...Fair Credit Reporting Act, 1970 Introduction to Computer Applications BIS/220 Fair Credit Reporting Act, 1970 The federal Fair Credit Reporting Act which is also known as FCRA was enacted in 1970 to uphold the precision, equality, and confidentiality of any personal information that is in the files and reported by the consumer reporting agencies or credit reporting agencies also known as CRAs. There are many types of CRAs, including credit bureaus and specialty agencies. CRAs gather reports on people for different industries, which can include credit card companies, banks, property-owners, businesses, and other entities. Special protections provided by the FCRA are for credit reports, investigatory consumer reports, and background checks for employment. Since 1970 the FCRA is a multifaceted decree that has considerably been reformed by Congress and the courts. In order to protect the discretion and correctness, CRAs are required to comply with "reasonable procedures" along with precision, and importance of credit information. The FCRA inaugurates an outline of Fair Information Practices for personal evidence that contain privileges of facts superiority or right to review and update, data safekeeping, utilize boundaries, requirements for data demolition, bill, user input consensus, and liability. Also CRAs can correspondingly be referred as "credit bureaus" or "consumer reporting agencies. Being the first federal law to regulate the use of private business and...
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...FICO Credit scores and the Fair Credit Reporting Act (FCRA) 1. The most widely used credit score is the FICO Score, the credit score system created by the Fair Isaac Corporation. 2. Lenders use the FICO Score to help them make billions of credit decisions every year. 3. Fair Isaac calculates the FICO Score based solely on information in consumer credit reports maintained at the credit reporting agencies. 4. The Fair Credit Reporting Act (FCRA) requires Equifax, Experian, and TransUnion (credit- reporting agencies) to provide you with a free copy of your credit report once per year. 5. FICO Credit scores have five factors Payment History, Outstanding Debt, Length of your Credit History, Recent Inquiries on Your Report, Types of Credit in Use. 6. How to improve your fico score Request a free copy of your credit report and check it for mistakes, such as incorrect late payments and balances. 7. Make sure that you pay your bills on time. 8. Consider setting up automated payments or payment reminders if you continue to have problems paying your bills on time. 9. Stop using your credit cards and start paying them off. 10. Don't close credit cards once they are paid off and don't apply for credit cards unnecessarily. 11. Refrain from using your credit cards again until they are paid off and you know how to use them. 12. Learn how to manage your finances in a positive way that increases your FICO Score and gets you into a more positive position. ...
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...Information Technology Acts Mayra Gonzalez BIS/220 October 28, 2013 Jadie Giorgis Information Technology Acts While information technology continual to move ahead over the years, ethical concerns turn into an issue. Accordingly, the government executed specific acts to govern these concerns. Even as some of these acts exists, this text centered on two sections specifically: US Patriot Act of 2001, and Fair Credit Reporting Act of 1970. Whereas the Patriot Act was executed to lessen terrorist activities by the use of the internet, the Fair Credit Act was executed to give every American with be on a par with credit opportunities. The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism, also well-known as the Patriot Act of 2001 was enacted in 2001. The Patriot Act was established to “deter and punish terrorist acts in the United States and around the world, to enhance law enforcement investigatory tools, and other purposes” (US). Table 1.1 below provides a synopsis of the sections of the Patriot Act involving financial institutions and their operations. Table 1.1 Sections of the Patriot Act of 2001 Section Purpose | 311 “Special Measures for Jurisdictions, Financial Institutions, or International Transactions of Primary Money Laundering Concern | 312 Special Due Diligence for Correspondent Accounts and Private Banking Accounts | 313 Prohibition on U.S. Correspondent Accounts with Foreign Shell...
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...Information Technology Acts Paper Mary Pickens BIS/220 September 6, 2012 Arthur Ward Information Technology Acts Paper There were many advances in the information technology industry that resulted in new ethical and legal issues deeming it necessary for the government to create and also implement Acts. The two that will be discussed in this paper are the Fair Credit Reporting Act of 1970 and the Telephone Consumer Protection Act (TCPA) of 1991. This paper will explain why these Acts were created and what they are to protect against. The Fair Credit Reporting Act of 1970 was created to promote accuracy, fairness, and the right to privacy of personal information assembled by Credit Reporting Agencies. These agencies create and compile information into reports on individuals and companies for businesses who may be issuing lines of credit or any other business dealing with lending money or receiving payments. Requesting these credit reports include organizations such as credit card companies, banks, employers, and in many cases landlords. What the Fair Credit Reporting Act of 1970 does is provides important protection for consumer investigatory reports, credit reports, and employment background checks. The Act was created due to the growth of the Retail credit industry and their ability to buy many of the smaller credit reporting agencies that were now expanding their business to insurers and employers. This gave them the power to deny services and opportunities...
