Tag Archive for FCRA

DIY Credit Repair: Fix Your Credit For less

October 17, 2011 Credit Manager Credit Repair Articles & Resources

FIX YOUR CREDIT FOR LESS! We’ve got complete resources for all your credit & collection issues.

Everything You Need In One Location To Be Your Own Credit Expert!
In law, at the core of every good defense, is knowledge. An attorney certainly cant go to bat for you if he isn’t fully aware of your rights and how to apply them. The same goes for yourself. If you plan to make informed decisions that impact your financial future, educating yourself is key. Credit repair isn’t just about your credit reports. It’s about all the things that affect your credit reports, and that includes dealing with bill collectors and original creditors. Our DIY credit repair material covers credit issues from the credit bureaus all the way down to the collection agencies — and the people reporting information about you.

Want a real solution to your credit issues?
Do it yourself. It sounds quite simple for a reason. People need education to achieve a healthy credit report and so many consumers are undereducated in credit issues. With expert research and tools, we offer simply the best self help credit repair education tools around. You pay us one time for access to our education for life — and that’s it. We don’t repair your credit for you, we don’t see any of your financials because you use our education to do the work yourself.

Real credit repair is using credit bureau verifications, collection agency debt validation, restricted negotiations and other lawful tactics by using the FCRA, FDCPA, FCBA, FACTA and other consumer laws to the fullest! That’s REAL credit repair and it can prove very powerful. Combining consumer credit laws with knowledge and powerful education can get your credit up to its best possible status ever! Avoid upfront credit repair fee scams. It’s a REAL and final solution to fixing your credit issues, saving money, and a lot of time. Whether you are fighting collection agencies or credit bureaus or even stubborn creditors, this suite of success tools covers it all. Learn how to deal with collection agencies, credit bureaus and creditors the right way. We offer real educational material to help you understand your legal rights and avoid credit repair scams. Learning to correct your own credit issues is a solid worthwhile investment.

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FTC Withdraws Outdated FCRA Commentary

July 20, 2011 Credit Manager FTC Updates

FTC Issues Report: “Forty Years of Experience with the Fair Credit Reporting Act”

The Federal Trade Commission today issued a staff report, that compiles and updates the agency’s guidance on the Fair Credit Reporting Act (FCRA), the 1970 law designed to protect the privacy of credit report information and ensure that the information supplied by credit reporting agencies is as accurate as possible. A credit report contains information about a consumer’s personal and credit characteristics, character, and general reputation and is used to make credit, employment, insurance and other decisions.

The new staff report, entitled “Forty Years of Experience with the Fair Credit Reporting Act: An FTC Staff Report and Summary of Interpretations,” provides 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.

The FTC is also withdrawing the agency’s 1990 Commentary on the FCRA, which has become partially obsolete since it was issued 21 years ago. The 1990 Commentary was comprised of a series of FTC statements about how it would enforce the various provisions of the FCRA. Since 1990, the FRCA has been updated several times, most significantly by the Consumer Credit Reporting Reform Act of 1996 and the Fair and Accurate Credit Transactions Act of 2003, known as the FACT Act. Both updates expanded the provisions of the FCRA.

The new staff report deletes several FTC interpretations in the 1990 Commentary that have since been repealed, amended, or have become obsolete or outdated. It also modifies some interpretations in the 1990 Commentary, and adds several interpretations reflecting changes that Congress has made to the FCRA over the years, rules issued by the FTC and other agencies under the FACT Act, statements in numerous staff opinion letters, and the staff’s experience from significant enforcement actions.

Recent legislation has transferred the authority to issue interpretive guidance under the FCRA to the Consumer Financial Protection Bureau (CFPB). Withdrawing the 1990 Commentary now will ensure that this obsolete document does not transfer to the CFPB

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Today’s Credit Headlines

July 4, 2011 Credit Manager Credit Repair Articles & Resources

Happy 4th of July. In enjoying your time today with your family, wherever you may be, take time to bookmark this page for some great information links to read up on after the holiday. From student loan issues to the best strategies to increase your credit scores or to settle old debts.

Consumers plan to spend less this summer

Q&A: How many credit cards creates the highest credit score

Student loan crisis threatens financial futures

Best strategies for resolving old debts

Repairing your credit with debt settlement methods

Using FACTA and the FCRA to fix your credit (623 method)

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Consumer Reporting Agency to Pay $1.8 Million for Fair Credit Reporting Act Violations

June 27, 2011 Credit Manager FTC Updates

Consumer Reporting Agency to Pay $1.8 Million for Fair Credit Reporting Act Violations (FTC release)

Company Provided Sensitive Consumer Credit Information to Marketers In Violation of Law

Teletrack, Inc. has agreed to pay $1.8 million to settle Federal Trade Commission charges that it sold credit reports to marketers, in violation of the Fair Credit Reporting Act (FCRA). This settlement seeks to protect consumers’ privacy by ensuring that their sensitive credit report information is not sold for marketing purposes.

According to the FTC’s complaint, as part of its business Teletrack sells credit reports and other services to businesses – such as payday lenders, rental purchase stores, and non-prime rate auto lenders – that mainly serve financially distressed consumers. These businesses use Teletrack’s credit reports to decide whether and on what terms to provide credit to their customers.

The complaint alleges that Teletrack created a marketing database of information that it gathered through its credit reporting business. It then sold the information in this database – including lists of consumers who had applied for non-traditional credit products – to marketers. For example, Teletrack sold lists of consumers who previously sought payday loans to third parties that wanted to use this information to target potential customers. The FTC’s complaint alleges that these marketing lists were credit reports under the FCRA because they contained information about a consumer’s creditworthiness. The FTC charges that Teletrack violated the FCRA, which makes it illegal to sell credit reports without a specific “permissible purpose” under the statute; marketing is not a permissible purpose.

“The fact that a consumer has applied for a payday loan is credit report information protected by the FCRA,” said FTC Bureau of Consumer Protection Director David Vladeck.
“The FCRA says a credit reporting agency like Teletrack can’t sell a consumer’s sensitive credit report information for mere sales pitches.”

The settlement order resolving the FTC’s charges requires Teletrack to furnish credit reports only to those people that it has reason to believe have a permissible purpose to receive them under the FCRA, or as otherwise allowed by the FCRA. It also requires Teletrack to pay a civil penalty of $1.8 million, and contains reporting and record-keeping requirements to ensure the company’s compliance with the decree.

The Commission vote to authorize the staff to refer the complaint to the Department of Justice, and to approve the proposed order, was 5-0. The DOJ filed the complaint and proposed order on behalf of the Commission in U.S. District Court for the Northern District of Georgia on June 24, 2011. The proposed order is subject to court approval.

NOTE: The Commission authorizes the filing of a complaint when it has “reason to believe” that the law has been or is being violated, and it appears to the Commission that a proceeding is in the public interest. The complaint is not a finding or ruling that the defendant has actually violated the law. This stipulated order is for settlement purposes only and does not constitute an admission by the defendant of a law violation. Stipulated orders have the force of law when signed by the district court judge.

 

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