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10 Cards in this Set
- Front
- Back
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Consumer Reporting Agencies |
persons that, for monetary fees, for dues or on a cooperative non profit basis, regularly assemble or evaluate credit information or other info on consumers in order to furnish consumer reports to third parties |
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CRA Notice of Adverse Action |
a user of credit info who takes adverse action (denies or increases charges for credit use) must provide this info orally, in writing or electronically |
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FACTA |
FAIR AND ACCURATE CREDIT TRANSACTIONS ACT Requires that anyone can get a free copy of their own credit report every 12 months |
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Gramm Leach Bliley Act |
it requires a financial institution to give consumers privacy notices that explains its information sharing practices. |
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GLBA Safeguards Rule |
protects customer info from malicious outside sources |
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GLBA who is covered |
lenders, tax prep, auto dealers, electronic funds transfer networks, mort brokers, credit counselors, real estate settlement companies and credit card issuers |
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GLBA - NPI |
NONPUBLIC PERSONAL INFORMATION any personally identifiable financial info that a financial institution collects about an individual in connection with providing a product or service |
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HMDA |
HOME MORTGAGE DISCLOSURE ACT -provide the public with info about how well financial institutions can meet their credit needs -aid public officials in targeting public investemnts so as to attract investments from the private sector -allow for the public to determine possible descriminitory lending patterns |
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These are subject to HDMA provision |
-Home purchase loans for residential -home improvement loans for repair of dwelling -refi a home previously covered by HDMA |
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HDMA considers a dwelling to include the following |
-vacation or second homes and rental properties -multifamily res structures and communities -condo and co-op units -mobile homes |
