I've been talking with some co-workers in the Loss Prevention community regarding the use of a consumer report. I've been told by some people that it can be a very useful tool if you're trying to track down someone who owes your company money. They've also said that it's OK to use a consumer report without a customer's consent if the report is being used exclusively for customer who owes your institution a debt. Others have told me that under no circumstances should a consumer report be pulled without prior concent from the customer. What is the right answer? Are there good alternatives to using a consumer report?
Should we run prospective employees against the OFAC List? Do we need their permission to do so? As CO I say we should, but my HR manager disagrees.
What must be done if a tape containing loan customer information is lost in transit to the credit bureau? The tape is encrypted and contains minimal sensitive information.
TransUnion is offering its most recent fraud protection program directly to businesses - a proactive and reactive range of partnering services to both protect data and mitigate losses should data b
When opening credit cards for joint cardholders, the primary account holder's credit bureau is pulled for underwriting purposes as well as to verify the identifying information. Identifying information is obtained from the secondary, but no credit bureau is pulled unless it is needed for underwriting purposes. What are the verification requirements on the secondary cardholder? Does the bureau need to be pulled? Can another source of public information be used? Is it even necessary to verify the second cardholder's identifying information?
The FACT Act requires any user of a credit report to take steps to protect consumers from mis-use of their information by providing for information security and safe disposal of information.
During the next six to ten months, the FACT Act provisions will continue to take effect.