Fair credit scoring Act: The Fair credit rating Act (“FCRA”) is really a law that is federal regulates the number of consumers’ credit information and use of their credit history.
Generally speaking, the FDCPA relates to companies that collect debts for another individual.
Fair commercial collection agency techniques Act: The FDCPA prohibits collectors from employing deceptive or abusive conduct in the collection of consumer debts incurred for personal, household, or home purposes. The FDCPA exempts “any nonprofit company, which, during the request of customers, performs bona fide credit guidance and assists consumers within the liquidation of the debts by getting re payments from such customers and circulating such amounts to creditors.”
Federal Trade Commission Act and “Mini-FTC Acts”: The Federal Trade Commission Act (the “FTC Act”) forbids misleading or unjust trade methods. Many states have actually enacted “mini-FTC acts” вЂ”- consumer security statutes which can be enforced by state solicitors general and that resemble the FTC Act in entire or perhaps in component; these rules also may expressly incorporate the FTC’s laws by guide.
The GLBA additionally limits the sharing of account quantity information for advertising purposes.
Gramm-Leach Bliley Act: The Gramm-Leach Bliley Act (“GLBA”) requires that finance institutions protect the privacy of customers’ personal information that is financial. Generally speaking, finance institutions must develop and provide yearly notice of the privacy policies with their clients. Furthermore, banking institutions must offer notice and supply the opportunity for customers to opt away from any disclosure regarding the customer’s individual economic information to an unaffiliated party that is third.