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...Information Technology Acts Terry Sullivan BIS/220 March 7, 2014 Dr. Bruce D. Swanson Technology is constantly changing, and expanding, becoming more improved, and even more dangerous in some ways. Many people are gaining access to other people's personal information, from financial, to credit, and even information about their everyday lives. With such things being more accessible it makes it necessary to make certain changes, and to create certain laws protecting people from unlawfully obtaining and using other people's information, thus the reason the Fair Credit Reporting Act, and the Family Educational Rights and Privacy Acts were created. The Fair Credit Reporting Act (FCRA) (15 U.S.C. § 1681 et seq.) regulates the use of consumer’s credit information. Every person has the right to know what is on their credit report. People can be denied services, and even jobs because of what may be on their credit report; if someone denies you for anything based on what is in your credit report they are required to give you the information to where they gained access to that credit information about you for which that decision was based. The Fair Credit Reporting Act requires banks to maintain certain records in order to verify that credit reports are reliable. The Fair Credit Reporting Act was created because during this time consumer's information was being fraudulently used, and reported to credit reporting agencies. The Fair Credit Reporting Act was created to monitor the...
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...Information Technology Act Paper Dannie Roettger BIS220 February 14, 2013 Paul Kirchner Information Technology Act Paper In the ever changing fast paced world of information technology where information is bought, sold and traded for financial gain. Our governments have had to invent laws to ensure that our personal information is safe and not being used improperly. Two of the laws or acts we will explore in this paper are the Telephone Consumer Protection Act and the Fair Credit Reporting Act of 1970. We will look why these laws were enacted and the benefits that have come from these acts. The first act we are going to look at is the telephone consumer protection act. The Telephone Consumer Protection Act or the TCPA was passed on December 20, 1991 and went in to affect just one year later ("Telephone Consumer Protection Act (tcpa)", 2012). This act was put in place to stop the harassing telemarketers and regulate the selling of personal information. The TCPA was passed to regulate telemarketers and to add some ethical guidelines to their operating practices. Some of the benefits that came from the TCPA was telemarketers could only call residents between the hours of 8 AM and 9 PM. Another regulation that came from the telephone consumer protection act was the No Call List ("Telephone Consumer Protection Act (tcpa)", 2012). If a person requested to be on the no call list the telemarketer must place that consumer on the no call list and not call the consumer again....
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...Information Technology Acts Paper BIS/220 October 3, 2012 With the internet changing constantly every day the United States Congress are implementing many legislative acts to address concerns with the usage of different kinds of technology. There are many advances in information technology that resulted in ethical issues such as the creation of the Children’s Internet Protection Act (CIPA) which was put into law in the year of 2000 by Congress. This law addresses any concerns about access to offensive content on the internet in the schools and libraries. Children and teenagers are exposed to the internet daily in schools, public, and at home. The internet can expose children to inappropriate material and predators online. The schools and libraries must enforce an Internet safety policy that contains protection measures, which block or filter the internet access to images that are obscene, child pornography, and what is harmful to minors. The main purpose of the act is to protect children from the dangers that the internet has ("Federal Communications Commission", n.d.). The No Electronic Theft (NET) Act was enacted by Congress in 1997 to help prosecute of copyright violations on the internet. It makes it a federal crime to copy, distribute, and share copies of electronic works that are copyrighted, such as movies, games, and music. Also applicable in means of making copyrighted material available over networks. Before this Act was passed people who purposely distributed...
