FACTA/FCRA -- For Consumers Only, Right?
by Dan Persfull, BOL Guru Guru Bios
Question: Regarding the FACT Act, we're assuming this is for consumers only and not businesses/commercial customers. Is this correct?
Answer: That is correct. However, if the business credit is personally guaranteed, co-signed, co-borrowed by a natural person - and if you will report negative information to a nationwide Credit Reporting Agency on that natural person - the notice requirements under section 217 would apply.
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
