America's credit management related laws is introduced

A, the fair credit reporting actThe fair credit reporting act of the United States for the United States congress in 1970, began in April 1971.The law of all known as "fair credit reporting act - the consumer credit protection act title vi, natural belongs to \ \" "consumer protection law series.The object of legal norms is consumer credit investigation/reporting agencies

(consumerreportingagency) and consumer credit investigation report of the user.This law is in the market of consumer credit investigation/reporting agencies, and quite a proportion of credit institutions in personal credit bureau of consumer credit rating as a credit on the basis of the historical conditions.It first defines What is a consumer credit investigation/reporting agencies, and clear as those at three government departments shall be responsible for the interpretation of the legal and law enforcement.The main provisions of the rights of consumers on credit investigation report, standardizes the consumer credit investigation report/machine structure for reporting the production, transmission, processing and other items of the default records, the actual mode of operation has been clear about the consumer credit agencies.


Given a fair deal and treating customers fairly, the law requires the financial institutions and other credit institutions to avoid become consumer credit investigation/reporting agencies.Law, as a consumer credit investigation/reporting agencies, it must meet the following five basic features:
1. The consumer credit investigation and production investigation report is daily business;
2. Specialize in collecting consumer credit or consumer credit evaluation value;
3. To engage in the paid service, in order to profit as the goal;
4. The purpose of the service is to provide consumer credit investigation report to a third party;
5. To provide public services to the national market, not only report to the relationship between enterprise to provide services.

 At the beginning, the U.S. congress are discussing the fair credit reporting act, the draft has legislative aim to make the following 4 points

 1. The bank of consumer credit decisions based on fairness and completely correct consumer personal credit report.Personal credit report incorrect consumers will hinder the efficiency of commercial Banks, at the same time, the unfair way of personal consumer credit report, will affect the commercial Banks in the public credibility.

2. The congress will design an effective program, to investigate and evaluate index of personal consumer credit, including: reliability, credit rating, solvency, character, general reputation.

3. The consumer credit reporting agencies on the collection and evaluation of consumer credit, and other information, plays an important role.

 4. Consumer credit reporting agencies should take fairness and justice and respect for the consumer privacy, bear important responsibilities given by the clause 3.Any law, consumers have the right to fully understand the credit bureau for their credit ratings and the basis, i.e., consumers can obtain on their credit standing to the credit bureau reports the results of investigations, and obtain a credit bureau on the interpretation of the source of negative information.Consumers have a right of appeal to false negative information.For consumer credit agencies, is the most important specification limits the refer to the object of consumer credit investigation report, the consumer credit report of the scope of use and spread.Legal provisions, the parties shall have the right to make their own credit report and copies of other legal institutions or people use consumer credit investigation report must meet the following conditions, otherwise even obtain the consent of the parties, also illegal:

 1. Credit trading counterparty
2. To understand the job applicants for the purpose of the employer
3. Are the insurance of insurance companies
4. Responsible for all kinds of license issued by the government departments or social welfare
5. The court orders or a federal grand jury subpoenas
6. The federal government debt collection in accordance with the relevant departments
7. For espionage purposes to the federal bureau of investigation (fbi)
8. I agree to by all parties, and in written form to entrust personal representatives and agencies

 In a long period of time, the law only awarded the top five kinds of circumstances as defined by legal users obtain consumers use right of the individual credit investigation report.Until June 1996, the congress to amend the fair credit reporting act, and adopted the "fair credit reporting act act of innovation.Since then, the law allowed to belong to (6), (7) and (8) range of users can legal personal credit report from a credit bureau to subscribe to consumers.

 For the negative information in the consumer credit investigation report, after the law to save the life of consumer credit investigation agencies must delete negative credit information on the report.For example: bankruptcy record keeping fixed number of year for 10 years, tax evasion and a criminal action records for seven years.Law also stipulates that all achieved through cheating others' personal credit investigation report, shall be put to the following year sentence, at the same time, a fine of $5000.The method of law terms explain the details of the content by the federal trade commission, the agency responsible for the main law enforcement responsibility.On consumer credit investigation/reporting agencies should be how to deal with the dispute, maintain the correctness of the consumer credit record, laws also made specific provisions.In addition, the law of the ordinary version of the consumer credit investigation report (consumerreport) "and" the investigative consumer credit investigation report (investigativeconsumerreport) explicitly defined.Investigative consumer credit investigation report content including consumer personality and consumer credit rating information and material, and ordinary consumers report involves only a fact according to the account information, is a record of fact.