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...Fair Credit Reporting Act 1970 University Of Phoenix BIS/220 Professor Bob Branch Congress enacted the Fair Credit Reporting Act in 1970 because the improper use of credit records. The reporting agencies put in place procedures for meeting the needs of commerce for consumer credit, personal insurance, and other information in a manner that is fair to the consumer, which is confidential, accurate, relevant, and properly used (Maurer & Thomas, 1997). The fair credit report act even has an impact on how employers conduct outside investigations on employees. The FTC made an amendment to the Fair Credit Report Act making newly expanded disclosures notification and consent requirements to apply to employers who use the Fair Credit Report Act when making employment decisions (Morgan, Owens & Gomes, 2000). Employers are required to provide in writing to employee’s using clear understandable language, stating that a consumer investigative report may be obtained for employment purposes. Employer must give notice to employee separate from any other disclosures. Employer must also give written consent before he or she can investigate further. If an employer decides that an investigation is an appropriate action second notice disclosure must be given to the employee. The employer has three days to request an investigative report for an outside consumer reporting agency. A third notice must be given to the employee of the nature of the investigation only if the employee requests...
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...Information Technology Act Greg Bennett BIS/220 January 15, 2013 Nikia Johnson Information Technology Act Information technology continues to forge ahead and has done so from day one. Technology, moving forward, and becoming more advanced and sophisticated, adds growing concern over the ethical integrity of that technology. In correlation with those concerns, the United States government implemented various acts to aid control in these concerns and combat unethical behavior. Given the number of implemented acts, this paper focuses on two specific sections: the Fair Credit Reporting Act of 1970, and the U.S. Patriot Act of 2001. The implementation of the Fair Credit Reporting Act of 1970 enabled each American to be on an even plane with credit opportunities. The government executed the U.S. Patriot Act in 2001, in part because of the atrocity of 9/11, to lessen terrorist activities by the use of the Internet and cyberspace. Fair Credit Reporting Act of 1970 The Fair Credit Reporting Act (FCRA) ordained to “protect consumers from the disclosure of inaccurate and arbitrary personal information held by consumer reporting agencies” (Consumer Privacy Guide (2001). The Fair Credit Reporting Act (1970). 2001). At the time when this act was established, American citizens were not viewed equally by credit facilities when attempting to purchase homes or vehicles. This act was a means of governing and guaranteeing equal opportunity and consideration for these...
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...format is good. Grade 10/10 Acts of Information Technology Maurice Smith BIS/220 October 3, 2011 Joseph Bergeon Acts of Information Technology In a world of information and increased technological advances, people are subject to more issues crossing an ethical boundary of privacy than ever before in history. Throughout history, technology and its benefits have created enormous impact, both positive and negative, on society. In reviewing more current history, technological advances have created a new societal need to develop and initiate The Fair Credit Reporting Act of 1970 and The Telephone Consumer Protection Act of 1991. The Fair Credit Reporting Act of 1970 was during a time when consumer’s private information was fraudulently and incorrectly reported to credit reporting agencies. The advances in use of the information through computers that generated profiles and lists caused consumers to initiate complaints privacy and rights were violated. This act was designed to monitor the collection, dissemination, and use of consumer information that was provided by such computer generated lists and protect consumers. Many consumers were identified falsely as poor credit consumers and flagged at the credit bureau agencies without notification resulting in a poor credit standing. The result of the complaint is a requirement that credit reporting agencies must provide consumers with a copy of their credit reports, notify consumers when...
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...Information Technology Acts BIS/220 Rassoul Allizadeh Information Technology Acts What were the advances in information technology that resulted in new ethical issues necessitating the creation of each act? The necessities for creating the fair credit reporting act of 1970, was to control the redistribution of one’s consumer information. As information technology grows, the necessities of many others things grow as well. As we progress over the years more and more people seem to fall under the cracks of identity theft. Not only are people smarter, but can get away with things too. There are specific reasons to why we adhere to rules and acts that protect us individuals and rights. On the other hand, some of the reasons why it was a necessity to create the act was due to the fact that many people were being incorrectly reported to the credit reporting agencies. Another major reason was due to consumers applying for certain advantages and got denied, consumers did not know why or what was in their file that concluded rejection. The fair credit reporting act of 1970 allowed the consumer to request and or allow the bank or credit agency to give the consumer a copy of their credit report. With that said, if the consumer did find any incorrect information in the report, then the consumer had the opportunity to dispute any incorrect information recorded. Following, is the creation of Health Insurance Portability and accountability Act (1996). This act was created to protect...
