Credit Report Essay Example | Topics and Well Written Essays - 250 words

Credit Report - Essay Example Fair Credit Reporting Act was amended by adding the following new subsections:Fair Credit Reporting Act was amended by adding the following new subsections:†¢ RESELLER.—the term ‘reseller’ means a consumer reporting agency that assembles and merges information contained in the database of another consumer reporting agency or multiple consumer reporting agencies concerning two or any consumers for purposes of furnishing such information to any third party, to the extent of such activities; and does not maintain a database of the assembled or merged information from which new consumer reports are produced.†¢ Identity theft prevention; to identify theft, means a fraud committed using another person’sIdentifying information, subject to such further definition as the commission and the board may prescribe, jointly, by regulation. Have different sections that it represents and includes the following: a] Investigating changes of address and inactive acco unts this is done by the federal banking agencies and the national credit union administration] Fraud alerts.Include a fraud alert in the file of that consumer for a period of not less than 90 days beginning on the date of such request, unless the consumer specifically requests that such fraud alert be removed before the end of such periodc] Truncation of credit card and debit card account numbers d] Summary of rights of identity theft victims e] Establishment of procedures for depository institutions to identify possible Instances of identity theft f] Study on the use of technology to combat identity theft.