Focus on FCRA; telemarketing; 1996 U.S. State Legislative sessions; and Canadian report
Article Abstract:
The year 1995 saw the introduction of a number of federal and state legislations affecting the credit industry. More than 300 Fair Credit Reporting Act or related bills were proposed during the year but only three were eventually accepted by governors. Two of these were revised current laws in Connecticut and Massachusetts while the other was a new credit reporting law in Colorado. Although different, the three have similarities. They are all aimed at making it easier for consumers to access credit reports, expedite the reinvestigation and correction process, and impose obligations on information suppliers. In addition to these three, the Federal Trade Commission's Telemarketing Fraud Rule, which became effective Dec. 31, 1995, and state telemarketing bills currently being studied aim to curb telemarketing fraud. Developments in the Canadian credit scene are also reported.
Publication Name: Credit World
Subject: Banking, finance and accounting industries
ISSN: 0011-1074
Year: 1996
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Fair Credit Reporting Act (FCRA)
Article Abstract:
This excerpt from the statement made at oversight hearings on the Fair Credit Reporting Act (FCRA) before the US House of Representatives Committee on Banking Subcommittee on Consumer Affairs and Coinage covers topics that include Section 602, Definitions and Rules of Construction; Section 605, Obsolete Information; and Section 607, Compliance Procedures. Section 602 of the FCRA expresses an acknowledgement by Congress that the collection and dissemination of consumer credit information is a legitimate business. Section 605 gives consumers the right to gradually begin a fresh credit history by having older, obsolete information deleted from most reports. Section 607 of the FCRA requires credit bureaus to implement procedures to avoid violating the obsolescence section and to limit the issuance of credit reports to specific people for specific reasons.
Publication Name: Credit World
Subject: Banking, finance and accounting industries
ISSN: 0011-1074
Year: 1990
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FCRA Congressional hearings
Article Abstract:
The US House of Representatives' Subcommittee on Consumer Affairs and Coinage, on Jun 6, 1991, held a hearing on proposed legislation to amend the Fair Credit Reporting Act. The Subcommittee was particularly interested in the issue of the accuracy of credit bureau reports. The recommendations made to the Subcommittee included requiring consumer disputes to be reinvestigated within 30 days, eliminating the pre-screening process, and requiring consumers to be notified if derogatory information is provided to a credit reporting agency. Several states, including New Jersey, California, and Vermont, are introducing bills related to the credit reporting industry.
Publication Name: Credit World
Subject: Banking, finance and accounting industries
ISSN: 0011-1074
Year: 1991
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