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...Advances in Technology through Federal Acts Michael Mason BIS/220 July 29, 2014 ALGIS BASIULIS Advances in Technology through Federal Acts The American government does its best to ensure the safety and peace of mind of its citizens. They pass laws and different acts in which they deem to be for the greater good of the populace. While most are hit or miss in present times, there has been some major benefits not only to the American people, but to the technology we use in our jobs today. The Electronic Funds Transfer Act and the Fair Credit Reporting Act are just two examples, however the technological advances brought about by these acts are still in great use today. The Electronic Funds Transfer Act or EFT was passed in 1978 and signed by President Jimmy Carter. It gave more freedom when it came to banking by making it more accessible while keeping you money safe. The standard writing of checks fell to the new wave of computerized wire transfers. Banks became a little less crowded as there was no need to go directly there to check your account balance. ATMs or Automated Teller Machines exploded across the country providing most of the services the bank provided. Point of Sale registers made business life easier and is still in use today all across the world. Having cash on hand became less and less popular through the introduction of debit cards which allowed you to carry one single card pre-loaded with funds to make purchases, in store or online. The EFT has had a dramatic...
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...Technology Acts BIS/220 Technology Acts The fair credit reporting act, this act was a direct result of falsified information being relayed to credit bureau. In order to create equality among the people it is required to develop standard for all. This act was a direct result of falsified, unauthorized, and misrepresentation of person’s information. The government was obligated to standardize this industry based on the number of people it directly affected. Based on the information found from the government archives at ftc.gov, the facts show that this act was put into place as a direct reflection of falsified information being presented to the credit reporting agencies. In doing so now resulting in jail time is a deterrent for people that are also putting false information on credit aps as well as other credit reporting violations. Such as requiring proof of income, length of residency and work history this allows the credit bureau to have more accurate information and the ability to correctly judge a person’s ability to pay and reliability. Based on the facts and information provided from the government agencies the fair credit reporting act was a direct result of credit reporting fraud as well as false information being provided on credit reports. Do Not Call Implementation Act, 2003, this act was a direct result of unwanted telemarketing calls, this act was implemented do to call lists that fell into the hands of telemarketing companies. This act protects people...
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...transactions had begun. This created a higher possibility for fraudulent activity. As records were being stored electronically and information being transferred the same way, consumers’ information was at risk. Regulations had to be put in place to control this activity. The Fair Credit Reporting Act (FCRA), was enacted in 1970 to create guidelines for Credit Reporting Agencies (CRA). CRAs had operated in a way that employees had to meet a quota for offering credit and declining credit to consumers. This created some fraudulent activity and unethical changes made to consumers’ credit reports. Consumers, at this time, had no right to view what was on their credit reports. The government realized this was unacceptable and unethical and created the FCRA to protect consumers. (The Fair, 2011) CRAs were also basing credit worthiness on factors that shouldn’t matter for extending credit. They were looking at things such as religion, sexual orientation and gender to make these decisions. The government put a stop to this with the FCRA. It is now illegal to make such decisions based on personal traits such as these. CRAs must use the same criteria with all consumers to remain fair. The act also requires certain measures to be taken to assure consumers’ privacy. CRAs hold a lot of private information in records that could be used to steal identities and create fraudulent transactions. It is the CRA’s responsibility to ensure these records are kept safe and confidential...
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...transfer act was voted in by congress in 1978. The act was signed by the then president Jimmy Carter. The purpose of the act was to establish the rights accorded to consumers and the liabilities they face in conducting electronic transactions ("Electronic fund transfer," 2011). The act also set out to outline the responsibilities of all those who participated in activities involving the transfer of electronic funds. The main function of the electronic fund transfer act is the clarification of the rights and liabilities of consumers. The act was necessitated because the consumer protection legislation of the time was not clear enough. In light of recent technological advancements legislation needed to be modified to include new mediums of transaction, namely electronic fund transfers. Although the act gives consideration to those who participate in the transfer of electronic funds its primary focus remains the protection of individual consumers (Emerson, 2009). The act eliminates the need for most transactions that originate through paper instruments. Examples of such instruments include a check or a draft. The focal point of focus is electronic transactions. Electronic transactions in the act include an electronic terminal, a telephonic device, a computer, or even magnetic tape. Automated teller machines are covered by the act, as are direct deposits or withdrawals, point of sale transfers, and telephone transfers. In short the type of transaction covered by the act is one in...
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