Title: Fair and Accurate Credit Transactions Act Regulations: Disclosure, Opt-Out Rights, Medical Information Usage, and Consumer Information Disposal
Abstract: The 1970 Fair Credit Reporting Act protects the financial privacy of consumers. In 2003, the Act was amended by The Fair and Accurate Credit Transactions Act of 2003. Apart from adding requirements to the Fair Credit Reporting Act, the Fair and Accurate Credit Transactions Act assigned agencies such as the Federal Trade Commission, Office of the Comptroller, and the National Credit Union Administration with the responsibility of creating regulations that protect consumer privacy. In 2005, several agencies issued final rules about consumer opt-out rights, when medical information may be considered by a financial institution in a financial transaction, and requirements for the proper disposal of consumer information. This article discusses those regulations and provides some background on both the Fair Credit Reporting Act and the Fair and Accurate Credit Transactions Act.
Publication Year: 2006
Publication Date: 2006-01-01
Language: en
Type: article
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