Regulation

FTC: Fair Credit Reporting Act Still Top Priority

The Federal Trade Commission

The Federal Trade Commission testified on Thursday (July 12) that enforcement of the Fair Credit Reporting Act (FCRA) remains a top priority.

“FCRA enforcement continues to be a top priority for the Commission. With the advent in 2011 of the Bureau’s supervisory authority over the nationwide credit bureaus and the coordination efforts between the agencies, the FTC has focused its FCRA law enforcement efforts on other entities in the credit reporting area and other aspects of the consumer reporting industry more broadly,” said Maneesha Mithal, associate director of the FTC’s Division of Privacy and Identity Protection.

She noted that FTC has brought more than 30 actions to enforce the FCRA against consumer reporting agencies, users of consumer reports, and furnishers of information to consumer reporting agencies.

In addition, the testimony reviewed the agency’s efforts to protect consumer privacy and promote data security, bringing more than 60 law enforcement actions against companies that allegedly engaged in unreasonable data security practices.

During testimony before the Senate Banking, Housing and Urban Affairs Committee, she also outlined its efforts to educate consumers and businesses about the law’s requirements.

FCRA requirements for consumer reporting agencies include: following reasonable procedures to ensure they only provide consumer report information to those with a “permissible purpose” for receiving it; maintaining reasonable procedures to ensure the maximum possible accuracy of the information; and allowing consumers to dispute and correct information in their consumer reports.

The Commission educates consumers and businesses on their rights and obligations under the FCRA by creating materials such as the Start with Security and Stick with Security initiatives, and the Protecting Personal Information: A Guide for Business.

In addition, the FTC also provides publishing guidance for those who report information about consumers to consumer reporting agencies, including Consumer Reports: What Information Furnishers Need to Know.

The Commission vote approving the testimony and its inclusion in the formal record was 5-0.

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

TRENDING RIGHT NOW