The Consumer Credit Reporting Reform Act 1997 also changes rules with respect to consumer reporting agencies. The major provisions are:
Affiliates â€“ The Consumer Credit Reporting Reform Act 1997, gives clarity and expands the ability of entity. This ability is been expanded within the holding company so that the transactional information can be easily shared. The communication of other customerâ€™s information among affiliates is also allowed under this new law. This information may include information not arising from the bank’s transactions.
Firm offers of credit or insurance â€“ The Consumer Credit Reporting Reform Act 1997 has changed the definition of firm offers of credit or insurance. Banks and all other providers of credit gained success in the new definition of “firm offer of credit or insurance.” In the last act, the credit providers found it very difficult to avoid grant of credit once the application had been mailed. But now in the new act, the credit providers need not issue the credit cards to the applicants in such situations.
Users of credit reports â€“ The Consumer Credit Reporting Reform Act 1997 has issued three new rules which directly affect users of credit reports. These rules are:
In the previous act, consumers were given the right to see the nature and substance of their credit report. But now they have the right to see all information in the credit report.
In the previous act, the user of a credit report used to take adverse action on information contained in a consumer report. But in the new act, there are new requirements. According to the new requirement, the consumer reporting agency does not make the decision to take the adverse action.
In the previous act, when an adverse action is taken, the user of the credit report must provide the written notice of the consumer’s right. But under this new act, notice of the adverse action can be oral, written, or electronic.
Consumer Credit Reporting Reform Act (1997) â€“ Some Other Provisions:
The new Consumer Credit Reporting Reform Act 1997 has several provisions, such as enforcement provisions, etc. These provisions relate to credit reporting agencies.
The Consumer Credit Reporting Reform Act 1997 also clarifies some points that had been in dispute. These points are- the act keeps a check that a credit report must be issued so that it may be determined that a consumer continues to meet the terms of the account and also keeps a check that everyone receives the consumer’s credit report.
This law is instructive for balance between regulation and deregulation (provisions mandating disclosure requirements) in banking and commerce. For example, use of consumer/credit report for employment purpose provisions are set in FCRA.
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