Credit Card Reporting Agencies

Charge card reporting

11th Circuit Holdings FCRA obliges only authorities to report "information that is not false". The Eleventh Circle, on 24 August 2017, declined to establish that a credit bureau had intentionally breached the Fair Credit Reporting Act (FCRA) by reporting information that was technologically accurate.1 In its statement in Pedro v. Equifax, Inc., the Eleventh Circle considered two different interpretation of the FCRA's request that credit bureaus must comply with appropriate processes to ensure "maximum possible accuracy" of the information reported.


Whilst recognising that the stricter requirements constitute a better understanding of the CFRA, the Tribunal found that, under both understandings, adherence to the rules cannot be considered objective as inappropriate.3 In the future, the ruling justifies the activities of credit bureaus working under the less strict understandings; it may also allow agencies to base themselves on similar CFRA understandings where they have been adopted by several tribunals and are enshrined in the text.

The plaintiff claimed that the respondent deliberately infringed Section 1681e(b) of the Act, which states that'the person to whom a Consumer Reporting Authority produces a consumers' return must comply with appropriate procedure to ensure the greatest possible precision of the information about the person to whom the return relates'. 14 In order to establish whether the respondent's reading of this section of the FCRA was'objectively inappropriate', the Tribunal examined the latter's reading by other tribunals.


Whilst more than 80% of US shoppers are unaware of the Equifax violation reported this past week, relatively few measures have been taken beyond reviewing their credit card transaction, according to a new Light Speed census. However, they want reassurances for the surveillance of their bank and credit card company.

It is not surprising that there is a lot of uncertainty in the markets about the violation and that there is little confidence in credit bureaus. Indeed, given the resemblances in the Equifax and Equifax name, 15% of unsupported references to a recent infringement occurred in a business named Equifax rather than Equifax.

According to this month's on-line Light Speed poll of 2,500 users, banking and credit card companies are not quite sure. Whilst 57% of respondents say that credit reference agencies are in charge of the protection of consumer information, 45% also believe that banking and credit card companies are in charge of the protection of information.

The consumer says they are looking for assurances from their bank and card companies about the safety of their information. Almost 60% of the consumer believe that their bank ers and card companies should tell them whether or not they were affected by the infringement (which could be impossible), and more than 40% want to know that their card company is watching their account.

So what have they done in reaction to them? About 45% of users say they checked their credit card transaction after learning about the violation, but not much more. A relatively small number say that they have ceased using credit card, modified their password on-line or applied for a credit block.

Almost 20% have registered for credit reports - about 9% from Equifax and 7% from another firm. Indeed, just over half of the 52% of users who are informed of the violation state that they have not taken any of these measures to control their account or limit the use of their credit profiles.

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