And lead us not into Penn Station” or the confused Elton John lyric “Hold me closer, Tony Danza.”  We once heard first graders end the Pledge of Allegiance by saying “One nation, individual, with liberty and justice...
When the talk turns to Big Data, part of the conversation is about all the public information available about people's lives – and how companies market it to prospective employers, landlords, etc.
Most consumers know that creditors use information about them and their credit experiences – like the number and type of accounts they have, their bill paying history, and whether they pay their bills on time – to create a credit score, which helps predict how creditworthy they are...
When someone mentions the FTC, the EEOC, and the FCRA in the same sentence, it may sound like a ladle of alphabet soup.  What’s really being served up is a new joint publication by the Federal Trade Commission and the Equal Employment Opportunity Commission that talks about how the...
Whooping it up can be fun, but hooping it up – requiring consumers to jump through hoops to exercise their rights under the Fair Credit Report Act – is illegal.  That’s one message businesses can take from the FTC’s $3.5 million settlement with TeleCheck.
No one is sliding across the living room floor in shades lip synching to Bob Seger, but violating the FTC’s Risk-Based Pricing Rule is risky business nonetheless. That’s the message of the FTC’s $1.9 million settlement with telecom company Time Warner Cable, Inc., the first case...
Take out your mobile device where you input all that personal information and make note of three upcoming FTC events where the topic of conversation will be, well, the collection and use of all that personal information.  But this time we're switching things up a bit.  The FTC's...
Here’s a newsflash:  There’s a troubling amount of inaccurate information in people’s credit reports that can result in the denial of a job, a place to live, and even necessities like groceries and medicine.  That’s why the Fair Credit Reporting Act requires consumer reporting...
If you report information about consumers to consumer reporting agencies (CRAs) — like a credit bureau, tenant screening company, or check verification service — you have legal obligations under the Fair Credit Reporting Act's Furnisher Rule.
There's "Life of Pi" and "Life of Brian," Boswell’s “Life of Samuel Johnson,” the sitcom “Life of Riley,” and the Beatles’ ground-breaking “A Day in the Life.”   We view Life of a Debt: Data Integrity in Debt Collection, a roundtable hosted by the FTC and the Consumer Financial...
Those people who approached you to buy information about consumers and said they needed it for things like determining creditworthiness, suitability for employment, or eligibility for insurance?  They may really have been FTC staffers checking if companies were complying with the Fair...
When the topic turns to debt collection, some people assume the only thing that changes hands is money.  But there’s another important consideration:  the life cycle of consumer information as it flows through the debt collection process.  That's the subject of Life of a Debt: Data...
Funny thing about the Fair Credit Reporting Act:  It’s been around since 1970, it’s broad in scope, and yet a lot of businesses with obligations under the law may not be focusing on compliance.  Warning letters the FTC just sent to six companies in a particular line of work underscore...
If you’re in the financial field, chances are you’re familiar with the FACT Act (sometimes called FACTA by friends and family).  It’s the Fair and Accurate Credit Transactions Act, which amended portions of the Fair Credit Reporting Act.  Research just released by the FTC puts the...
You know that phrase “If it quacks like a duck. . . “?  It’s applicable in the Fair Credit Reporting Act context, too.  If a company meets the legal definition of a “consumer reporting agency,” it’s a consumer reporting agency.  Including a disclaimer that says, in effect, “But we’re...
Every business generates paper destined for the circular file.  But if documents contain sensitive information, don’t toss them out in a way that could invite unauthorized access.  According to the FTC’s lawsuit against PLS Financial Services, PLS Group, and The Payday Loan Store of...
Some things you’d expect to find in a trash can:  last night’s potato peelings, the casserole that looked so promising in the cookbook photo, and Oscar the Grouch.  But if you run a business, the one thing you don’t want in the dumpster behind your office is paperwork containing...
If information is your stock in trade, FTC settlements with consumer reporting giant Equifax Information Services and San Diego-based Direct Lending Source merit your attention.  The cases are a timely reminder to businesses that when buying and selling data, it’s important to build...
Are you in the mobile app business?  If so, you’re probably considering some important questions, like what to tell users about your app, what information to collect from users, and what to do with any information you collect.  Whether you work for a tech giant or are striking out on...

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