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Article: Questions and answers: the privacy, accuracy and fairness of sensitive personal information under the Amended Fair Credit Reporting statute.
- Article from:
- Business Credit
- Article date:
- November 1, 1997
- Author:
CopyrightCOPYRIGHT 1997 National Association of Credit Management. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Credit grantors and affiliate participants have raised many questions concerning the newly revised "Amended Fair Credit Reporting Act", which took effect on October 1, 1997. Unfortunately, based upon the information provided by the Federal Trade Commission and others, there is some confusion within the commercial credit community as to the law's applicability and provisions. The following series of questions and answers will attempt to "get to the bottom" of the new law.
Q: Does the law deal with or affect the extensions of business credit?
A: No. The new amendments to the Fair Credit Reporting Act deal with personal or consumer credit which is defined ...